Mortgage rates drop to record lows

Marketwatch ^ | 9.15.11 | Andrea Coombes

[Free Vulcan]

Worries about the European debt markets pushed U.S. Treasury bond yields lower — and that helped drive interest rates on fixed-rate mortgages to record lows this week, according to a weekly survey of conforming loan rates released Thursday by Freddie Mac.

The average rate on a 30-year fixed mortgage dropped to 4.09% in the week ending Thursday, down from 4.12% a week ago and 4.37% a year ago.

[cuban leaf]

The rate is so low that the 15 year mortgage should be considered. I just refi’d a few weeks ago for a 15 year loan at 3.37%. I assume it would be less now. At that rate, who cares if there is a mortgage interest deduction on your income taxes. It doesn’t reach the threshold unless you have a lot of other deductions.

[GOPJ]

At that rate, who cares if there is a mortgage interest deduction on your income taxes

Anyone who hasn't refi'd needs to get to their local bank and get it done...

[RadiationRomeo]

Just in time for my ARM to get its new interest rate.
Woo hoo !

[NavyCanDo]

Wish I could, but with a 2nd we have been underwater since 2008. Dropped another 24K this year.

[HereInTheHeartland]

We are hiring about 400 people in our area to help with the volume.

[rawhide]

Hmmm, I have $31,000 left on my mortgage with 3 years left to pay, at 4.374% interest. I wonder if I should refinance? My credit union is offering me a 3.25% refi loan at 10yrs, with $2550 in closing fees, that can rolled into the loan.

I was thinking of getting a little extra, maybe up to $60,000, to pay off all my credit cards, and to also put a new roof on the house, and put vinyl on the house? My monthly payment would also drop from $1030 to $586. I can also go with a 5-yr mortgage, and my monthly payment would be almost the same as I pay today.

Decisions, decisions.

[Repeal The 17th]

“...Just in time for my ARM to get its new interest rate...”
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Mine must adjusted this month to 2.875%

[Johnny B.]

I would love to take advantage of something like this, but I'm currently unemployed, and my house is so far underwater that I would have to pony up about $50K to get a new 80% mortgage.

I guess I'm stuck with my old 6% mortgage until I get a job and the housing market "corrects", or until I run out of money and send the house keys to the mortgage company.