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Old 12-05-2008, 05:34 PM
 
Location: Right outside of Charlotte Uptown
286 posts, read 944,124 times
Reputation: 104

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I heard on the news that the government was going to push for 4.5% Interest rates. I for one will try to refinance if that happens. Does anyone have anymore information on this?
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Old 12-05-2008, 05:43 PM
 
3,115 posts, read 6,148,345 times
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I heard the same thing and am totally with you on that one!
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Old 12-05-2008, 05:44 PM
 
Location: Southeast
345 posts, read 721,263 times
Reputation: 175
I would love to switch to a 4.5% interest rate. Currently my rate is 6.35% for a 30-year fixed and when I look at the amortization schedule, the interest I pay every month is off the charts. It's like I am working for the bank, except instead of getting a paycheck from them, I pay them!!
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Old 12-05-2008, 05:59 PM
 
Location: Right outside of Charlotte Uptown
286 posts, read 944,124 times
Reputation: 104
We have a 6.5 30yr fixed. I heard you can ask for for a rate adjustment to get around paying for a refinance. Maybe I'm just dreaming.
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Old 12-05-2008, 06:08 PM
 
1,877 posts, read 4,312,146 times
Reputation: 1243
Treasury eyeing 4.5% mortgages? | Real Estate and Technology News for Agents, Brokers and Investors | Inman News
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Old 12-05-2008, 06:26 PM
 
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,769 posts, read 6,763,237 times
Reputation: 2109
There's a silent group of people (who always remain silent) who are CLEANING up during this time. The short sellers and those who can hop on these rate adjustments are grining from cheek to cheek now...
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Old 12-05-2008, 06:32 PM
 
Location: Right outside of Charlotte Uptown
286 posts, read 944,124 times
Reputation: 104
Takes money to make money.
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Old 12-05-2008, 06:47 PM
 
797 posts, read 2,983,375 times
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I thought it didn't apply to refinance. It's just for new home purchases.
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Old 12-05-2008, 09:46 PM
 
Location: Trinity Florida
7,930 posts, read 17,788,392 times
Reputation: 1997
Id be interested to see if it includes refi, dh and I are in the process and told him maybe we should wait to see if they do go under....we are also 6.5 30 year fixed...
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Old 12-05-2008, 09:59 PM
 
99 posts, read 257,126 times
Reputation: 46
at this time, if it happens I believe it is on purchases only. Also, in order to adjust your rate without doing a traditional refinance, you need to be behind several months on your payments.
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