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Old 10-04-2010, 10:09 AM
 
Location: Humboldt Park, Chicago
2,686 posts, read 7,272,319 times
Reputation: 1194

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When do people on this forum think rates will bottom for 15 and 30 year mortgages? Currently, I can get 3.75% for 15 years and 4.25% for 30 years.

I have heard some economists forecast that rates may go as low as 3.75% on 30 year mortgage in the next 6-12 months and am thinking of possibly refinancing owner-occupied 30 year mortgage that is currently 5.5%. I am 2.5 years into the mortgage.
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Old 10-04-2010, 11:10 AM
 
Location: Plano, Texas
1,675 posts, read 6,652,968 times
Reputation: 694
Yes, rates could go lower, but what if they dont? The only way to know when rates have hit bottom is after they have risen but than it is too late, so we could be at the bottom now.

It it makes sense to refinance now, dont wait. There are too many wild cards in play. What happens after the Nov. elections? Do the Bush taxes stay in place or do they rise? Does Europe face more debt concerns? This Friday we get employment numbers. If they are positive rates could start to rise than.

There is a saying... Pigs get fat while Hogs get slaughtered. In otherwords, dont get too greedy.
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Old 10-04-2010, 05:38 PM
 
Location: Humboldt Park, Chicago
2,686 posts, read 7,272,319 times
Reputation: 1194
Default Rates not going up anytime soon

I work in banking and we all thought rates would have gone up by now 2 years ago. They haven't and won't until we see significant improvement in the economy. I think rates have further to fall. If they don't I lose a little but I still have 5.5% rate, fixed.

I am looking to refinance early next year and think I may be able to get 4.0% for 30 year mortgage, fixed.
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Old 10-04-2010, 10:48 PM
 
1,174 posts, read 6,534,407 times
Reputation: 1095
Quote:
Originally Posted by VictorBurek View Post
There is a saying... Pigs get fat while Hogs get slaughtered. In otherwords, dont get too greedy.
There's another similar saying . . . "Bulls win, bears win, pigs lose." In other words, if you try to pick the bottom, you'll lose. Just be a bull (up) or a bear (down) and act accordingly, but don't try to pick the actual bottom. More than likely you won't be able to do it.

I recall reading that investors in japan have been waiting for their bottom for decades. With each drop in interest rates, bottoms have been called. However, it's now down to something like 2% for them and their markets have remained in the doldrums.

Where is it going to go in this country? Who knows . . . there are a bunch of crystal balls out there and they all have their own predictions. The bottom line is that rates are at historic lows right now. Does that make it right for you? It all depends on if you're a bull, bear or a pig.
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Old 10-05-2010, 06:44 AM
 
Location: Plano, Texas
1,675 posts, read 6,652,968 times
Reputation: 694
Quote:
Originally Posted by garth View Post
There's another similar saying . . . "Bulls win, bears win, pigs lose." In other words, if you try to pick the bottom, you'll lose. Just be a bull (up) or a bear (down) and act accordingly, but don't try to pick the actual bottom. More than likely you won't be able to do it.

I recall reading that investors in japan have been waiting for their bottom for decades. With each drop in interest rates, bottoms have been called. However, it's now down to something like 2% for them and their markets have remained in the doldrums.

Where is it going to go in this country? Who knows . . . there are a bunch of crystal balls out there and they all have their own predictions. The bottom line is that rates are at historic lows right now. Does that make it right for you? It all depends on if you're a bull, bear or a pig.
Well said.
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Old 10-05-2010, 02:31 PM
 
Location: Wake Forest, NC
835 posts, read 3,764,963 times
Reputation: 649
Quote:
Originally Posted by Humboldt1 View Post
I work in banking and we all thought rates would have gone up by now 2 years ago. They haven't and won't until we see significant improvement in the economy. I think rates have further to fall. If they don't I lose a little but I still have 5.5% rate, fixed.

I am looking to refinance early next year and think I may be able to get 4.0% for 30 year mortgage, fixed.

I just checked rate sheeets and you can get 4% today for a 30 year fixed in Illinois. You will have to have 20% equity, credit over 720, no 2nd mortgage, pay closing costs and origination.
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Old 10-07-2010, 07:14 PM
 
Location: West Orange, NJ
12,545 posts, read 19,513,240 times
Reputation: 3712
Quote:
Originally Posted by Humboldt1 View Post
I work in banking and we all thought rates would have gone up by now 2 years ago. They haven't and won't until we see significant improvement in the economy. I think rates have further to fall. If they don't I lose a little but I still have 5.5% rate, fixed.

I am looking to refinance early next year and think I may be able to get 4.0% for 30 year mortgage, fixed.
and every month you wait you're paying almost 1.5% too much in interest, so if you wait to get another 1/8 point lower, you've been spending more while you wait.

i refinanced today in NJ and locked in 3.875% on 30 yr. honestly, how much lower do you think you can get? 3.5? cmon...just do it already
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Old 10-07-2010, 09:39 PM
 
Location: MID ATLANTIC
8,209 posts, read 20,395,010 times
Reputation: 9477
It's human nature to want to get the lowest possible rate.

But those poor fools that waited on FHA loans sure missed the boat and now have higher MI.

Lowest rate doesn't necessarily equal the best deal.....as we continue down this road of continual change....the rates may get lower, but the fluff that comes with it, can be much worse with the lower rate. We see it every day.........like it's going to happen with FHA condos in exactly 62 days.
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Old 10-08-2010, 06:58 AM
 
4,246 posts, read 11,059,125 times
Reputation: 3135
If you get that awesome rate hopefully you don't have appraisers from Arizona or Cali.
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