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Old 11-29-2008, 09:12 PM
 
978 posts, read 1,009,541 times
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How low will it go?????
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Old 11-29-2008, 11:40 PM
 
Location: Keller, TX
5,674 posts, read 5,560,145 times
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What is a good site to get both a current and a historical look at nationwide mortgage rates/mortgage rate indexes?

I know about this one: Interest Rate Trends ~ Historical Graphs for Mortgage Rates

Would be interested in others.
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Old 12-01-2008, 10:52 AM
 
Location: Vermont
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We are at 6.0%. I'm trying to figure out at what point we should refinance... seems like I could snag 5.5 right now?
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Old 12-01-2008, 02:42 PM
 
Location: Fort Myers, FL
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they were still lower 2 years ago, because there wasn't a liquidity issue. i wouldn't be surprise if we saw 4.5% for great credit people, if they ever address the actual problem.
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Old 12-01-2008, 04:40 PM
 
Location: Vermont
5,441 posts, read 15,478,916 times
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I did some math, and decided the following:

If I re-fi with a 25 year loan at 5.375 (vs 6.0% now), my mortgage payment will go up 12 bucks a month. In 7 years (an example of when we might sell), I will owe 10,000 less on the balance. Furthermore if I ride the mortgage until the end, it will end 4 NET (from start of original mortgage date) years earlier. By December 2010, I will be AHEAD of my original mortgage already. So a 2 year pay off, this is with 0 out of pocket. I talked to one bank who thought I should aim for a 1 year pay off???

Thoughts???

Last edited by joe moving; 12-01-2008 at 04:51 PM..
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Old 12-01-2008, 05:15 PM
 
28,461 posts, read 76,059,401 times
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joe:

If you're reasonably sure that you won't move before the break-even then the only thing to hold you back ought to be the liklihood of future rates drops. My gut tells me that some are coming, though pretty minor.

I would not sweat about a "1 year payback" unless you think you are going to move soon after that...
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Old 12-01-2008, 11:34 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,717,683 times
Reputation: 249
Quote:
Originally Posted by joe moving View Post
I did some math, and decided the following:

If I re-fi with a 25 year loan at 5.375 (vs 6.0% now), my mortgage payment will go up 12 bucks a month. In 7 years (an example of when we might sell), I will owe 10,000 less on the balance. Furthermore if I ride the mortgage until the end, it will end 4 NET (from start of original mortgage date) years earlier. By December 2010, I will be AHEAD of my original mortgage already. So a 2 year pay off, this is with 0 out of pocket. I talked to one bank who thought I should aim for a 1 year pay off???

Thoughts???
first of all where did you come up with a 25 year amortization period?

when you talk about the rate difference, i am assuming you are calculating the total cost to refinance into the new payment to and comparing to see how long it will take to break even with your current payment?

i am not sure what you are talking about with the 4 net years earlier. you have no stated anything about making extra payments, which is probably much more beneficial if you just did that instead of refinancing.

why don't you give me some real numbers and i can give you some real answers.

what is your mortgage balance, 1st and/or 2nd?

are you stating that you are currently ahead on payments?
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Old 12-02-2008, 12:24 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
26,932 posts, read 45,013,939 times
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I usually like to see 1.5 to 2% lower before I refi, but I don't usually plan on staying too long. (less than 2 yrs expected stay in current joint)

I'm on a 7/1 ARM at 4.125% at the moment with a 25% LTV ratio. I hope the LIBOR tanks, and I expect it to converge closer to the Fed rate. I don't expect this gravy train to last beyond Obama 'mid-term'

Having Volcker hanging around the interest rate gurus scares me (BTDT... 12%+ for housing, last time he was setting rates).
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Old 02-13-2009, 01:17 AM
 
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Looks like we've entered the meandering zone.
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Old 02-13-2009, 06:41 PM
 
142 posts, read 503,845 times
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The Republican attempt to get something passed dictating 4% mortgage rates failed; however, the Treasury is talking about it. I wish I knew what was around the corner. I also read rates are expected to vaciallate between 5-6% and stay at about that for a while. Who knows.
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