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personally I think the interest rates have been intentionally lowered, they are trying to get people to switch over to lower interest rates (especially those hit hard, foreclosure, etc.)... and instead of targeting them (and get the public anger over bailouts), they are letting everyone do it BUT they are doing it quietly and hoping most homeowners won't notice (especially those who pay their bills on time) and some homowners will notice (those close to foreclosure, etc.)... I do think this is the fair way of doing things... you do it for EVERYONE...
I'm thinking you're 100% right.
Massive numbers of ARMS are resetting this year. This won't help the Option ARM folks paying interest only and it might not even convince people with huge negative equity to hang around-- but anything they can do to slow this train down would be good for the short-term overall economy.
For millions of Americans these low mortgage rates are a miraculous Christmas present. Let's hope it makes a difference for them.
Here's a good article about how the lower rates are helping the re-fi's like you said. It's loaded with charts and hard data (not all of which I understand). It's nice to get some good news for a change:
I was so lucky..I went and did all the paperwork for my refi with the bank last Friday. In chatting with the bank guy he told me apps were steady but not overwhelming. Looks like I beat the stampede for refi's. The appraisal guy came by this morning and told me I was lucky because now he has a stack load of refi's to appraise and with the holidays coming up his pile will just get bigger.
I'm hoping this is good for us (America). Lower mortgage payments reduce your budget and may help stave off a few foreclosures. Let's just hope these people don't cash out with their refi's.
I am so jealous of those that were able to lock in. We submitted an offer on a short sale and the bank we are working with was going to lock in a rate even though the bank has not accepted our offer but now he is saying that he is hesitant to because a short sale can take a while.
We are actively looking for a home and I hope that by the time we find it we haven't missed out on the good rates.
I bought a home (short sale) this past June...... 4.75% rate is great!!.... is it too early to refinance? I was thinking about approaching a bank this Spring to refi and maybe get a small equity or construction loan for needed repairs (new siding and windows).... do we think rates will go lower by then?
I am so jealous of those that were able to lock in. We submitted an offer on a short sale and the bank we are working with was going to lock in a rate even though the bank has not accepted our offer but now he is saying that he is hesitant to because a short sale can take a while.
We are actively looking for a home and I hope that by the time we find it we haven't missed out on the good rates.
I am in the same boat you are in. I hope we hear back from the bank on our short sale this week, so we can lock in the rate. I am not even sure what the rate is right now...I think 4.75 for 30 year?
I am in the same boat you are in. I hope we hear back from the bank on our short sale this week, so we can lock in the rate. I am not even sure what the rate is right now...I think 4.75 for 30 year?
Locked in to re-fi last week @ 4.85 wiht NO points. And we had JUST recasted our primary mtg. after we closed (finally) on our previous home and got our money out to put towards the new one. This is a wonderful oppt. for re-fi homeowners like us. Our monthly P&I is now lower than it was back in 1995 on our home 1/2 the size and value! Affordability? OK, all you doomers, is this enough "affordability" for you? And yes, contrary to what many insist, most of us are making more, some a lot more, than we were 10-15 years ago. Of course, it's only going to be available for bill paying, good credit customers but then again, that's how the mortgage industry used to operate. If you loan money to those that will and have a history of paying it back, then it's a no brainer!
Massive numbers of ARMS are resetting this year. This won't help the Option ARM folks paying interest only and it might not even convince people with huge negative equity to hang around-- but anything they can do to slow this train down would be good for the short-term overall economy.
For millions of Americans these low mortgage rates are a miraculous Christmas present. Let's hope it makes a difference for them.
I think it will help those that have good credit, can qualify and their home's value is higher than their mortgage. For others though, they are still in trouble.
Mortgage re-defaults rising with no sign of slowing - Yahoo! News (http://news.yahoo.com/s/nm/20081222/bs_nm/us_financial_defaults_5 - broken link)
Locked in to re-fi last week @ 4.85 wiht NO points.
Lenders are innundated with applications. This is a once in a lifetime opportunity for so many people, assuming employment, good credit and adequate equity.
The rate on my first mortgage, in 1980, was a whopping 16.5%.
The monthly P&I on the same house, right now at 4.85%, is less than it was 28 year's ago.
I think it will help those that have good credit, can qualify and their home's value is higher than their mortgage. For others though, they are still in trouble.
Mortgage re-defaults rising with no sign of slowing - Yahoo! News (http://news.yahoo.com/s/nm/20081222/bs_nm/us_financial_defaults_5 - broken link)
Those who bought with no skin in the game.....not even the equivelent of a security deposit required of most rentals, were and remain in trouble.
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