jq26

Mortgage Rates are at ALL-Time Lows

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If for some reason you have been sitting on your hands to refinance your mortgage, then consider yourself lucky. NOW is the time. I never thought we'd see rates lower than we saw in 3Q 2009. Now here we are even lower. This is historical!!!

For example:

30yr loan for $250,000 at 6.0% originated in July 2005. Monthly PI = $1498.

In July 2010, you now owe $232,300. Applying today's 15yr apr of 4.0% (may even be lower) to the $232,300 of your remaining balance, you now have a monthly PI payment of $1718. For an extra $220/month, you knock a full 10 years off of your mortgage.

If you can't afford to take advantage of the low 15yr rates, a 30yr refi at 4.625% in July 2010 of the loan example above results in a new monthly PI payment of $1194. That's a full $300/month less per month for three decades- a wonderful increase in monthly cash flow that may alow you boost Roth IRA, 529s, or even pay down a credit card or vehicle loan.

Unless we're heading for a depression, these rates are temporary. Take advantage...a few years from now you'll be thanking yourself.

http://tdbank.mortgagewebcenter.com/Default.asp?bhcp=1

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Mortgage rates are low because investors, nervous about global economic stability and a volatile stock market, are plowing their money into mortgage securities.

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Due global economic crisis which is attaining more and more gloomy situation, the over all rate of the mortgage is lowering day by day.Because people want to secure their investments and don't want to involve in the major economic activities.

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10yr hovering around 3.4%. About 100bps (1.0%) higher than November lows, but still very low.

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