4.5% mortgages

Last time I refinanced I locked into 5.75% for a 15 year mortgage. My monthly payment was slightly higher and I think I was only 2-3 years into a 30 year.

 

I pay my mortgage (6.5%/30-year fixed) online. Just for grins and giggles yesterday, I checked the refi rates -- 4.875%, which would save us $400 a month if we refied.

I was on the phone posthaste to my lender, a certain mortgage monolith that was just taken over by Bank of America. This guy who set up the initial mortgage nearly two years ago has been pestering me ever snice to contact him about HELOCs, refis, you name it

So I did... and have yet to hear back from him. Or his assistant, for that matter.

 

I think I've posted this before, but we did an ARM, and after 5 years our rate went down. It's a fairly common thing to have happen because our mortgage guy said the WSJ was doing a story on that phenomenon and might want to contact us.

If overall mortgage rates are lowered, I would think some folks' ARMS coming due would adjust downward, which might be a nice little stimulus.

 

5.25% on a 10-year loan, and I'm seven years in.

The fact that I will have no mortgage payment in 3 years is the only thing keeping me sane as my career and industry crumbles around me.

 

Join the club. Renting right now. Huge down payment saved up. A buyer's market brewing. And lower interest rates en route. It's a good time to buy.

 

It's a good time to buy . . . if you have a stable job.

Show of hands on here from those who fit that category?

 

This 4.5% idea has many holes that need to be answered.

Will it be every purchase mortgage?
Under $417K?
Agency Jumbos?
Credit Score-driven?
Down-payment driven?


One positive is even if you don't fit the category that is set for the 4.5% mortgage, it should drive all rates down.

 

This one do?

 

Oh, I know the movie well. Poor Ned Beatty, a terrific character actor, apparently still gets razzed about his role as the, er, object of the mountain man's affection. Gotta think that plenty of wise guys give him the ol' "Squeal like a pig!" line from across various bars.

Speaking of which ... God bless the Interwebs:

http://www.squeallikeapig.com/