Sunday, December 02, 2007

Mortgage Rates Fall to Six-Month Low of 6.1%

MINNEAPOLIS -- Amid the depressed housing market there's some good news: Mortgage interest rates last week dipped to 6.1% (the lowest level in more than six months, since early May, see chart above) -- within shouting distance of the historic lows that propelled home sales into the record books.

7 Comments:

At 12/02/2007 11:04 AM, Anonymous Anonymous said...

Mark this smoke and mirrors interest rate (that includes points) is nearly 50% higher than the low rates that Americans enjoyed in say June of 2003.

The interest rate doesn't matter in a situation like we have today so much as availability of money to borrowers.

The easy to get loans just don't exist anymore.

 
At 12/02/2007 11:16 AM, Anonymous Anonymous said...

This is great for investors like myself who have been responsible and played by the rules. It helps to eliminate the competition and increases my chances of getting the property I want.

 
At 12/02/2007 1:45 PM, Blogger easymoney said...

anonymous 11:04:

These aren't smoke and mirror rates.

I received a 6.35% 30 year mortgage in the summer of 2006 - ZERO points.

If there were 4% mortgages in 2003,they probably were not 30 year fixed. I have to beleive that was a teaser rate.

 
At 12/02/2007 6:42 PM, Blogger Thomas Shawn said...

6.1% should be the level at which those with teaser rates should refinance. If they cannot afford the house at 6.1% then they need to get their sorry arses out.

 
At 12/02/2007 7:27 PM, Anonymous marmico said...

Yup. Step right up and catch that falling knife.

The median price of an existing, single-family detached home in California during October 2007 was $497,110, a reduction of $92,860 from August 2007.

Source: CAR

 
At 12/03/2007 10:20 AM, Blogger easymoney said...

As a buyer, why wouldn't one be ecstatic that prices are falling?

They won't fall for ever.

Better get while the gett'n is good.

Conversely, prices don't inexorably rise either - as many are finding out.

 
At 12/03/2007 9:00 PM, Anonymous Anonymous said...

I agree with easymoney, I Just bought a home in November 2007. A 30 yr fixed at 6.2% and ZERO points.

 

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