Mortgage Rates Plunge like Starlet Necklines

Yes, the only thing plunging faster this summer than the necklines of Hollywood's finest are the interest rates on new mortgages. Unfortunately, it appears that there are not too many people who qualify left to take advantage of these super low rates. It seems like the only people left who want those loans are those who are not qualified to receive them. New winners this year are people looking for jumbo mortgages who are finally seeing their rates drop close to the 5.5% level. People like ourselves who could qualify for those great rates already did so in the past few years. We refinanced last year after we sold our house and grabbed a good rate during the dip late last spring (April 2009). Sure, we could cut an extra 0.25% to 0.50% off our already low 4.910% rate, but that is hardly worth the closing costs on the loan for us. So no matter how low the rates go, I doubt we will take advantage of them. Yet other folks who could use those lower rates simply do not have the credit to qualify. Now that the homeowners tax credit is over and we head into late summer and fall, I bet the lower end of the market will slow down so the only hope is on the higher end market. I have seen quite a bit on increased activity on my popular online mortgage calculator website, but I think people are just curious. I think many people with already low rates who might qualify are just hearing the news about even lower rates and doing some calculations. If they are like us they will realize it is just not worth it to refinance yet again right now. In our neighborhood there is not much real estate action, with the folks across the street giving up on selling there house. What will become of the housing market? Who really knows?

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