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Blog RSS FeedJust as I think we have hit the rock bottom in mortgage rates, the market just keeps creeping lower. It is amazing how long rates have stayed low and how low they have stayed. Almost every analyst in the industry predicted that by the start of school, rates would easily be back up in the mid 6′s, but here we are, with a 30 year mortgage now just over 4.0%. I would like to say now is the time to refinance, that there is no way rates will continue to fall. But, who knows where interest rates are headed.
If your credit is over a 720, you owe it to your family to analyze if a refinance can save you money over the long-term. If you do not own a home, you need to examine the benefits of home ownership. Undoubtedly there are some great deals on homes right now.
But where will all of this end? What will the Federal Reserve do in the next six months? While nobody can second guess what the Fed will do, with current economic indicators trending either neutral or negative right now, I am betting rates will stay low until the end of the year. With Obama’s new Federal mortgage guarantee proposal due in January, I think the Fed will leave everything on cruise control until at least then.
In January, most of what I read indicates that rates may rise slightly, depending on the details of Obama’s proposal to either replace or reinforce Fannie Mae and Freddie Mac. There seems to be a ton of debate on the future of both government sponsored organizations that you can read about here.
In my opinion, I think Obama will present a plan that will create a merger of Fannie and Freddie. At the same time, markets will be manipulated to lower the interest rates to demonstrate what a fantastic idea the new organization is, creating a ton of excitement around the event. Lots of people will try to refinance then. After a couple of months when the polish wears off it will be back business as usual and we will see rates start to climb when the economy begins to improve.
I have 3 open bank credit cards, one of them I opened for my former home business. I had a couple of other accounts, but they were closed by the issuer last year, because I didn’t use them. The only problem I have with that is one of the cards was my oldest account, and had a relatively large available balance of $12,800. I know my credit score took a hit for a few months after those cards were closed, because my average card age and overall credit availability were lessened. Although I was not in the market for any new credit, I think that there should be a special notation on credit reports when cards are closed due to inactivity, and the credit score calculation formula adjusted not to reflect a higher debt to available credit ratio.
Hi, I just thought i’d post and let you know your blog layout is really messed up on K-Melon Browser. Anyhow keep up the good work.
Millions of homeowners already paid the price losing their homes, 30%-60% value drops.
Thanks for sharing this. We’re always looking for smart resources to share with clients and my colleagues, and this article is certainly worth sharing!
I have 3 open bank credit cards, one of them I opened for my former home business. I had a couple of other accounts, but they were closed by the issuer last year, because I didn’t use them. The only problem I have with that is one of the cards was my oldest account, and had a relatively large available balance of $12,800. I know my credit score took a hit for a few months after those cards were closed, because my average card age and overall credit availability were lessened. Although I was not in the market for any new credit, I think that there should be a special notation on credit reports when cards are closed due to inactivity, and the credit score calculation formula adjusted not to reflect a higher debt to available credit ratio.
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thanks !! very helpful post!
Since we appear to be in a Utah mortgage state of mind, The loan modification company should be able to produce SOME documentation of the work they have done. Since the loan modification documents contain personal financial information, you may see the specific new terms such as interest rate and fixed term, but not the homeowner’s personal information such as name, address etc.
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Get in touch with my developer — the layout is his. Email me and I will put you in touch with him.
We don’t get the same message…
You are right on with that one Mark…
You are right on with that Gregory…
thats one way to handle your money, but that sounds a bit like a "2 wrongs make a right" plan of action. While tempting, I think I will stick to trying to control my spending and putting aside what I can for a rainy day. For me, it is often a matter of discipline. I try to wait until I have all, or most, of the money at my disposal before making a purchase. I dont like to rack up extra debt, especially for things that are "wants" and not "needs".
Thanks for the great information on mortgage rates. I am looking for a Utah mortgage company. Any suggestions?
I think that is exactly what I was advocating Lyle. What made you think I wasn’t?
Absolutely. Black Diamond Mortgage is the company that we will be opening soon. I will publish information related to it soon.