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Will mortgage rates continue to go down?

I'm currently interested in refinancing my home, and the common sense part of me tells me that with these record low rates I should refinance now, but I'm always looking to shave some money off my bills. I'm looking to do this now if there's not a better time or wait up to a couple of months to see how the rates trend. Currently I'm living in a house recently appraised at 255,000, we owe 130,000ish on it still and I've kept up with all payments since I got the home back in 2002. I've got impeccable credit (830 FICO) and I've been with my company since 2000. What would you recommend? by travis_931_683 from Plano, Texas. Oct 13th 2011 Reply


it all depends..what is your current interest rate..do you have a 30 year / 15 year note...how long do you plan to live in the house?Please call me to discussJeff Dobbs214-727-9281Gold Star Mortgage

Oct 13th 2011
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Brad Cahoone (info@globalhomefinance.com)
#92 ranked lender in Texas - 1,042 contributions

Travis, Good afternoon. Rates are actually increasing over the last week and a couple of days. Markets are very volatile right now with the European debt crisis and all of our employment and housing issues here in the U.S. The rates got worse by 22 basis points yesterday. What that means is for a $100,000 loan it would cost you $220 more to get the same interest rate. Last week we lost 134 basis points that is $1,340 more in closing costs for the same loan. We are actually seeing a bear market when it comes to rates over the last 10 days. You should have locked last monday! You can stop the bleeding now and lock something in. If the European Central Banks do fix their problems then rates will most likely trend back up into the high 4% range. Give me a call and I can discuss things thoroughly with you and email you more information if you like.Brad Cahoone - NMLS ID 184176 - Global Home Finance Inc - 316441 - 972-724-3222 - email: bcahoone@globalhomefinance.com - http://globalhomefinance.com

Oct 13th 2011
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

It's possible for rates to go down a bit, however you should absolutely take advantage of the current rates.. currently rates are in the low 4's, so how much will / can they go down?? At what point will investors stop purchasing Mortgage Backed Securities?? There is always a basement, and there's always a ceiling... regardless of what you might have seen on the internet, 30 year fixed rate mortgages have maybe brushed 3.875% in the last few months.. that being said, the difference in a 130K mortgage paying say 3/8 more in rate is hardly worth talking about.. go do your refinance now while you still can.. WilliamAcres.com

Oct 13th 2011
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SONNY BAKER (sonny@bedrocklending.com)
#76 ranked lender in Texas - 10 contributions

I would receommend doing a NO COST refinance-meaning; we can lower your rate and/or term with zero closing costs- that way if rates continue down further you could always redo the loan at the lower ratefeel free to call us 866-445-3765 or visit our website at www.bedrocklending.comor your could call me directly at 469-628-8515-Trevor

Oct 13th 2011
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David Webber (DavidWebber)
#62 ranked lender in Texas - 71 contributions

I believe all mortgage rates will increase based on the current trends the rates over the last few quarters. I am not saying that they will go up a full point this year. However it is possible simply due to all of the goverment backed securities in the secondary market. The ones you and me pay for to keep the banks lending. Based on your scenario, my recommendation for you, since I am familiar with your area, is to look at reducing the term and the amount of overall interest paid over the life of the loan and the fee to get there. You should have an amortization schedule in your previous closing paperwork that will tell you what you have left. In the iterim feel free to contact me. Thanks in advance, Good LuckDave Webber214-771-8696

Oct 13th 2011
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

IT ALL depends on what rate you are at now .. Do you have a fixed, or a arm?? since you have equity in your home, you would be wise to refi into a low fixed rate.. I have over 24 yrs experience in the mortgage industry, and yes , rates are low right now , but they are creeping up slowing.. You use to be able to watch the stock market and predict rates, but now longer.. call me at 602-330-1598 lindaforloans@live.com

Oct 13th 2011
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Brian French (bfrench)
#11 ranked lender in Arkansas - 52 contributions

Good afternoon!Oh, if I knew the answer to that, I would be as rich as Warren Buffett! HA HABut seriously, I honestly cannot imagine them getting any lower - why? Because treasury bill and bond rates are getting as close to zero as I can imagine them getting. Also, it is artifical. People are running to bonds and commodities because they are afraid of the equities and the real estate market is still falling - has not stabilized yet.I would recommend that you refinance over the next month or so. Your loan-to-value, your FICO score, and your employment history will equate to the best rate out there.If you don't have a mortgage partner you work with, would love the opportunity to give you a quote when you are ready?

Oct 13th 2011
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Jerry Holcomb (TXMortgageGuy)
#93 ranked lender in Texas - 6 contributions

Hi Travis:A good rate today no points or Lender fees would be between 4.00% 15 yrs fixed to 4.625% You can roll the fees in and not make much difference in payment though and rates would be between 3.625% and 4.25%on $130,000. Principle & interest would be $639.52- $668.38 30 yr fixedon 15 yr fixed $937.35- $977.96. Take a look at your current payment and see what works best for you.As far as rates going lower, they could but, when you are at 60 year low the chance for it to go up is the best bet. Warren Buffet said... Waiting for the bottom of the market is where people get caught.check out Http://www.dallasfhaloans.com/forms/refinanceAdvisor.html to get exact numbers and let me save you money.Jerry Holcomb972-827-7890www.Dallasfhaloans.com

Oct 13th 2011
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