My sister-in-law just got a 10 year fixed at 3.25%.
"Now, more than ever, the illusions of division threaten our very existence. We all know the truth: more connects us than separates us. But in times of crisis the wise build bridges, while the foolish build barriers. We must find a way to look after one another as if we were one single tribe.” -King T'Challa, Black Panther
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TM, that is the problem. Only a fraction of homeowners can take advantage of these low rates because alot of their equity vanished and appraisals are low.
Great time for first-time buyers with a down payment though. It looks like rates may stay low for 2 more years unless inflation really heats up.
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I heard an ad the other day offering refinances for those who are underwater on their homes. Does that seem very smart? Or just charge the owners a higher interest rate?
Thomas Sowell: There are no solutions, just trade-offs.
SS109 wrote: I heard an ad the other day offering refinances for those who are underwater on their homes. Does that seem very smart? Or just charge the owners a higher interest rate?
It only seems smart if the people can't pay the going rate on their loan, but a refinance would keep them in their home with a lower interest rate. Can't imagine why anyone would refinance at a higher rate unless they have a balloon payment due soon.
