All time interest rate lows?

vfem

Yoga...The Chicken Pose
11 Years
Aug 4, 2008
7,324
29
264
Fuquay Varina, NC
Who is jumping on this to refinance? I'm still in shock over the %'s I'm seeing!!!

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Rusty Hills Farm

Crowing
13 Years
Apr 3, 2008
1,617
19
256
Up at the barn
I hope it means the banks are hurting for clients!!! They deserve to hurt, what with the way they have gouged everybody since the bailouts!

Gee, can you tell I detest the whole industry?!?

Rusty
 

dewey

Songster
9 Years
Nov 9, 2010
2,454
24
171
north of eternity
One of my children just purchased a new home at the lower rates, and I think the low rates are mostly helping new home buyers instead of those that need to refi. Not all, but many of those that would benefit from a lower rate also purchased homes or refi'd when the market was inflated...and it's practically impossible to refi an upside down loan.

Quite a while back, and a long time before the bubble started, when the rates dropped very low I refi'd one house that already had a great rate, but the lower rates being offered at that time justified the few thousand dollars in closing costs.

I hope anybody that can make a refi pay off for them takes advantage of it.
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crazyhen

Crowing
11 Years
Aug 26, 2008
3,196
102
264
mtns of ,NC.
Make certain it is a fixed rate loan. If not it can go up to the point it cannot be paid. I have seen so many people who took the very low interest and ended up losing their homes as the rates climb. My recommendation be wise with your loans. Read the fine print. Can your loan be sold? If so can they ask for the entire price of the loan at selling? There is more to it than intial %. Good luck Gloria jean
 

Ridgerunner

Crossing the Road
12 Years
Feb 2, 2009
27,726
21,487
907
Southeast Louisiana
Mine is also paid for, otherwise I would not be retired.

Be careful as Crazyhen said. If you can lock the low rate in now, that is great. But don't go for any of that fancy stuff that got so many people in trouble. Lock that same rate in for the life of the loan. Inflation is going to hit at some point. Rates are going to go way up at some point. I don't know when, but at some point it will happen. It always has in the past. We have never been able to solve world hunger for all time, no war has ever ended all wars, and no government manipulation will ever end inflation for all time.

If you can, it is a great time to take advantage of the opportunity. It is legal and it is ethical.
 

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