30 year mortgage at 6.66%

[Roon]

http://www.usatoday.com/money/perfi/housing/2006-05-31-mortgages_x.htm

[WindRavenX]

1. hahahaahah

But seriously, is that a good rate? I'm a college student, and I'm eager to learn this type of stuff.

[burythehatchet]

4. Its a very good rate if the closing costs are 3% or less

of loan value.

[kahleefornia]

5. It is good...if...

you didn't just buy a really expensive house with an adjustable rate (a place you could afford at 5%, but not 7%).

My parents paid something like 12% for their first house, I think.

[MissB]

6. If you're buying today

it is probably what you'll find, plus or minus a few tenths of a percent.

When my dh bought our first house in the late 80s, he had a loan that was more than 10%, iirc. We eventually refinanced that down to a 15 year 4.85%. He just had to ride out the high interest rates for a few years (during which time we met, dated and married and suddenly had two incomes - plus the economy in the Clinton years was roaring).

Right now, it would suck big time to have an adjustable rate mortgage, unless I was selling a house soon in a hot housing market. I expect interest rates on home loans will keep going up - I'm starting to see the interest rates climb significantly on credit cards as well (doesn't really matter for us as we don't carry balances, but I still see the increased interest rates printed at the bottom each month).

My student loans were locked in a few years ago at barely more than 3% - if I were to go back and finish my masters (assuming I'd take out a loan to do so) I'd be paying more than double that by the time I graduate.

I don't know if interest rates will go down again - logically, I think they will eventually. Just not in the near term.

[lonestarnot]

2. and climbing.

[lonestarnot]

3. and little bushitler is at turdy tree and a turd.

[TahitiNut]

7. Just in time for 6/6/06

:eyes:

[madaboutharry]

8. Everyone got really spoiled the last

couple of years. But 6.66% isn't bad at all, it is just that rates were done in the 5's for so long. Back in the late 80's, people were thrilled to get under 10%

[Tierra_y_Libertad]

10. We were delighted to get 6.75% when we bought our house in '93.

Still have it.

[flvegan]

9. Fixed rate, no less.

Could be worse.