Mortgage rates drop to once unthinkable lows at less than 4%

[n2doc]

By E. Scott Reckard, Los Angeles Times
September 23, 2011, 7:40 p.m.
The Federal Reserve's latest effort to prop up the economy has dropped mortgages into once unthinkable territory, with 30-year fixed-rate loans available for less than 4% — a record low.

For people lucky enough to still have their credit ratings, bank accounts and home equity in good shape, the change means the opportunity to refinance at rates that once seemed unimaginable.

"I can remember when I thought 7% was a great loan," said Roger Hornbaum, a retired city of Orange employee who has already refinanced his home on California's Central Coast twice since purchasing it last year. "After the news this morning, maybe I'll be getting another call from and be trying it again sometime soon."

Hornbaum's broker, Jeff Lazerson of Laguna Niguel, said clients who pay closing costs and a 1% fee to him are refinancing into 30-year fixed-rate loans at 3.75%.

more

http://www.latimes.com/business/la-fi-mortgage-rates-20110924,0,3813739.story

[geckosfeet]

1. Yes. I refi'd at 4% several years ago. Unbelievably I am considering

another refi at 3.125% no points.

15 year term. If rates drop to 3% without points I am going for it.

[glowing]

2. Mine's at 3.75%... Its what saved us with the HAMP program.

Would have been better if the HAMP had a way of cramming down mortgages. I'm still underwater with the home. Perhaps it will come back up one day. Before the run up on housing prices, the amt the house was going for was about the same price as now. We'll see what happens, I'm in FL and unless the job market stabilizes, homes are going to be plentiful, and the market is going to keep home prices depressed.

Rick Scott was a damn fool to turn down the high-speed train.. It would have created 24,000 jobs and that's just to build and run the train.. That doesn't even address that businesses from around the world, even China, were interested in the train creating an Orlampa that connected the Tampa Bay area with Orlando. This way all the areas in between the two areas could be developed and easily accessed by workers in both areas. I think specifically, it concerned a lot of solar development. Stupid, tea bagging CEO thief of tax payer dollars. The state has been so screwed over having such a scum bag tool in the Gov seat. Far worse than Jeb Bush (although his hands are normally somewhere in the behind scene screwing people over).

AND President Obama needs to figure out a way around these Republican tools. Instead of having a pecker match with Scott, he should have declared Federal imminent domain and built the damn train. Then he would have infrastructure to stand in front of and the Republicans with their convention being held in Tampa would look like complete tools. The first continental trains and first highway systems were Federal work directives. Why in the world would he wait for the states to allow infrastructure to be addressed? Especially in areas where Republicans rule and people vote against their own best interests?

[MissB]

3. I got 3.25% for a 15 year

Rates are unbelievably low.