Mortgage rates WTF

[sterlingice]

By not being ready earlier in the year, we've lost at least that much in interest and a 10% bump in the Houston housing market. It sucks to watch that money fly away but we're just not going to buy if we're not ready. We should be close by the end of this week after finishing up some other items on the todo list but the Russia trip got in the way and we couldn't have anyways as I was still a contractor with an unsteady job situation.

SI

[digamma]

Bernanke is a lame duck at this point, likely gone in January. I don't think he wants to leave behind a mortgage rate that has jumped significantly in his last 7 months on the job. I think he realizes he effed up last week. It will be interesting to see how he tries to scramble out of it.

[Tekneek]

That rate is still better than what we had for our first mortgage back in 2001. We went through a tremendous amount of maneuvering to get into this house back then. While we have a great mortgage rate now, the value of the house is well under where we started at. The rate you get now may not be as great as you wanted, but the value will be (presumably) starting at a point that will really help you build equity in the future.

[Galaril]

Originally Posted by sterlingice

Doing some reading as we're knee deep in a house hunt right now and this message along with the timing just made me laugh heartily.

Seriously, tho, a lot of these pre-2008 threads are both scary and interesting in how the market has changed since then.

SI

Yeah I just refi'd in February into a 3.5% 30 down from the 5.8 we had 5 years earlier