Mortgage Rates Surprisingly Low

Discussion in 'Economics' started by dougcs, Nov 24, 2008.

  1. Just out of curiosity, I checked Bank of America for refi rates and was shocked to find they were offering a low rate of 5.6% APR including 2 points.

    I'm surprised as I checked about two weeks ago and the rate was close to 7%.

    Anyone else seeing attractive rates.

    I live in TX.

  2. 377OHMS


    Closed a jumbo at 5.375 for 1.25 points about 3-weeks ago at a credit union in seattle. Property is a hilltop in Los Angeles.

    I locked that rate back in September though.
  3. Just locked a 5 year ARM fixed for 5 years at 5.38. No points no closing costs. I think rates will continue to decline.

    Just bought my first home two weeks ago in the SF Bay Area!!!

    Home was bought for 1.15 mil in Feb 2007. I stole it for 662K. (They were asking 750K) In a very desirable neighborhood.

    The house was abandoned for 1 year cause the mortgage company that owned the loan went bk. Investors in Texas bought their whole portfolio and were panicking and dumping everything.

    Damn I smell something good cooking for the economy and real estate. Of course I am usually early but I can't complain!