Home mortgage interest rates are now below 4%. My house payment has dropped to $481/mo. I can,
almost, double them up and pay this place off much quicker.
(The below is NOT a sales pitch. I am in no way professionally affiliated.)
The cool part is my mortgage company never engaged in the utter stupidity other banks did. You know, the one that triggered the economic mess the entire world is embroiled in right now. They even sent me a letter back in '08 telling me that, and in
similar terms. Also, they reminded me that in my mortgage agreement are terms that limit them from adjusting my rate more than once per year, on the anniversary of the loan, thus tempering the effects of the volatile markets on my loan payment......unless the rate is
reduced.
This house has had the same Mortgage holder since 1992. Before that it was held by Countrywide......
I picked these guys at random, when I decided to refinance. Liked their terms and profile and went for it. (Independent, not traded on the stock market, etc., etc.....) If I ever need mortgage services again, I will go to the same place.
Anyhow,
3.97% the last I checked.
I am not alone. there is a thread on AK about this very topic and friends on FB are talking about falling mortgage payments as well.
I'd call this good news for American families, as temporary as it may be.
Dave