General Question

cornman's avatar

Would today be a good time to lock into an interest rate on my home mortgage? I am getting out of an interest only, variable loan and need to know if now is the time to pull the trigger?

Asked by cornman (737points) March 18th, 2008 from iPhone
Observing members: 0 Composing members: 0

7 Answers

Adina1968's avatar

From what I understand, Feds cutting interest rates dosen’t do much for mortgage rates. I was going to refinance but it just wasn’t worth it.

PupnTaco's avatar

Get out of your ARM if you can ASAP.

cornman's avatar

Thanks tacopooper but should I do it now or will the rates go down even more?

trainerboy's avatar

Now is the only time there is. The past and future are but illusions my young friend!

trainerboy's avatar

I odn’t believe rates will go down more. Right now, with the value of the dollar dropping more as interest rates go down, and inflation goes up, I believe that rates will stay the same or go up from here. I also believe that with all the scrutiny of the mortgage practives and foreclosures, it may be tougher later to get a loan as restrictions get tighter.
Pull out some equity and give some to a worthy and wonderful brother in law or something like that. It doesn’t make economical sense, but by giving, you will feel better about yourself. That is one way to beat the Winter doldrums!!!

afghanmoose's avatar

rates were just cut to 2.25!they will keep going down till I’m guessing 1.5,its all a gamble

PupnTaco's avatar

if you gamble you may lose, and your arm will adjust upwards.

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