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Lower mortgage rates with higher fees is not an improvement -- it's accounting trick.
It's no surprise why mortgage discount points have doubled since 2007. Banks know you better than you know yourself.
Freddie Mac says mortgage rates fell to 3.94% this week. But, because closing costs increased at the same time, it would take a homeowner *3 years* to break-even on these new, "lower" rates. It's a sleight-of-hand trick pulled by the banks on the American people.
Conforming mortgage rates went sub-4% this week? Well, that's not 100% true. Lender sleight-of-hand is making rates *appear* lower. But payments are way down.
As compared to the day *after* the expiration of the $8,000 home buyer tax credit, today's cost of carrying a 30-year fixed rate mortgage to term is lower by $51,000. Mortgage rates are on a 6-month rally.
