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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.
Today's refinancing homeowners can lower long-term mortgage costs by one-fifth -- enough to pay for a college education, in some cases.
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.
Freddie Mac reports the 30-year fixed at 4.09% this week. Freddie Mac is wrong. Mortgage rates are lower.
You'll pay 18% less mortgage interest at today's mortgage rates as compared to April. No matter when you bought your home, it's time to call a lender.
Leave your metaphors at home. Take a front-row seat on an actual 2010 Mortgage Rate Roller Coaster, mapped to scale 100%. Just be sure to strap yourself 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.
To a consumer, one of the most difficult facets of shopping for a mortgage is figuring out just what mortgage rates are doing at any given time. Despite countless websites and blogs devoted to the topic of mortgage, the most important part of a person's research -- the darn price -- can't be found hardly anywhere online. It's a horrifying revelation for people vis-à-vis the way we've all been trained to use the internet. We're taught to use the internet to eliminate information asymmetry; to know the price before we ever show up at the store. That way, we can negotiate the best possible deals for ourselves. Except it doesn't work like that for mortgages.
It's too bad for Americans that the press over-simplifies the Freddie Mac survey. the survey gives two pieces of information -- (1) mortgage rates, and (2) mortgage fees -- but the press only reports on one of them -- rates.
