Time to refinance your large loans.

A cheap interest rate is like cheap oil. It benefits the consumer for a while, but it hurts the oil industry (and tax revenue)

In the case of cheap interest... As said above, it helps those who are borrowing, but hurts those who lend and those who invest.

Also, for those who are tempted to refinance, don't do it unless you save at least 50 to 75 basis points. And if you do, match the remaining term of your current loan... Better yet, take the savings and reduce your term. Refinanceing every few years into a new 30 term cost you A LOT of money in the long run because you never make any progress on your term.

Well...the Fed is now out of ammo.

Part of the plan with the Feds buying Mortgage Back Securities will indeed move mortgage rates down. This happened in 2008/2009/2010..... 2 Weeks ago we were locking 30 year rates at 2.75. Last week they went all the way back up to 3.5 to 3.75 because there was no one wanting to buy the Mortgage Backs. With the government doing it now as part of the stimilus Mortgage Rates should go low very soon. May not last long but we should see it....

I assume that your 2.75% rate was for a 5/1 ARM?

No 2 weeks ago 30 year fixed no points. But rates were only there for 2 days...

What were 15 year rates at? Just curious? We locked in at 2.875 on a 15 year note back in 2016. I still can't imagine 15 would be much lower than 2.75...at some point there is no motivation from a lender to actually lend the money.

Brother, I hate to tell ya, but if 2.75% is what you got... You got a 5/1 ARM. The 30 year fixed bottomed out at 3.29% on March 5th.

Don't loose heart if you got an Arm, I personally like ARM's. Most ARM's have a 2% cap. If so, the rate cannot exceed 4.75% after year 5 (this is still a good rate). Some will even cap at 0.5% per year (and 2% over the life). If so, it cannot exceed 4.75% at year 9.

I would bet Rockie is referring to the mortgages he wrote for people since he has a lending business and has for many years.

Ahh, I didn't know that and didn't read carefully enough to pick up on that. Thanks for clarifying.

I work in real estate as well and watch rates every day. I must have dozed off the two days when the 30 year dropped below 3.29%...