Mortgage Interest Rates Hit Another Low. Ilyce discussed this topic along with questions from other callers giving her personal finance advice and real estate advice on the Ilyce Glink Show October 2, 2011 on WSB Radio.
I have said it before, and this week I said it again: mortgage interest rates hit another low. This week, the average interest rate of a 30-year fixed mortgage fell below 4 percent – for the first time ever.
This bit of history in the making caps off another volatile week for economic news. The esteemed Economic Cycle Research Institute believes that the economy already has or may be about to enter another recession by the end of the fourth quarter this year. Doubters may want to take note that the ECRI has correctly predicted the last three recessions without error.
Callers guests and I discussed one of the faltering economy’s few attractive elements – mortgage refinancing for those who qualify. The basis for these discussions was a post I wrote for my CBS MoneyWatch blog: Refinancing: The Top 5 Mistakes You Don’t Want to Make.
Are rates now as low as they can go? For more real estate advice and personal finance advice, take a look at our articles at ThinkGlink.
For the last several months, I have thought that mortgage interest rates had hit bottom. I even refinanced my home loan at an unbelievably low rate of 3.385 on a fifteen year loan. Will rates continue to drop?