Mortgage Rates -- can I get a Wahoo?!?!?

My apologies for the delay today, we suddenly lost power (not that it's ever not sudden) right when I had been preparing the blog posting on rates!

Here's where we ended up today:

4.875% Rate / 5.026% APR

Loan amount: $417,000
Down payment/equity: 20%
Loan Program: 30 Year Fixed

Rates as of 12/11/08 and subject to change.


Where is the bottom? No one knows, although there has been a media blitz pointing to discussions around a 4.5% 30-year fixed rate and if we use the improvements over the past 3 weeks as any gauge as to the likelihood of that coming about, it's seems very reasonable. We may even be there in the next week or so!

My advice to you is this: Write that offer or apply for the refinance. When rates start going back up it's going to be a MAD DASH so let's get the paperwork in and just float the rate until you're ready to lock. It will save everyone hassle and avoid unnecessary delays.

Sound good? --James