Woo-Hoo! Mortgage Rates Are Tanking Again 8th Week in a Row!

by Darwin on June 9, 2011

So, now that we’ve decided not to move, I’d been eying a refinance all along, but at the time we made our decision, rates had increased too much for it to make sense (thanks to QE2, rates actually rose following the announcement, huh?).  Anyway, in the face of continuing poor economic numbers, a rising unemployment rate and now hints of a QE3, mortgage rates have continued to follow the yield on the 10-Year Treasury down, down, down.

National averages as of this week’s report are:

  • 30-year fixed loan declined to 4.49%
  • 15-year rate loan declined to 3.68%

Here’s a table with the best rates in your area; click through to confirm if they have your locale right if it seems too good to be true.

{ 5 comments… read them below or add one }

krantcents June 10, 2011 at 12:37 pm

There is more to consider than just rate! Closing costs and I do not want to re-amortize the loan because I have such a short time to payoff.


JT June 10, 2011 at 3:06 pm

Spread between 30-year mortgages and Treasuries is .27%. Money is free, I don’t care what people say.

If you’re not borrowing right now, you’re nuts. You could easily take all the cash out of your home, throw it in treasuries, and generate a positive return after tax differences.


Jeff @ Sustainable life blog June 10, 2011 at 4:06 pm

People in 07 told me I needed to get in to the real estate market when I could afford it (I had just graduated college) and I told them I’d look into it. They really pushed me in 09, but I was busy paying off debt and told them to go pound sand. Now that I’ve deleveraged quite a bit, I’m starting to save up more and more cash for a potential home purchase, and it’s an even better time for in than it was in 07 or 09.
No one can ever time the market, but I suspect it’s not going to do more than bounce along in a relatively straight (flat) line until Im ready to buy.


retirebyforty June 10, 2011 at 6:36 pm

Good luck refinancing! It’ll free up quite a bit of money so why not. 🙂


Ben June 17, 2011 at 1:46 pm

I’ve been tracking 15-year fixed-rate loans for quite a while with my finger on the trigger for a refinance, and I’m deeply skeptical of that 3.68% rate. That must be including a substantial number of discount points (3, maybe?). As best I’ve been able to tell (which is tricky; I haven’t found a straight-forward way to track the Fannie Mae numbers yet), the true rate hasn’t gone below 4.0 in months.


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