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Decided to payoff my mortgage.
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Decided to payoff my mortgage.
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Decided to payoff my mortgage.
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Well time to lock in CDs and look at buying a house
Mortgage rates follow, or tend to follow, the 10-year Treasury rates, not the Fed rate.
If anything mortgage rates are trending up. I doubt this will have much of an effect. Refinancing demand is keeping rates high.
Just locked in at 2.75% two weeks ago.
Yes
Lock in CDs for what?
0.5% isn’t enough of a premium...better off holding cash
I just moved all my savings into no penalty CD 1.6%
What if you need it next month because you got laid off?
Edit:oh wait no penalty my bad
As has been pointed out mortgage rates follow other metrics. Banks have costs, things they need to put for, so there is a premium charged on top of the fed rate. It’s the same for your investments, you do not want the full rate that the bank earns, some of it goes to their costs.
The question of whether the recent cuts will flow through to the other markets is a good question. The existing numbers are the definition of a temporary event. Things will return to normal afterwards, granted likely a lower normal (for example some Resturants may have closed for good being unable to take the shutdown, and some people may have been permanently let go.
That said if this goes on long enough it becomes a new normal.
I just bought a house late last year and got 3.75% loan. Looked into possibly refinancing after hearing that rates dropped. But when I looked into rates, they were higher than what I got last year. Banks are keeping it high due to extremely high demand and an inability to keep up with mortgage applications
I just refi’d for 2.875%. There was a point 6-8 weeks ago rates dropped a lot but before the glut of applications. Since then I have only seen rates rise. Depends on your situation /rating.
15 or 30 year?