Anyone think mortgage rates will drop further or have they bottomed out?

Question by chitownlifer: Anyone think mortgage rates will drop further or have they bottomed out?
Want to refinance 1st mortgage which is currently at 6.65 % and 2nd mortgage is at 8.88%.

Best answer:

Answer by pinky
Don’t ask me. Some years ago I said we’d never see single digit first mtg’s again.

Know better? Leave your own answer in the comments!

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7 Responses to Anyone think mortgage rates will drop further or have they bottomed out?

  1. Yeahhoo P says:

    looks like the US is headed toward a recession.
    I would think lower rates are likely.

  2. Matt K says:

    they will drop further. I’m waiting until this summer to refinance myself.

  3. I suck but so do you. says:

    rates will be cut a quarter point next fed meeting

  4. engineer50 says:

    No one can say for sure – my guess is they will decline a bit more. Many people incorrectly think that they track directly with the fed funds rates – not true.

  5. Landlord says:

    You are paying pretty high interest now.

    No one knows for sure, but I am not expecting a sufficient drop in rates.

    I would refinance now in your shoes, you are paying lots of extra interest and waiting and hoping to save makes no sense when you can save today.

  6. R B says:

    short term rates will drop to 2.5 % this year so long term should also drop. I would wait

  7. mefuture says:

    The Fed is contemplating on cutting rates again –

    http://biz.yahoo.com/ap/080110/bernanke.html

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