According to Bankrate, Mortgage Rates Set Record Low
The average 30-year fixed mortgage fell to 5.00 percent and the average 30-year fixed mortgage rate has an average of 0.44 discount and origination points. These rates are significantly lower than the rates this time last year. The 30-year fixed mortgage rate last year was 5.92 percent meaning a $200,000 loan would have a monthly payment of $1188.83 but now its $1073.64 saving $115 a month for homeowner refinancing.
I’m curious about whether or not this is actually a good thing. I think a lot of leaders in America have tried to “fix” thing but have only made them worse. I don’t know if this lower rate will allow or encourage those who are not going to be able to make good on their loans, to refinance. Will it eventually leak down and hurt the entire American society just like the real estate market did to start the domino effect of the economy a couple of years ago. I certainly hope this has a positive effect and we can start climbing out of the hole we are in.
http://www.prnewswire.com/news-releases/bankrate-mortgage-rates-set-new-record-low-73629217.html
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