Thirty-year mortgage rate drops to another record low

[steve2470]

Source: AP

WASHINGTON (AP) – Average rates on fixed mortgages fell again to record lows this week.

Mortgage buyer Freddie Mac says the average rate on 30-year loans fell to 3.56%. That's down from 3.62% last week and the lowest since long-term mortgages began in the 1950s.

The average rate on 15-year mortgages, a popular refinancing option, dipped to 2.86%, below last week's previous record of 2.89%.

The rate on 30-year loans has fallen to or matched record lows 11 of the past 12 weeks.

Read more: http://www.usatoday.com/money/economy/housing/story/2012-07-12/mortgage-rates-down/56165398/1

[hack89]

1. Just refinanced at 3.8% - saves me a lot of money. nt

[GreenPartyVoter]

3. If you don't mind me asking, did it cost a lot to refinance?

[hack89]

5. I used the HARP program

had to bring about $5,000 to the closing. On the other hand, the timing of the closing means I go 2 months without a mortgage payment plus I will get a nice check from my old mortgage company when they close my escrow account.
So all in all, it was relatively painless.

[Liberal_Stalwart71]

2. This will help many people who are refinancing. This will not help those first-time homebuyers

who still can't afford the downpayment.

[alcibiades_mystery]

8. Maybe

But you can put 5% down now, and the mortgage insurance (for less than 20%) can be subsidized by the lender (lender paid insurance), and you're still only talking about 4.0% on a fixed 30-year. That's a pretty good deal for new home buyers with less than 20% to put down.

[Liberal_Stalwart71]

14. That's a good idea. Maybe I'll look into that. Thanks!!!!

[Auggie]

4. Hard to refinance if you're home doesn't appraise for the right amount

We could save over $300 a month, but our house isn't "worth" enough.

[hack89]

6. Have you tried the HARP program?

it is designed for homeowners who have little or no equity in their homes.

[Auggie]

9. Thanks. I'll check it out.

[hack89]

10. Here is a good place to start.

http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx/

[Auggie]

12. Turns out we're not eligible ...

we refinanced in 2010.

[harun]

13. You are the only person I have ever heard was eligable. I am not.

[pscot]

7. Our appraisal came back below

what we paid for the house 11 years ago, before the bubble. They used to inflate the value on appraisals, now they're low balling. We still had enough equity to do the deal. It saved us $500 a month.

[and-justice-for-all]

11. PNC just informed me that I qualify for a modification

with no closing cost, appraisal or submission of any documentation and would only have to pay a $11 fee which would bring my rate down to 4.5% on a 20year.

But I am in the HOPE program so I have to find out from them what would happen if did the modification with PNC. Can I stay in their program if I do the modification or will hope kick me out???