30-year mortgage rates fall below 4% for first time

[Scorpio]

30-year mortgage rates fall below 4% for first time

NEW YORK (CNNMoney) -- Mortgage rates have never been cheaper, with the 30-year rate falling below 4% for the first time in history.

The interest rate on a 30-year fixed-rate loan fell to 3.94% this week, the lowest rate since mortgage giant Freddie Mac (FMCC, Fortune 500) began tracking it. Meanwhile, the average for a 15-year fixed-rate mortgage also hit a record, falling to 3.26%.

"Average 30-year conventional fixed mortgage rates fell below 4% for the first time in history this week following a sharp drop in 10-year Treasuries early in the week as concerns over a global recession grew," said Freddie's chief economist, Frank Nothaft.

Yields on the benchmark 10-year U.S. Treasury bond, which mortgage rates closely track, have been under 2% this week, closing as low as 1.78%.

Mortgage denied despite perfect credit

here for more + vid:

http://money.cnn.com/2011/10/06/real...ntent=My+Yahoo

[hernancortes]

I would love to be able to buy a house for the family right now & lock at these rates but our search criteria is so strict it's making it very tough. We can get a zero-down loan so as to purchase PM's with the money that would've went toward down payment.

[GOLD DUCK]

QWAK,They are trying to PUSH on a STRING!

The DEBT/CREDIT system must keep expanding or it IMPLODES!

the DUCK

[vintage collector]

I just got pre-approved for a 30 year 3.875 Fixed loan for $375,000. 3.905 APR.

Now I have to get some paperwork in to lock in a rate. Fortunately I think they may drop a little more over the next week or so.

[Discover]

I am so glad I sold my house. Never going to buy again. It is a big scam.

IMO most people do not understand that you will never own your home. You merely pay for the right to occupy, insure, and up keep the goverments property.

You work your ass off for the banks, insurance companies, home depot, and property taxes. That's no American dream in my book.

Imagine the shock of getting your property tax bill in the mail and find that it was trippled. That happened to me. It was exactly 3.0 x the previous year right down to the penny. Fortunately, I was able to sell the house for $20K more than I bought it for 7 years prior which just covered the $20K tax prorations I had to pay at closing.

Unfortunately, I lost over $70K in repairs that I made. But Home Depot was happy. Of course I will miss spending my weekends being a self employed carpenter working on my house.

And the experience would not be complete without mentioning that my lender raised my mortgage $500/ month when everyone was forclosing for no reason. When I called to complain and asked them why they would do this to me, they said because we thought you should be paying more.

Fortunately we were saved when someone bought our house. I kept my mouth shut about how stupid it was to own, because I was about 2 months away from living on the street.

Renting is so much better. And now I have more money in my pocket every month even though my income is a third of what it was when I owned that ball and chain property. And my weekends are now free to have fun.

[REO 54]

I am so glad I sold my house. Never going to buy again. It is a big scam.

IMO most people do not understand that you will never own your home. You merely pay for the right to occupy, insure, and up keep the goverments property.

You work your ass off for the banks, insurance companies, home depot, and property taxes. That's no American dream in my book.

Imagine the shock of getting your property tax bill in the mail and find that it was trippled. That happened to me. It was exactly 3.0 x the previous year right down to the penny. Fortunately, I was able to sell the house for $20K more than I bought it for 7 years prior which just covered the $20K tax prorations I had to pay at closing.

Unfortunately, I lost over $70K in repairs that I made. But Home Depot was happy. Of course I will miss spending my weekends being a self employed carpenter working on my house.

And the experience would not be complete without mentioning that my lender raised my mortgage $500/ month when everyone was forclosing for no reason. When I called to complain and asked them why they would do this to me, they said because we thought you should be paying more.

Fortunately we were saved when someone bought our house. I kept my mouth shut about how stupid it was to own, because I was about 2 months away from living on the street.

Renting is so much better. And now I have more money in my pocket every month even though my income is a third of what it was when I owned that ball and chain property. And my weekends are now free to have fun.

You make a good point. I currently have 2k+ mortage.I retired as a carpenter/builder to become a septic/waste water buisness,only to return as a
carpenter on the weekends to finish my house.I'm thankful I switched buisnesses for sure.It's the only reason I'm able to survive financially.
Everybody's got a poop so.....

Oldtimers said"your house is done the day you sell it". Now I get it.