There was an insightful column over in The Detroit News recently. Here are some highlights:
Good things come to those who wait, and if you’ve been waiting to refinance your mortgage, this is about as good as things are going to get.
Thanks to the Federal Reserve acting to push down rates on consumer loans, the 30-year fixed mortgage rate has dropped to historic lows. Two weeks ago, according to Fannie Mae, the rate bottomed at 4.78 percent, the lowest in the history of Freddie Mac’s survey, which dates back to 1971.
By Thursday, mortgage rates nudged up a bit, to 4.87 percent, nationwide and in Metro Detroit.
There’s been some loose talk about 30-year mortgages falling to 4 percent, but this seems to be as far as home loans are going to drop, says Greg McBride, senior financial analyst at the consumer finance site Bankrate.com.
“If record low rates aren’t good enough for you,” he says, “I don’t know what is.”