Question Details

Norma, Home Buyer in Wantagh, NY

Are mortgage rates likely to drop below 5% again soon?

Asked by Norma, Wantagh, NY Thu Jan 22, 2009

What determines this?

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Answers

5
Not sure depends on our new president, in any case if you are planning on buying or refinance the rates are pretty low now so you have to ask yourself do you think they will go down a whole point anytime soon? Usually, our mortgage person would say if it's down a point then it's worth it to refinance but.... If wanted to refinance or buy I think I would start the process now. If you think they are going down more which they could you do not have to lock into the rate right away. In any case I don't think they will go up or down a whole point so I wouldn't wait.
1 vote Thank Flag Link Thu Jan 22, 2009
No I don't think so; find a mortgage person they are the best ones to help you. Don't wait check out the Real Story for NJ, NY may have something like this for real estate information.
Web Reference: http://www.realstorynj.com/
0 votes Thank Flag Link Fri Jul 24, 2009
Norma,

Our recommendation is to be intouch with a loan company and request that they notify you as soon as the rates drop below 5% again. We believe they will return to that level but ...WHEN, is anyones guess.
0 votes Thank Flag Link Fri Jan 23, 2009
Norma, I don't know, see what these people think.....http://mortgage-x.com/general/rate_trend.asp

Good luck, Dunes
0 votes Thank Flag Link Thu Jan 22, 2009
thank you for your quick and informative answer!
0 votes Thank Flag Link Thu Jan 22, 2009
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