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Thread: Real Interest Rates at a New Low

  1. #41
    Senior Member jp1's Avatar
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    Interest rates really ARE insanely low now. We had been quoted 2.99% a month ago, which we thought was fantastic. Yesterday we signed all the closing docs and our final rate is 2.26%! That cuts our monthly payment by almost 10%!

  2. #42
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    Quote Originally Posted by jp1 View Post
    Interest rates really ARE insanely low now. We had been quoted 2.99% a month ago, which we thought was fantastic. Yesterday we signed all the closing docs and our final rate is 2.26%! That cuts our monthly payment by almost 10%!
    And I think about interest rates being 19% when we bought our first home 60k $943. 2.26%? buys $247,500.

  3. #43
    Senior Member jp1's Avatar
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    Quote Originally Posted by Gardnr View Post
    And I think about interest rates being 19% when we bought our first home 60k $943. 2.26%? buys $247,500.
    I can't imagine that we will ever refinance. Even at 2.99 our total interest for 30 years was only going to be 45% of the loan cost if we just paid the monthly minimum. At 2.226% it will be significantly less than that. And we intend to pay down the principal to zero over the course of the next ten years. The loan cost is almost laughably small.

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