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djfcons djfcons
 
M$2 January 15, 2009 04:39 PM

Will 30 year mortgage rates go below 5% in the next 30 days?

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dossy dossy
 
 January 15, 2009 08:34 PM
Mortgage rates drop to new low, foreclosures up
Thu Jan 15, 2009 2:36pm EST
http://www.reuters.com/article/GCA-Housing/idUSTRE50E71C20090115

"Interest rates on the 30-year fixed-rate mortgage averaged 4.96 percent for the week ending January 15, down from the previous week's 5.01 percent, its 11th straight weekly decline, according to Freddie Mac."
Source(s):
http://www.reuters.com/article/GCA-Housing/idUSTRE50E71C20090115



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chazzyfen chazzyfen
 
January 15, 2009 04:48 PM
GIven current rates of decline in the stock market, I don't believe that 30 year mortgage rates will go below 5% in the month, but I do believe that they will go below 5% within 3-4 months.

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laurelgard... laurelgard...
 
January 15, 2009 05:57 PM
I think it's entirely possible, but it probably depends on the individual banks and how many foreclosures they have on their hands. In some parts of the US, there are banks with so many un-sellable houses on their hands that they're giving them away for a couple thousand or less just to get rid of the cost of upkeep and property taxes. With this sort of desperate behavior going on, it's not at all a stretch to think that banks will lower interest rates in order to entice people to buy.
Source(s):
http://finance.yahoo.com/news/Radical-cheap-1000-cnnm-14005833.html


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srgothard srgothard
 
January 15, 2009 07:30 PM
A par quote will probably drop below 5% in the next 30 days, but 5% is such a fantastic interest rate, don't want to see what happens!

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