View Full Version : Rates Are 5.75%
sunnydazed
11-12-2002, 03:44 PM
We just locked in at 5.75% for our morgage and the rates went down today! Perfect timing for refinancing. If you are thinking of this, now is the time! Wanted to pass on the info. I am so excited because we are going to save a bundle on our monthly morgage now. Whew! :D
chort1313
11-12-2002, 08:26 PM
We just locked in at 5.75% for our morgage and the rates went down todayThe last rate drop was last Wednesday, if I'm not mistaken. I locked in on Friday and I thought I was 'gambling' because I didn't want to see them drop again on Tues. Now, was I wrong? I didn't see anything about them dropping on CNN today nor on their website. Let me know please! Nevermind, I've been looking but it looks like it was last Wed. You almost gave me a heart attack sunny!
chort1313
11-12-2002, 08:32 PM
Oh, this is the last article I found:
http://money.cnn.com/2002/11/11/news/economy/fed_tricks/index.htm
Jcowgirl77
11-12-2002, 08:33 PM
cool i guess it is time to buy our new house huh?
chort1313
11-12-2002, 08:35 PM
Originally posted by Jcowgirl77
cool i guess it is time to buy our new house huh?
YES YES YES YES YES YES!!!!!
jaybird
11-12-2002, 08:37 PM
My son and his girlfriend refinanced their home about a month ago, 4.75% - 5 year adjustable rate mortgage. Only because they knew they wouldn't be there 5 years when the rate changes. In fact, once rates hit below 6%, they are ready to look for their new home or build one. They've been doing some serious house-hunting the past few weekends.
sunnydazed
11-13-2002, 08:35 AM
Yay! We did lock in yesterday at 5.75% on a 30 year. It saved us a LOT of money! I am so relieved. I don't even care if they go lower, because I am glad that we got one of the lowest out there before they go up again! It is such a gamble. My mother told us she is happy for us, because she remembers when rates were 17%!! Yikes! That is up there with those darn credit cards. Which, by the way, we will be having a chop-chop festival with a couple of those after this is all finalized. This may also allow me to work less. Yay!!!!! BIG YAY!!!!!!!!!! :D :D :D :D :p :D :D :D
chort1313
11-13-2002, 08:40 AM
Yay! We did lock in yesterday at 5.75% on a 30 year
I understand that you locked in at that rate yesterday, but the last time the FED cuts the rates were last WED. That's why you had me all worried, I thought you were saying that they dropped again yesterday! But I also locked in at an amazing rate for 30 yr and took a 2nd mortgage out to eliminate my PMI last Friday. I don't care if they go up either. I'm happy where I'm sitting.
You and I need to have a Party! Congrats to us! :D
Which, by the way, we will be having a chop-chop festival with a couple of those after this is all finalized.
Great idea, there! I had that party a LONG LONG time ago!
sunnydazed
11-13-2002, 08:46 AM
I don't totally understand all of the dynamics of it because my hubby is the one taking care of all of the paperwork, etc. But, like you, I am doing the happpppy dance! So what shall we bring to our party? Did you want to bring any cancelled credit cards that need to be cut up? We can turn them into confetti! And I have a hankering for a big bowl of chips and dip. (Not good considering I am on the Atkins diet! Ha ha!) ;)
chort1313
11-13-2002, 08:52 AM
Yes, PARTY!!! :D I can bring ya a big bowl of chips n dip.. You can cheat a little on the diet, can't ya?!?! I LOVE chips.. I'm not one for sweets, but chips and dips.. YUMMY! I knew it would be in our best interest if we just waited! We will never have to refinance again! Well, unless something *tragic* happens, but I'm hoping it won't. :)
sunnydazed
11-13-2002, 08:56 AM
Something tragic?? I hope not!! You mean, like I am doing the happy dance so fast and furious I hit my head on the wall and go into a coma before we can sign the papers, and by the time I come out of it the rates will go back up to 17%? That would be tragic for me! AHHHH!! And for this, I would cheat just a bit and have my own bowl of chips and dip. No double dipping! ;)
chort1313
11-13-2002, 09:09 AM
hahaah!!!! No, not like that.. silly!!! I would never wish that!!! lmao!!! Just if the rates dropped again I would think the reason they may drop would be if we went to war. Then, we would refinance again. If they were low enough. Now, silly.. Pass those chips! :)
sunnydazed
11-13-2002, 09:24 AM
I hope it doesn't take war to get those rates down lower. Maybe 'they' will just be in a genourous mood and cut us a bigger break. No war! Just more chips and dip, please.......;)
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