Economics is not my bag, man. But…tell me if I’m wrong. This is a great time to get a mortgage, right?
I’m looking at the rates and it’s in the mid 4%’s for a 30 year fixed and in the 3’s for a 15 year! I want to know why everybody isn’t running out and buying or refinancing. Is it because the banks aren’t loaning money?
I did the math on my own house. I wouldn’t be saving enough to refinance at 30 years, but if I paid the mortgage down and did a 15 year, I’d be rich, bitch! Too bad the only way to get the bucks to pay it down is to sell the other house.
So, I’m watching the rates and hoping that they stay low until someone realizes it’s a great time to buy my house. And then I can refinance!