Never mind the Federal Reserve rate raise. Mortgage interest rates are WAY down today.

Interest rates for conforming loans (under $425k) just hit freakishly low rates.  You can get a 30-year fixed rate for about 3.875% interest today.  If you are brave enough for an ARM (ask me), they are even lower -- in the high 2%'s.

And jumbo mortgage interest rates -- up to $725k -- are even lower still.  You can get a 30-year fixed today for 3.75%.

Yes, I know it seems like there is nothing to buy, and lots of competition for what is out there.  But don't give up while the rates are this low...

Good news/bad news/good news for the end of the week

As we come to the end of the first week in July, here's some good news: interest rates are down again. The bad news is that there's not much to buy out there, unless you're in the market for a new condo. But the final good news is that I've seen a few foreclosures list this week. Not that it's good that somebody got foreclosed, but that the foreclosed property is finally hitting the market. Stay tuned...

Judy's re-fi, chapter 562

Today, the nice folks at Bank of America told me our re-fi probably wouldn't be completed for 75 to 90 days. The last time I spoke with them, they said it would be 60 to 90 days, but the interest rate is locked at 4.375%. The excuse is the same: high volume of business.

I can wait. However, if BofA can't expedite a simple, low-balance re-finance, how are they going to handle mortgage work-outs and the new plan to lower interest rates to help keep people in their homes? Why can't this be just like the credit card companies, where you call your credit card company (say, Capital One) and tell them you've been offered a lower rate on your Visa through another company than they are offering you and then they offer to knock two points off your existing card interest rate?