I don’t see much more of a drop coming. I think the government will be looking at other ways to boost spending.
3.8 is not good right now. A friend just got 3.625 last week and they said that the rate was higher than they could have gotten if they applied then.
Oh yeah, I know that 3.8 is high right now...
If you don't mind getting bombarded with phone calls within seconds you can do sites like Lending Tree. It's basically Home Advisor for loans.
I got a 30 year at 3.0% in the fall of 2012. Was the lowest 30 year my local bank had ever processed. I'm a little different than most though. I watched rates like a hawk.
First National Bank. ReFi 15 Yr. fixed at 3.2% with a buy-down of .375 for another $700. Purchased this house less than a year ago for 15 year at 3.35%. Well worth the expense.
I ran the numbers the other night and for a 15 year refinance to make sense rates would have to go below 2%. Otherwise I would be better off just making extra payments and skipping the closing costs and fees.
In process for a 2.25% (.125 points) 15 year to replace the last 26 years of a 30 year 3.875. A real no brainer.
In today's low interest environment, investing in an S&P 500 fund would be a sound idea, but in the days of higher interest like back in the 1990's, it was better to at least pay down as quick as you could. Depends on what folks think is most important, either way is a win win!
So from what I'm reading - it sounds like the mental weight of being "in debt" is the primary driver. I posed this to an advisor when I was considering going to a 15 year loan which would have required me to pay an additional $1,500 per month. He said if you put that $1,500 in a fund, you can still pay it off in 15 years and have some extra juice that the money earned for you along the way.