As predicted here, mortgage rates just keep falling. Some said 5% was impossible, then 4%, now we’re gunning for 3% and I’m finally hearing talk of a ZIRP for mortgages. I haven’t refinanced yet because the trend is still down. From WSJ.com:
Building giant Lennar just started offering a 3.625% 30-year fixed-rate mortgages, putting even the recent headline-grabbing sub-5% rate to shame. It is, the company says, its lowest rate ever.
The deal isn’t available on every home, of course. It’s only for new purchases, no refis. And the requirements are pretty tight. The minimum credit score is 700, and closings must occur by April 30. The loan amount can’t exceed $417,000, and at least 10% has to be put down.
