Courant Companion: A Refi Bonanza

Today’s front page Courant article gives another view of the refinancing opportunity. They highlight a homeowner who is moving from a 30 year to 15 year mortgage, illustrating the significant amount of interest they can save by knocking 8 years off the total term of the loan. The story provides another great example of the line of thinking and analysis we did when working through our refinancing process. And kudos to the homeowner for aspiring

Mortgage Rates are Low

Mortgage rates are currently low. Very low. It’s common for well qualified buyers to get rates below 5%, and we’ve heard of some rates as low as 4.25% on 30-year fixed mortgages with no points. We even saw a sign by the road advertising a 3.99% rate, though it was not clear what the other terms would be. Here’s a chart from showing rates going back to 1963, which is further than other charts