The 2008 Refi Boom. Get It While It Lasts

Meant to write about this earlier, but I've been fascinated by the crescendo of talk and advertising, encouraging folks to refi their mortgages once again to a low-fixed rate. Everywhere you look, it's like 2004 all over again. Countrywide can't stop advertising it. Switching from an ARM to a fixed rate with a lower price tag? It's like the greatest free lunch of all time. I knew something was up, when I got an IM out of the blue from a relative telling me how they were going to be investing in some real estate -- cause rates are just so low! On TV today, during the real estate segment, a couple of the talking heads were all excited cause mortgages are back!

Speaking of TV, I finally caught Jonathan Miller, my favorite real estate blogger on CNBC today. I know he's been on a million times, but I never catch him. When the others were yapping about nonsense, he was good at being polite. Speaking of whom, here's an interesting post from Miller, from back in February 2006, which pretty much got it all right.

But maybe too soon to crack open the champagne and declare the housing economy saved. Paul Kedrosky notes that the mortgage rates are already spiking back up. So that's the problem: money's cheap, there just isn't very much of it.

Comments

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I looked into doing a refi on my mortgage loan but they wanted 1.25% in points and closing costs were over $7,000. It would take almost 2 years to recoup those costs.

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The banks are mobsters in suits. They employ psychologists and marketing gurus to create one scam after another.

the first scam was pitching ARMS, now since ARMS are ticking "time bombs" well you need a fixed mortgage.

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I searched into doing a refinance on my own home mortgage but they wished 1. 35% in points and also closing costs were over $16, 000. It would take almost five years to recoup those costs.

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We have to learn to become more well-informed about mortgages, bad debts...etc. Wish their policies were not so heavy on the bearers.

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My guess is we see 30 year mortgage rates under 4% and a significant pickup in mortgage refinance activity - although probably not the level of refinance activity that happened in 2003 or 2009.