House Money
When I first bought my house back in 2007, I had a 30-year mortgage at 6 something percent.
When I refinanced in 2011, I went to a 15-year mortgage at 4.125%.
When I refinanced again today, I went to a 10-year mortgage at 2.85%, and my monthly payments dropped significantly.
Based on the pattern thus far, in 2019 I'll refinance to a 5-year mortgage at 1.3%.
Ok, so that probably won't happen, but it's sort of staggering how low the interest rates have gotten. I mean, I have a really good credit score, but this is ridiculous. By way of comparison, when my parents last bought a house in November 1984 the average national rate was 11.52%. I can't even fathom buying a house at that kind of rate. Heck, I think I have a credit card today whose monthly interest rate is lower than that.
The flip side, I suppose, is that my savings account is worth bupkis from an interest perspective.
When I refinanced in 2011, I went to a 15-year mortgage at 4.125%.
When I refinanced again today, I went to a 10-year mortgage at 2.85%, and my monthly payments dropped significantly.
Based on the pattern thus far, in 2019 I'll refinance to a 5-year mortgage at 1.3%.
Ok, so that probably won't happen, but it's sort of staggering how low the interest rates have gotten. I mean, I have a really good credit score, but this is ridiculous. By way of comparison, when my parents last bought a house in November 1984 the average national rate was 11.52%. I can't even fathom buying a house at that kind of rate. Heck, I think I have a credit card today whose monthly interest rate is lower than that.
The flip side, I suppose, is that my savings account is worth bupkis from an interest perspective.