Re-finance mtg interest rates
I thought that interest rates are dropping so I wanted to refinance my home loan. The current rate is higher than my current 3.5% rate. Will the rates drop during this crisis as expected? I wanted to refinance my loan to try to offset the huge increase in City of Chicago property taxes. Can you help me understand this?
Terry Says
You have a great rate, and I do not expect mortgage rates to go any lower — unless we are in the midst of a huge depression. the banks are swamped right now with refis from higher rate mortgages. And they’re trying to deal with new business loans. And pretty soon they will be dealing with mortgage defaults — and eventually (hope not) foreclosures!
We have all known a tax increase in Chicago, and Illinois is coming. Now it will come faster, and hit the few who still can pay.
