Fed funds rate vs Mortgage rates
Fed funds rate is 4.25% right now, I believe (1/18/2008 -).
It has been a while since I needed to get a mortgage... and would consider refinancing if I could find a rate around 5% or less for 30 yr fixed.
Anyone here have (now) or did have (paid off) a mortgage less than 5% without paying points? Do you remember what the fed funds rate was when mortgage rates got that low?
I know mortgage rates track the bond market (treasuries) more than the fed funds rate. If you remembered what the bonds value/yield was when rates got below 5%, feel free to share.
My current mortgage is 30 yr fixed, in year 2, at 5.75%. Credit score is between 750 and 820. It was 780 last time we refinanced.
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