Diary

Plunging Mortgage Rates

FBN (via Bankrate) continues to frustrate me.

http://www.foxbusiness.com/personal-finance/2010/08/12/rates-plunge-low/

I know I live in one corner of the world, but could these undustry analysts be any more clueless?  I, like everyone else in my neighborhood, am >30% underwater on my mortgage.  I can’t refinance and don’t qualify for any of the bailouts because I keep making my mortgage payments even though it is an uphill (and ultimately losing) battle because it is my moral obligation to do so.

Yet, the analysts (and the Fed) are so confused as to why I’m not refinancing… 

/sarc on

Don’t they understand I would much rather pay my ARM (6.125%) and 2nd mortgage (9.125%) rates than take advantage of historically low rates?  I mean, it’s so much more healthy and fun to be a “victim”!

/sarc off