Mortgage Interest Rate Question

Yes, it is a good rate but you really should consult with a mortgage broker to get rates from various lending institutions. Your neighborhood bank may not be able to offer the best rate in your area. Also, check bankrate's website.

That is almost 2 points lower than my good at the time rate. I'd refinance if I were not looking to pay it off in the next year or two.

If it's a forever house, it's a 2.75% or less mortgage for as long as you own the house. Which is a very good thing, historically.

Interest rates may bounce around 3%, but it'll never be much lower: the banks have to make money.

Oh honey, I remember 18% interest rates on home mortgages. I can't imagine how anyone paid the balance down, let alone off.

2.75% is a good rate. What you're offered depends on: 1) the market; 2) your credit score; 3) the size of the loan. You might be able to lower it by a quarter point or so by shopping around, which can add up over time, so it's worth it if you plan on staying put. Remember, the average home loan is paid off (because people sell the house and move) in 7 years, so do the calculation and decide if it's worth your time and effort.

The average home loan is paid off in SEVEN years? How?

You can only get lower with excellent credit and good debt ratio. We were turned down by a broker the seller recommended because I had bought a brand new car then I tried Rocket Mortgage and they came through with 2.6

People sell the house and pay off the loan, R5. It's actually done by the escrow company as part of the transaction. (You then buy another house and take out another loan. I'm not trying to be a smart ass, but your question seemed to need the explanation.)