Keith Gumbinger Mortgage Quotations

Mortgage markets have been so flush with cash that home buyers are able to layer one risk on top of the other. It's possible to borrow more than the value of the home, put in no money of your own and pay a minimum monthly payment.

Mortgage rates come down when fixed-income investors think the economy is slowing, not because the Fed cuts rates.

For most home buyers, especially first-time buyers, taking a 15-year (or 20-year) mortgage is out of the question.

If the Fed's cuts succeed in stimulating the economy, then mortgage rates are actually likely to rise,

With rates as low as they are people can cut years off the mortgage for the same monthly payment.

If you're making a pre-payment on your mortgage principal, ultimately you'll pay less interest,

All mortgage money may eventually cost virtually the same. You're supposed to get a break (with ARMs). Where's the break?