Blake Schwendiman's Blog and Blook

Listening to the radio on the way to work this morning I heard a claim from a mortgage broker that made me laugh and feel frustrated at the same time. The commercial said something like this: "Rates have never been lower. Don't miss out on this once-in-a-lifetime opportunity to reduce your mortgage payment."

Huh?

Rates were lower in 2002. I remember because I refinanced then at 4.875%. Now it's in the neighborhood of 5.5%. So, is it that we don't remember, or that we don't care, or that we really don't listen? Or is it something else entirely? Maybe we're just not too smart.