I just refi’d into a Jumbo 2.875% 10yr ARM 0pts with max cashout at Quicken Loans. The payments are Interest-Only. Since I’m a good Schwab customer, Schwab subsidized the rate and paid most of my closing costs.

My first mortgage was a VA 30yr fixed assumable @ 8.5% and no down in 1978. We thought we got a bargain because mortgage rates sky-rocketed to the low-teens a few years later. Mortgage rates stayed in the teens for most of the ’80s.

Can today’s mortgage rates go lower? I guess it depends on how high the unemployment rate gets.