Mortgage rates are the lowest they've been since Ike was President. Today (Black Friday), Americans will wake up at 2AM, stand in line for hours, and purchase things they really don't want or need, because they are sold at such a steep discount. Why aren't those shoppers looking for a mortgage refinance rather than shopping in the malls?
Crazier still is the tilted, Black Friday opportunity costs scale; professionals spend ten hours in malls today, to save $200, when their time is worth at least twice that. It would make more sense for those Americans to work a half-day today, and pay full retail price, rather than subject themselves to the frenzied crowds of Black Friday shopping. At least they could "create" 4-5 extra hours of leisure.
I'm no enemy to bargain shopping. I rarely pay full retail price for big ticket items. Still, don't we shake our heads at our neighbor who drives 20 miles to save $.10/gallon on a fill-up?
If you're sitting at home, contemplating the hundreds of dollars you can save in the malls today, consider this:
- mortgage rates are below 4.5%; the lowest they've been in over 50 years.
- if you can reduce the rate .5%, on a $500,000 mortgage, you'll save over $200...every month
Boast about that Black Friday savings to your friends. You don't have to go to the mall either. Simply apply for a refinance online or call me today at 858-777-9751.