Mortgage Rates (2 Viewers)

[ukshane]

I think a rates like this would be a smarter way to jumpstart the market than the 7500-15000 they are talking about handing out to new home buyers. This would take care of new home buyers and existing home buyers. Idiots with a low rate worries me less than idiots with 15k of free money in their pocket.

Heck, they could have just taken the the $100k+ per working American from the last bailout and this stimulus and deposited it in everyone's mortgage and we would all be better off. Just think about it. 1.6 trillion. 150 million workers, including the richest people. That means we are spending over $100,000 per worker. Where the hell is that all going? My wife and I work and our mortgage would be paid off. I think that would open up our consumer spending a bit and also put us in a great position for retirement and college tuitions, etc. Instead, we spend $900 billion trying to create hundreds of thousands of jobs when that money would be life changing for 95% of EVERY worker in our country. I would rather spend life changing money on 140 million people instead of less than 1% of that number.

We could take some of this money and put it into education... perhaps improve math skills?

Never let the facts get in the way of a good argument.

 

[stbugs]

I think a rates like this would be a smarter way to jumpstart the market than the 7500-15000 they are talking about handing out to new home buyers. This would take care of new home buyers and existing home buyers. Idiots with a low rate worries me less than idiots with 15k of free money in their pocket.

Heck, they could have just taken the the $100k+ per working American from the last bailout and this stimulus and deposited it in everyone's mortgage and we would all be better off. Just think about it. 1.6 trillion. 150 million workers, including the richest people. That means we are spending over $100,000 per worker. Where the hell is that all going? My wife and I work and our mortgage would be paid off. I think that would open up our consumer spending a bit and also put us in a great position for retirement and college tuitions, etc. Instead, we spend $900 billion trying to create hundreds of thousands of jobs when that money would be life changing for 95% of EVERY worker in our country. I would rather spend life changing money on 140 million people instead of less than 1% of that number.

We could take some of this money and put it into education... perhaps improve math skills?

LOL, that'll show me to actually listen to a morning radio show guy and not plug it into my calculator.

Thanks though. I actually don't feel as bad about all the waste anymore. I still think it sucks, but when I heard that on the radio, I couldn't believe how much we were spending.

 

[Abraham]

I'm in Dallas, TX and looking to either refinance my current home or move closer to my new job (still in Dallas). Anyone in the mortgage biz that covers TX please respond or PM me. This thread and FB guys are greatness.

PM Meno Brown.... Solid guy and he is in Flower Mound... What part of Dallas are you in?

In Frisco and looking to either refi or would possibly purchase around Allen, Richardson, Murphy area. Thanks for the hookup.

I can't recommend Meno Brown enough. He put together our loan for the home we bought in March and it couldn't have been easier. He worked hard to give us as many options as possible and did everything on time or ahead of schedule in the whole process.W/ regard to the $15k credit, of course I'm mad that this will be on 2009 home purchases instead of 2008s. The fact that we responsibly purchased a home when the storm clouds were looming is in essence being penalized. Argh.

 

[OC Zed]

I think a rates like this would be a smarter way to jumpstart the market than the 7500-15000 they are talking about handing out to new home buyers. This would take care of new home buyers and existing home buyers. Idiots with a low rate worries me less than idiots with 15k of free money in their pocket.

And what do you think will happen to house prices when interest rates are eventually forced to rise? Artificially suppressing interest rates only serves to create another artificial bubble.

 

[OC Zed]

The 4% mortgage idea is dead... for now at least.

(Thank god.)

 

[Tiger Fan]

I'm in Dallas, TX and looking to either refinance my current home or move closer to my new job (still in Dallas). Anyone in the mortgage biz that covers TX please respond or PM me. This thread and FB guys are greatness.

PM Meno Brown.... Solid guy and he is in Flower Mound... What part of Dallas are you in?

In Frisco and looking to either refi or would possibly purchase around Allen, Richardson, Murphy area. Thanks for the hookup.

I can't recommend Meno Brown enough. He put together our loan for the home we bought in March and it couldn't have been easier. He worked hard to give us as many options as possible and did everything on time or ahead of schedule in the whole process.W/ regard to the $15k credit, of course I'm mad that this will be on 2009 home purchases instead of 2008s. The fact that we responsibly purchased a home when the storm clouds were looming is in essence being penalized. Argh.

pretty sure the tax credit is retro active to april 08

 

[David Dodds]

From what I have read, the tax credit is really just a loan too where you have to pay 1/15th of it back as taxes each successive year after getting it. At first I was bummed I would not qualify, but this no-cost loan really is not that big of a deal. It just moves taxes around a bit (and gives you the benefit of the money now).

 

[pigskinliquors]

Anybody have any guesses on what the market is going to be doing over the next 30 days? Specifically in response to this?

 

[OC Zed]

Anybody have any guesses on what the market is going to be doing over the next 30 days? Specifically in response to this?

I believe Geithner and WH economics people have been conveying that they still intend on bringing mortgage rates down to 4% or below, but details are not expected until next week at the earliest.

 

[pigskinliquors]

Anybody have any guesses on what the market is going to be doing over the next 30 days? Specifically in response to this?

I believe Geithner and WH economics people have been conveying that they still intend on bringing mortgage rates down to 4% or below, but details are not expected until next week at the earliest.

That would be most awesome. Right now we are 61 days out = we have time, but want to try to pull the plug soon, as they have a lot more room to go up, then they do down.

 

[Maurile Tremblay]

Mortgage interest rates will increase if John Conyers's bill allowing judges to modify mortgage terms is passed.

Good article here.

 

[OC Zed]

Mortgage interest rates will increase if John Conyers's bill allowing judges to modify mortgage terms is passed.

Good article here.

Excellent article. Thanks for posting.

 

[menobrown]

I'm in Dallas, TX and looking to either refinance my current home or move closer to my new job (still in Dallas). Anyone in the mortgage biz that covers TX please respond or PM me. This thread and FB guys are greatness.

PM Meno Brown.... Solid guy and he is in Flower Mound... What part of Dallas are you in?

In Frisco and looking to either refi or would possibly purchase around Allen, Richardson, Murphy area. Thanks for the hookup.

I can't recommend Meno Brown enough. He put together our loan for the home we bought in March and it couldn't have been easier. He worked hard to give us as many options as possible and did everything on time or ahead of schedule in the whole process.W/ regard to the $15k credit, of course I'm mad that this will be on 2009 home purchases instead of 2008s. The fact that we responsibly purchased a home when the storm clouds were looming is in essence being penalized. Argh.

I just wanted to say thanks for the props guys. I never thought making a post in here was going to lead to me actually doing loans for people but I was glad to help and very glad to hear you were both happy with everything.Rates worsened today but they have worsened about every Friday for the last two months so nothing unusual with regards to that. If anyone out there is looking to refinance and wants to track the general direction rates are trending I highly recommend this link: http://www.bloomberg.com/apps/cbuilder?tic...=MTGEFNCL%3AIND This chart does NOT track mortgage rates but mortgage backed securities which I've found to be a dead on indicator of movement for 30 year fixed mortgage rates. This chart is mildly helpful for tracking 15 year rates and about no help for tracking adjustable rate loans. Rates move along the same lines to if you see this graph trend down than lower rates will soon follow. I usually click the range labeled 1D which tracks the current days movement. For the most part I've noticed my 30 year fixed rates have been running between .375-.625 higher than this chart. So for instance today the graph ended at 4.25% and the best rate I see on a 30 year fixed today with one point is 4.625%.

 

[pigskinliquors]

I'm in Dallas, TX and looking to either refinance my current home or move closer to my new job (still in Dallas). Anyone in the mortgage biz that covers TX please respond or PM me. This thread and FB guys are greatness.

PM Meno Brown.... Solid guy and he is in Flower Mound... What part of Dallas are you in?

In Frisco and looking to either refi or would possibly purchase around Allen, Richardson, Murphy area. Thanks for the hookup.

I can't recommend Meno Brown enough. He put together our loan for the home we bought in March and it couldn't have been easier. He worked hard to give us as many options as possible and did everything on time or ahead of schedule in the whole process.W/ regard to the $15k credit, of course I'm mad that this will be on 2009 home purchases instead of 2008s. The fact that we responsibly purchased a home when the storm clouds were looming is in essence being penalized. Argh.

I just wanted to say thanks for the props guys. I never thought making a post in here was going to lead to me actually doing loans for people but I was glad to help and very glad to hear you were both happy with everything.Rates worsened today but they have worsened about every Friday for the last two months so nothing unusual with regards to that. If anyone out there is looking to refinance and wants to track the general direction rates are trending I highly recommend this link: http://www.bloomberg.com/apps/cbuilder?tic...=MTGEFNCL%3AIND This chart does NOT track mortgage rates but mortgage backed securities which I've found to be a dead on indicator of movement for 30 year fixed mortgage rates. This chart is mildly helpful for tracking 15 year rates and about no help for tracking adjustable rate loans. Rates move along the same lines to if you see this graph trend down than lower rates will soon follow. I usually click the range labeled 1D which tracks the current days movement. For the most part I've noticed my 30 year fixed rates have been running between .375-.625 higher than this chart. So for instance today the graph ended at 4.25% and the best rate I see on a 30 year fixed today with one point is 4.625%.

Thanks a ton for the link Meno!!! I actually asked one of our potential lenders today (have since decided not to go with them) if it was a normal trend to have rates go up on Fridays (a trend I suspected), and she said that no such trend exists = rates go up and down at will. We at least know who will be lending from now (our bank) as we've been approved for a no fee loan, including no PMI with only 10% down (we'll be putting approx. 14% down), and their rates seem pretty competitive. It looks like we are going to wait this out a bit, keep an eye on Conyer's bill, and hopefully catch a loan under 5% with no points.

 

[Guinis72]

30 Yr Fixed

Rate APR Points

5.000% 5.089% 0.000

Changed from 5.250 this morning with Pentagon Federal Credit Union. I think I'm finally going to pull the trigger!

 

[Buddy Ball 2K3]

Just signed a 30 year re-fi at 5%. Was paying 7.5 so I am rather pleased.

Now I just gotta figure out if its wiser not to pay it :(

 

[Nigel]

30 Yr Fixed Rate APR Points 5.000% 5.089% 0.000Changed from 5.250 this morning with Pentagon Federal Credit Union. I think I'm finally going to pull the trigger!

Why is the 15-year (5.125) rate now higher than the 30 at Pentagon?

 

[Otis]

Any new thoughts on whether its time to lock it in, or whether we should expect lower?

 

[Guinis72]

Lol. I have no idea why the 30-yr is lower than the 15 right now. I check PFCU a few times a day, so maybe the 15 hasn't been updated yet? I almost jumped on 5.125 from them, but then it went back up to 5.250 and has been there for a little over a week. If I can get that app entered tonight at that rate, I'm going to just take the 5.0.

 

[H.K.]

Just signed a 30 year re-fi at 5%. Was paying 7.5 so I am rather pleased. Now I just gotta figure out if its wiser not to pay it <_<

How many years left do you have at 7.5? I'd guess it would be a no brainer if you don't plan on moving anytime soon.

 

[Worm]

30 Yr Fixed Rate APR Points 5.000% 5.089% 0.000Changed from 5.250 this morning with Pentagon Federal Credit Union. I think I'm finally going to pull the trigger!

Are they still doing the 1% fee?

 

[[icon]]

Just refinanced with PentagonFederal... Got 30yr @ 5% with Zero points with 90 day lock

Was 6 years in... may be moving in a couple years but this chopped my montly payment (including escrow) by about 30% so given the tight economic climate I'm fond of being able to reduce my monthly minimum overhead.

 

[Buddy Ball 2K3]

Just signed a 30 year re-fi at 5%. Was paying 7.5 so I am rather pleased. Now I just gotta figure out if its wiser not to pay it

How many years left do you have at 7.5? I'd guess it would be a no brainer if you don't plan on moving anytime soon.

Had 28 years left and we arent moving for a looooooooong time (at least I hope not).

 

[Worm]

Just refinanced with PentagonFederal... Got 5% with Zero points with 90 day lock

1% origination or no?

 

[[icon]]

Just refinanced with PentagonFederal... Got 5% with Zero points with 90 day lock

1% origination or no?

Yes 1% Origination

 

[H.K.]

Just signed a 30 year re-fi at 5%. Was paying 7.5 so I am rather pleased.

Now I just gotta figure out if its wiser not to pay it

How many years left do you have at 7.5? I'd guess it would be a no brainer if you don't plan on moving anytime soon.

Had 28 years left and we arent moving for a looooooooong time (at least I hope not).

Yep, no brainer. Sorry for missing the bailout joke.

 

[KGB]

Blackdot

 

[urbanhack]

Anyone done business with Taylor, Bean & Whitaker Mortgage Corp? What are rates today for a 30 year fixed with no points?

Thanks.

 

[menobrown]

Anyone done business with Taylor, Bean & Whitaker Mortgage Corp? What are rates today for a 30 year fixed with no points?Thanks.

I brokered a few loans to them a few years ago but I don't know what they are like on the retail side and did not know if they even did loan directly or just handled broker business. I don't know what you want to know but they are a popular source for mortgage brokers.Rates vary depending on several criteria and who you go with it but rates in general have been rising sharply since yesterday. If you look several posts up I left a link to Bloomberg.com which shows the price mortgage backed securities are trading. Rates follow the same correlation and you can see that rates have not been this high since the first week in December.

 

[urbanhack]

Anyone done business with Taylor, Bean & Whitaker Mortgage Corp? What are rates today for a 30 year fixed with no points?Thanks.

I brokered a few loans to them a few years ago but I don't know what they are like on the retail side and did not know if they even did loan directly or just handled broker business. I don't know what you want to know but they are a popular source for mortgage brokers.Rates vary depending on several criteria and who you go with it but rates in general have been rising sharply since yesterday. If you look several posts up I left a link to Bloomberg.com which shows the price mortgage backed securities are trading. Rates follow the same correlation and you can see that rates have not been this high since the first week in December.

Thanks.

 

[[icon]]

Anyone done business with Taylor, Bean & Whitaker Mortgage Corp? What are rates today for a 30 year fixed with no points?Thanks.

I brokered a few loans to them a few years ago but I don't know what they are like on the retail side and did not know if they even did loan directly or just handled broker business. I don't know what you want to know but they are a popular source for mortgage brokers.Rates vary depending on several criteria and who you go with it but rates in general have been rising sharply since yesterday. If you look several posts up I left a link to Bloomberg.com which shows the price mortgage backed securities are trading. Rates follow the same correlation and you can see that rates have not been this high since the first week in December.

Looks like I locked in at the bottom then. At least near term. Sweet!

 

[McBokonon]

30 Yr Fixed Rate APR Points 5.000% 5.089% 0.000Changed from 5.250 this morning with Pentagon Federal Credit Union. I think I'm finally going to pull the trigger!

Why is the 15-year (5.125) rate now higher than the 30 at Pentagon?

Lately, sometimes the MBS for 30-year notes trade better and make the 30 year rates better than 15 year. That's the short but mostly right answer.

 

[Tiger Fan]

Does anything change for a loan building a house? I already own the land.

 

[Sabertooth]

Are there any way rates drop further? I've got to finance out of a construction loan into a mortgage if I can't sell my investment house, I've also got 5.5 on my residential mortgage. At what point is it smart to refi the residential mortgage? Are rates going to go much lower? I've heard numbers in the 4s as possibilities.

 

[Ned]

Does anything change for a loan building a house? I already own the land.

We're in the middle of building right now (we owned the land too) and went with the single close to permanent loan. Only difference is the construction loan part. While you're building, you'll have to pay interest (or have it go into an interest reserve, which would get rolled into the permanent) for the $$$ that you have drawn/paid to the contractors for work completed. This rate is always higher than your normal 30 yr fixed. Once you have the COO, you have 30 days to modify the loan to the normal 30 yr fixed.We are paying 8% on the construction loan and have a 6 month lock (free float down) at 5.25% for the 30yr fixed.

 

[Ministry of Pain]

Does anyone know what the FHA rates are running at right now?

 

[Tiger Fan]

Does anything change for a loan building a house? I already own the land.

We're in the middle of building right now (we owned the land too) and went with the single close to permanent loan. Only difference is the construction loan part. While you're building, you'll have to pay interest (or have it go into an interest reserve, which would get rolled into the permanent) for the $$$ that you have drawn/paid to the contractors for work completed. This rate is always higher than your normal 30 yr fixed. Once you have the COO, you have 30 days to modify the loan to the normal 30 yr fixed.We are paying 8% on the construction loan and have a 6 month lock (free float down) at 5.25% for the 30yr fixed.

Thanks.What happens if the construction takes more than 6 months?

 

[Dragons]

Any FBG brokers licensed in CT? PM me please.

 

[Tiger Fan]

General Question for mtg brokers....here's my situation

I sold my house on 02/26/09

I'm paying off my car today 03/02/09

After I pay the car off, the only debt I will have is some student loans at 1.9% (~$37k)

I will be building a house soon (I own the property outright, and will be rolling that equity and my money from the house I sold into the house I'm building as a down payment - about $130k combined).

Obviously, I want to get the best rate possible, so I want to make sure that both of these things (paying off mtg and car) are reflected in my credit score.....how long should I wait for these things to go through to check on my credit score?

 

[Ministry of Pain]

Does anyone know what the FHA rates are running at right now?

Can anyone chime in with this?

 

[mex]

Any FBG brokers licensed in CA? PM me please. I plan on putting in a bid on a house this week and need to get preapproved asap.

 

[beavers]

Any FBG brokers licensed in Ohio? PM me please.

Any local ohio banks that anyone could recommend? I close on March 31...

 

[jason12vb]

Does anyone know what the FHA rates are running at right now?

Can anyone chime in with this?

I am in the process of getting pre-approved right now for FHA, they were at 5% last week. My mortgage broker said they jump around several times a day but that's a good expectation if you're trying to figure out how much house you can buy.

 

[Ned]

Does anything change for a loan building a house? I already own the land.

We're in the middle of building right now (we owned the land too) and went with the single close to permanent loan. Only difference is the construction loan part. While you're building, you'll have to pay interest (or have it go into an interest reserve, which would get rolled into the permanent) for the $$ that you have drawn/paid to the contractors for work completed. This rate is always higher than your normal 30 yr fixed. Once you have the COO, you have 30 days to modify the loan to the normal 30 yr fixed.We are paying 8% on the construction loan and have a 6 month lock (free float down) at 5.25% for the 30yr fixed.

Thanks.What happens if the construction takes more than 6 months?

Actually a good question that I don't know the answer to. We're building modular with a basement by superior walls (pre-fabricated) so we'll be done well within the 6 months, so I never thought about it.

 

[mex]

starting work at 630 pst and waiting for brokers to get in the office is teh suck. Time to get a monster before I shop for the best rate.

 

[Johnny Rock]

Can someone please post the par rate today? Thanks.

 

[[icon]]

From PenFed.com

30 Yr Fixed

Rate APR Points

5.125% 5.214% 0.000

5/5 ARM

Rate APR Points

4.625% 3.984% 0.000

5/5 ARM - Jumbo

Rate APR Points

4.625% 3.984% 0.000

30 Yr Fixed - Jumbo

Rate APR Points

5.875% 5.968% 0.000

5/1 ARM

Rate APR Points

4.625% 3.740% 0.000

 

[Johnny Rock]

From PenFed.com30 Yr Fixed Rate APR Points 5.125% 5.214% 0.000 5/5 ARM Rate APR Points 4.625% 3.984% 0.000 5/5 ARM - Jumbo Rate APR Points 4.625% 3.984% 0.000 30 Yr Fixed - Jumbo Rate APR Points 5.875% 5.968% 0.000 5/1 ARM Rate APR Points 4.625% 3.740% 0.000

Thanks icon

 

[Redwes25]

I was quoted at 4.75% with no points for a 30 year fixed from countrywide. Non-jumpo and the guy knows my credit rating, etc... from working with him in the past so I am not sure people will hear the same.

 

[beavers]

I am working with US Union Savings bank and if I were to lock the rate in today they are giving me 4.875 with one point and $500 closing costs. Right now, no bank has been able to beat them in Cbus.