Mr. Yuk
Footballguy
Check the time stamp.proninja said:
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Mortgage Rates (2 Viewers)
- Thread starter MechEng
- Start date
Lester Burnham
Footballguy
I remember 14% FHA loans. Money is still cheap compared to when I bought my first house.
Not sure why you can't lock yet but rates improved slightly today and might continue to improve as the bond market rises.
Chadstroma
Footballguy
People just do not think in terms of historic context. This is why people were making such insane comments as "Real estate does not lose value" just a few short years ago. It is the same short sightedness that thinks 6.5% 30 year fixed is high. Historically, 7% is a solid rate for a 30 year fixed even though in the last few years that is a very high rate. It is very hard to nail a rate in the short term perfectly, almost as hard as timing the stock or real estate markets. I would not try to over think trying to get the time it to the last bp.Lester Burnham said:
Well, rates are down almost .75%, which is a big dive down. Honestly, with how low bond rates are and the market a little soothed by Fannie/Freddie, we may see rates testing earlier year lows. I don't want to say rates were artificially high, but they went up quite a bit due to the mortgage meltdown versus tracking long term bonds, so maybe they test historic lows. I look at the 10 year Treasury and it is at 3.66, which I believe is very low historically, so it wouldn't surprise me to see rates continue to drop if the market feels soothed about mortgages.I took a look and while mortgage rates <> 10 year rates, the big lows in mortgage rates in 2003 and early 2008 correspond to 10 year rates about where we are now and a bit lower, like 3.4s/3.5s.
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Chadstroma
Footballguy
I have not been paying much attention recently but I do not see anything in this post that I disagree with.stbugs said:
I hadn't either. Still mad about missing out on a refinance that one day in January. I called my guy and by the time he got back to me the 5.125% loan was gone. He said they reset rates multiple times that day, which I hadn't ever heard of before. Granted, not in the mortgage business, but during refinances/purchases previously there was usually a time in the afternoon that you could lock in by and the rates stayed the same for each day.I may have to log into bankrate.com and get email alerts to see how things continue to progress. I honestly think that if things settle down and the stock market continues to limp along that we may touch around that 5% helluva rate number. I have been suffering at almost 6% since I had to leave my 0 closing cost 4.875% 30 year fixed loan two years ago. Yes, that rate is correct, I locked in at the bottom of the rates in 2003. That loan was the only thing that I regret in moving to NC. 
Chadstroma
Footballguy
Ouch. I do not think I would ever move if I had a property at 4.875%. Ever. Yea, rates are usually static through a day but they can get crazy. More than a few days with multiple rate changes in my day. With not working right now, the rates going lower does me no good. My 6.375% is not horrible but if rates go below 6% I would be interested in a re-fi but I need a stinking job to qualify. Argh, with my luck, it will go lower in the near future and turn around heading higher right when I get a job. Such is life.I hadn't either. Still mad about missing out on a refinance that one day in January. I called my guy and by the time he got back to me the 5.125% loan was gone. He said they reset rates multiple times that day, which I hadn't ever heard of before. Granted, not in the mortgage business, but during refinances/purchases previously there was usually a time in the afternoon that you could lock in by and the rates stayed the same for each day.I may have to log into bankrate.com and get email alerts to see how things continue to progress. I honestly think that if things settle down and the stock market continues to limp along that we may touch around that 5% helluva rate number. I have been suffering at almost 6% since I had to leave my 0 closing cost 4.875% 30 year fixed loan two years ago. Yes, that rate is correct, I locked in at the bottom of the rates in 2003. That loan was the only thing that I regret in moving to NC.
Well, the move was worth it seeing as my house dropped $100k in less than a year after I sold it. I am sure my house in NC has dropped since I bought it, but not nearly as much as the one I sold. I bet that one is down close to $200k now. I have 5.75% right now and based on taxes, I am really only paying about .5-.6% more now, so not bad for a much, much, much better house in a better location with a smaller mortgage. It was getting really sucky outside of DC. So much freaking traffic and stress.Ouch. I do not think I would ever move if I had a property at 4.875%. Ever. Yea, rates are usually static through a day but they can get crazy. More than a few days with multiple rate changes in my day. With not working right now, the rates going lower does me no good. My 6.375% is not horrible but if rates go below 6% I would be interested in a re-fi but I need a stinking job to qualify. Argh, with my luck, it will go lower in the near future and turn around heading higher right when I get a job. Such is life.I hadn't either. Still mad about missing out on a refinance that one day in January. I called my guy and by the time he got back to me the 5.125% loan was gone. He said they reset rates multiple times that day, which I hadn't ever heard of before. Granted, not in the mortgage business, but during refinances/purchases previously there was usually a time in the afternoon that you could lock in by and the rates stayed the same for each day.I may have to log into bankrate.com and get email alerts to see how things continue to progress. I honestly think that if things settle down and the stock market continues to limp along that we may touch around that 5% helluva rate number. I have been suffering at almost 6% since I had to leave my 0 closing cost 4.875% 30 year fixed loan two years ago. Yes, that rate is correct, I locked in at the bottom of the rates in 2003. That loan was the only thing that I regret in moving to NC. :(
Tigran Petrosian
Footballguy
Around 5.5% for a 30 year fixed.
Outlook?
Outlook?
Meat
Footballguy
Yep. Fully expect rates on a 30-year Fixed to be near 2 year lows. This morning we've seen Mortgage Backed Securities trading WAY up. We were already at 6% yesterday; today probably in the 5.75 range (if this trend continues). Anyone in the PA/NJ/DE area looking to refi?
The Noid
Avoid me!
I'm in DE and taking a look.Yep. Fully expect rates on a 30-year Fixed to be near 2 year lows. This morning we've seen Mortgage Backed Securities trading WAY up. We were already at 6% yesterday; today probably in the 5.75 range (if this trend continues). Anyone in the PA/NJ/DE area looking to refi?
Meat
Footballguy
Absolutely. It obviously depends on what your rate/program is now - but the next few days could show some of the lowest rates we've seen in a while. In the past we usually had a handful of hours/days where rates may have dipped down to around 5.5% (zero points) but this may be a bit more prolonged. Also take into account that many retailers are expected show horrendous 4th quarter earnings and even more investors may flee to MBS's, possibly pushing rates down moreI'm in DE and taking a look.Yep. Fully expect rates on a 30-year Fixed to be near 2 year lows. This morning we've seen Mortgage Backed Securities trading WAY up. We were already at 6% yesterday; today probably in the 5.75 range (if this trend continues). Anyone in the PA/NJ/DE area looking to refi?
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Meat
Footballguy
0 Points? What is the APR?
The Noid
Avoid me!
I'm 2 years into a 30 year fixed at 6.5%. I'd love to knock a few years off and get to about the same payments, maybe a little less, with a 20 or 25 year at 5.25% (0 points) or lower.Absolutely. It obviously depends on what your rate/program is now - but the next few days could show some of the lowest rates we've seen in a while. In the past we usually had a handful of hours/days where rates may have dipped down to around 5.5% (zero points) but this may be a bit more prolonged. Also take into account that many retailers are expected show horrendous 4th quarter earnings and even more investors may flee to MBS's, possibly pushing rates down moreI'm in DE and taking a look.Yep. Fully expect rates on a 30-year Fixed to be near 2 year lows. This morning we've seen Mortgage Backed Securities trading WAY up. We were already at 6% yesterday; today probably in the 5.75 range (if this trend continues). Anyone in the PA/NJ/DE area looking to refi?
Meat
Footballguy
20 year rates are actually slightly higher than 30-year lately - more demand for 30-year Mortgage backs. 30-year today is 5.5%, 20 year is 5.625%, but we're trending in the right direction...I'm 2 years into a 30 year fixed at 6.5%. I'd love to knock a few years off and get to about the same payments, maybe a little less, with a 20 or 25 year at 5.25% (0 points) or lower.Absolutely. It obviously depends on what your rate/program is now - but the next few days could show some of the lowest rates we've seen in a while. In the past we usually had a handful of hours/days where rates may have dipped down to around 5.5% (zero points) but this may be a bit more prolonged. Also take into account that many retailers are expected show horrendous 4th quarter earnings and even more investors may flee to MBS's, possibly pushing rates down moreI'm in DE and taking a look.Yep. Fully expect rates on a 30-year Fixed to be near 2 year lows. This morning we've seen Mortgage Backed Securities trading WAY up. We were already at 6% yesterday; today probably in the 5.75 range (if this trend continues). Anyone in the PA/NJ/DE area looking to refi?.
Sabertooth
Footballguy
I've got to refinance a rental property before February, should I be looking at doing this now? Should I wait a while?
Meat
Footballguy
Now is the time to get the process started - maybe not necessarily to lock as rates could go down slightly more (but don't get greedy, it's MUCH easier to lose .5% in rate than to gain .125% in some cases). Give your mortgage consultant a call and ask him what you would be looking at in terms of fees / rate/points today, at worst he'll have all your info and be set to lock you in in case the market turns for the worse.
chet
Footballguy
APR= 5.487%Int Rate = 5.625%
ODoyleRules
Footballguy
Locked on a 30yr fixed at 5.125%. 
Shadowfax
Footballguy
Don't live in PA but what are the general qualification requirements? Does it vary much by state?
Yes..it can vary from state to state...the pricing can be slightly differnt and certain lenders only do business in certain states. For me..I am only licensed to do business in PA, anyone in NY I can handle as well....As far as requirements...the main ones are credit (fico) score, Loan to value ration (your equity), Your debt ratio and assets. If you're sitting at a 720 score or more with decent income/assets and have at least 10% equity you should be fine...20% equity and you'll have no problem at all....If you're credit is in the 600's you can still get a pretty darn good rate but will cost you more.
PIK95
Footballguy
Dragons
Delusions of Grandeur
Does this mean 10-20% real equity, or can a 2nd mortgage make up some or all the difference?
moleculo
Footballguy
locked in @ 4.75 today - required points dropped to 1.625 which was nice. 4.625 was available for more points.interesting article:
PsychoMan
Footballguy
Where did you get this?
The Big Guy
Fear the Blitz
just locked in at 4.875 with .25 point with HSBC. As long as my LTV holds up, I am going to save $200 and chop 5 years off of my current mtg.
dancingbones
Footballguy
Pentagon Federal Credit Union is once again showing some pretty good rates with 0 points, plus they pay a good portion of your closing costs.15 year fixed = 4.875 0 points
30 year fixed = 5.5 0 points
Popcorn Eating Guy
Footballguy
I'm being offered 4.875 with zero points for a 30 year fixed refi. The broker advised that I should NOT lock yet as it was going to go lower (he predicted close to 4.5 -- no points -- by late dec).
ozzy609
Footballguy
This is possible but the outlook is still unclear regarding whether this will be available to refi'ers or purchase only borrowers. I would take 4.875 and run.
Walton Goggins
Footballguy
Does it matter where you live (in the US) to get this offer? Looks sweet.
Summit Credit Union Madison, WI
dancingbones
Footballguy
I don't think so. I signed up through option #7 in their Top 7 ways to join, and it was a piece of cake. I did all of the application online and they sent out the appraiser and the arranged the title work and sent a guy out to my home for the closing. Membership in the NMFA was a one time fee of $20, and I opened up a share account with $5. Got a great rate and a bunch of my closing costs paid. It was a great deal (and it looks like it is getting close to what I got on the one day that mortgage rates dropped back in the beginning of this thread).
Walton Goggins
Footballguy
I went through the application process but it says with zero points I will have to pay almost 3k in closing costs to refi. You?dancingbones said:
dancingbones
Footballguy
From post #373 - made in this thread in January.
The taxes & escrow stuff will be the same no matter what company you use. The other ones were either substantially less than what the competition was charging, were comped by Pentagon Federal, or both.Good luck, and I hope you get a great loan.
Real equity....If you have some sort of 80/20 mortgage combo right now and attempt to just redo the 80 (the first mortgage) and leave the 2nd mortgage alone, you can do that but the origination software takes into count the cltv of the loan (combined loan to value ratio) and you'll have to get the 2nd mortgage company to agree to allow you to refi the first. In this mortgage climate, I dont see that happening. Now...if you decided to go FHA....borrowing more than 90% of the value of your home is definitely possible depending on your situation.
