How low can we go? 30 yr fixed at 3.75% with no fees...

Low at 1.95
Close at 2.013
Futures at 2.03

Credit ain't buying the crash. Could something happen to lower rates as dramatically as stock prices? Sure, this is going to be an interesting week. Could rates rise? Perhaps. Get some popcorn and a comfy couch. This isn't a market to participate in, but to watch from a distance.

My .02c

SGIP
 
And yield jump to 2.11 as of now...15 point swing in a day an a half.  Amazing stuff. 

Oil is below $40 and Gold just gave up most of its dead cat bounce.

Looks like people are just trying to find places to park their money and can't decided where to put it.

 
irv81 said:
i was quoted 3.625% for 30 yr fixed on a 950k loan 20% down, do you guys think i can get a better rate?
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thats pretty much what we have and we check regularly to see if we can do better.  we had an opportunity for 3.5 just a couple days ago during the fear of crash but i dont think you will see better. 
 
irv81 said:
no points, wells fargo
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Noob here. That's not for refi right?

I was thinking of doing a 60 day rate lock and I was quoted 4.125% for 30yr fixed for $400k loan from Wells Fargo (builder's lender), with a 0.875% credit. Just wondering whether your low rate is due to no rate lock or something else?
 
Aside from loan amount, credit gotta be excellent for best rate
Also condo could slightly be higher
 
irv81 said:
i was quoted 3.625% for 30 yr fixed on a 950k loan 20% down, do you guys think i can get a better rate?
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So Strada or BP?  :)

Lender credit?  If so, does it cover closing costs?  Zillow is quoting around 3.875% with enough credit to cover closing.

What about a 5/1 ARM? 
 
shiog said:
irv81 said:
no points, wells fargo
Click to expand...

Noob here. That's not for refi right?

I was thinking of doing a 60 day rate lock and I was quoted 4.125% for 30yr fixed for $400k loan from Wells Fargo (builder's lender), with a 0.875% credit. Just wondering whether your low rate is due to no rate lock or something else?
Click to expand...

Jumbo loan (above 625k in OC) is about 50 basis points lower than conforming.
 
3.625 purchase - $417k and over is about right. Some Banks have incentives if you have money with them already, or can push money over to them over & above your down payment plus any closing costs. Depending on your available funds post closing that might be moved over, very low 3's is possible for 30 fixed. Got an old 401k, or a trading account with some bux left? Might pay to shop, providing you're at least 45 days or greater from closing. Anything shorter than than and you'll freak your builder out.

My .02c

SGIP
 
SGIP, what are rates looking like for a cash out refi, 50-55% LTV?

I'd be looking at either a 7/1 ARM or a 30yr fixed.

Right now 1st + 2nd is at around $410k but I could cash out more than just the 2nd to get over $417k if it lowers the rate :)
 
What I have been noticing - although my credit score is good, not excellent at which point far more options open up - is that the best rate is above $625k and the worst is in the zone between $417k and $625k. But like I said this is my personal experience and your millage may vary.

To get a better rate you need to try and work with multiple brokers. It really pays to haggle.
 
PaperboyNC - I can't quote specific rates in a forum, just general rate trends and give advice where appropriate.

Most internet lenders have such thin margins that you're better off refinancing with them for sub-$417k loans. The Banks are focused on both balance sheet lending (portfolio jumbo) and purchase loans and best deals for those mortgages can be found there.

At some point - likely in October - you may find fewer choices for lenders due to the RESPA/TILA changes, which means lock in your conforming stuff sooner rather than later with the highly competitive internet lenders.

My .02c.
 
We locked last week with Wells at 3.75% (30Y fixed) for 150 days at a net cost of an eighth, with a one-time float-down option at no cost from 9-23 to 10-23.
 
Perspective said:
We locked last week with Wells at 3.75% (30Y fixed) for 150 days at a net cost of an eighth, with a one-time float-down option at no cost from 9-23 to 10-23.
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So they charged $1,000 to lock the rate assuming an $800,000 loan? Not a bad deal at all. Congrats!
 
paperboyNC said:
Perspective said:
We locked last week with Wells at 3.75% (30Y fixed) for 150 days at a net cost of an eighth, with a one-time float-down option at no cost from 9-23 to 10-23.
Click to expand...

So they charged $1,000 to lock the rate assuming an $800,000 loan? Not a bad deal at all. Congrats!
Click to expand...

The structure is a 0.375% fee to lock last week, with a 0.25% credit applied at closing. Therefore, a net 0.125% fee to lock for 150 days. I think the purpose of this structure is to discourage you from using another creditor a month or two from COE if rates are lower then. It would be easier to walk away from a 0.125% upfront lock fee than it would be 0.375%.
 
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