Author Topic: How low can we go? 30 yr fixed at 3.75% with no fees...  (Read 762326 times)

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Offline Cares

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3075 on: August 06, 2021, 09:08:52 AM »
Mortgage bonds got rocked this morning losing another 34 bps. In all over the last 4 days we have lost 80 bps which completely erased any benefit we got from the Fed removing the 50 bps refinance fee and then some.

Offline Angels_Baseball_2015

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3076 on: August 07, 2021, 03:00:00 PM »
I hope it's able to come back down this month?

Offline Cares

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3077 on: August 07, 2021, 08:53:22 PM »
No one knows.

Honestly everyone keeps saying "inflation, inflation, inflation" and one of the main levers the Fed has is to raise the fund rate.

Offline Angels_Baseball_2015

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3078 on: August 09, 2021, 09:00:38 AM »
What do you guys think about Better.com and their $2000/$6000 American Express statement credit?  I suspect Better.com probably factors in that American Express discount when offering their rates, thus making it a wash out?  Thanks!

Offline ParkPark

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3079 on: August 09, 2021, 09:56:15 AM »
Ally had better rates. So take their offer to better.com and have them match it. Then add the amex offer. Better will add a Task to add in your amex card number.

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3080 on: August 09, 2021, 10:24:34 AM »
5th day in a row of interest rates rising. In the combined 5 days, mortgage securities lost over 100 basis points. This probably translates to 0.25% to 0.375% rate increase for most loans.

Owning ads last week started at 2.5% with fees and then adjusted to 2.625% with fees and now is showing 2.75% with fees.
« Last Edit: August 09, 2021, 03:04:46 PM by Cares »

Offline Angels_Baseball_2015

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3081 on: August 09, 2021, 10:59:27 AM »
Thanks for the Ally tip. Surprisingly, I just checked, and Ally is about $10K more than Better.

Offline USCTrojanCPA

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3082 on: August 09, 2021, 03:26:08 PM »
Looks like conforming loan rates a lot more volatile than jumbo loan rates.  Today, my buyer locked in 2.625% on a 30-year fixed purchase loan of a hair over $1m at no points (the rate was same a few weeks ago but we'll some credits). 
« Last Edit: August 09, 2021, 03:48:43 PM by USCTrojanCPA »
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Offline Irvinehomeseeker

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3083 on: August 09, 2021, 04:12:20 PM »
Thanks for the Ally tip. Surprisingly, I just checked, and Ally is about $10K more than Better.

Did you check on the Ally website to get a quote? Sometimes if you work with a loan officer with your credit report pulled, you may get a much better rate/price. Just my thought.

Offline eyephone

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3084 on: August 09, 2021, 04:25:35 PM »
someone told me that the website is the best rate. (after they do a soft credit check)

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3085 on: August 10, 2021, 08:00:36 AM »
someone told me that the website is the best rate. (after they do a soft credit check)

Correct. The platform is Better.com, but branded as Ally Bank. My understanding is Ally is pushing jumbo's and have one of the best rates out there currently. The hard credit check comes when you move to lock a rate and finalize an application (which requires upfront appraisal payment).

Also, the entire process is handled on the website portal. You only have brief conversations, if any, with the loan officer, processor, and closer. You upload all the documents yourself and can link to bank accounts via Plaid to import statements rather than downloading/uploading PDF's.

REF: I'm closing a 2.75% 30-yr fixed jumbo refi with $6k closing credit next week with Ally. Signing today.

Offline Angels_Baseball_2015

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3086 on: August 10, 2021, 08:09:53 AM »
The hard credit check didn't really change my Better.com rate much. 

Since Ally uses the same Better.com platform, the Ally loan officer didn't think the soft versus hard credit check will really make much of a difference.  Perhaps yesterday was a fluke but Ally has not come back to match Better.com's offer (even though both companies are in the same floor and building in North Carolina ironically).




Offline best_potsticker_in_town

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3087 on: August 10, 2021, 08:21:05 AM »
The hard credit check didn't really change my Better.com rate much. 

Since Ally uses the same Better.com platform, the Ally loan officer didn't think the soft versus hard credit check will really make much of a difference.  Perhaps yesterday was a fluke but Ally has not come back to match Better.com's offer (even though both companies are in the same floor and building in North Carolina ironically).

What is your loan amount?

Offline Soylent Green Is People

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3088 on: August 10, 2021, 08:37:57 AM »
FYI - "Soft" or "Hard" credit inquiries have virtually zero impact on your credit score. I've pulled hundreds of credit reports for customers who haven't opened new credit in decades. One of the reasons their score is X, Y, or Z?? "Too many inquiries...". It's a placeholder - one of many, many factors that go into creating a credit score. Don't be afraid of a real credit pull. You'll get real scores and real data that your LO can use to give you a real rate quote.

That said, if you run credit to get an auto loan for your new Mustang Mach-E, then take a 5% discount at Nordstrom by opening a card with them, then in the same week decide to get 6,500 bonus stars from Starbucks by opening a card with them, then yeah... your score will drop. It will fall not because of the inquiries, but because you used that inquiry to open a new account. An inquiry + new credit is the issue, not the inquiry alone.

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Offline Cares

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3089 on: August 10, 2021, 10:41:54 AM »
Absolutely getting hammer. Another down day for mortgage securities. All my lenders keep repricing rates higher.

 

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