Author Topic: How low can we go? 30 yr fixed at 3.75% with no fees...  (Read 734348 times)

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Offline ps9

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How low can we go? 30 yr fixed at 3.75% with no fees...
« on: December 14, 2011, 11:56:49 AM »
Just got an email from my provident broker today for 30 yr at 3.75% with no fees..  conforming jumbo at 3.875% no fees.. wish I have a house to buy...

Offline Liar Loan

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #1 on: December 14, 2011, 12:07:36 PM »
Just got an email from my provident broker today for 30 yr at 3.75% with no fees..  conforming jumbo at 3.875% no fees.. wish I have a house to buy...

How many points?

Offline IndieDev

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #2 on: December 14, 2011, 12:18:22 PM »
You can get those same rates from NAF in Irvine, 0 points.
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Offline ps9

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3 on: December 14, 2011, 12:23:43 PM »
No points

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 #4 on: December 14, 2011, 03:36:00 PM »
Provident shows at 3.75% for a $417,000 1st and a $625,000 value Single Family Home a 3.75% loan rate with .50 rebate points ($2,085). Their fees are $1,099 for an Administration Fee, Appraisal - assume $350, and all third party fees charged - likely around $1,400. Adding up those costs there are some fees that the rebate won't cover. If you have a Condo, sub 740 FICO, don't want to impound, or other particulars that Provident (and all other lenders also must take into account)  the rates and rebates shown will be different.

Provident locks the rate only after your loan is submitted to their AUS system and an "Approval" is granted:

https://www.provident.com/Origination/Information/RatesAndPricing/RateLockNotes.aspx

If your loan flips from an Approve to an un-Approved loan the rate lock could be voided. That is really a pretty rare occurance, but keep it in mind. Sometimes your loan is the exception that proves the rule.

Rates are absolutely low, but not going to go much lower. We've had some continuing bad news from Europe plus a series of very good Treasury debt auctions that has for the moment forced rates to where they are at this moment. It's a fleeting opportunity, just as it was in September of this year. A week after hitting the mid 3% range low, some lenders were priced over 4.0% due to news that wasn't mortgage rate friendly.

My .02c
My .02c

SGIP

Offline IrvineRes

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #5 on: December 14, 2011, 03:43:37 PM »
Are these the rates across the board or jsut for Provident?

Offline USCTrojanCPA

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #6 on: December 14, 2011, 04:00:40 PM »
Are these the rates across the board or jsut for Provident?

Basically across the board with small variations. 
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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #7 on: December 14, 2011, 04:01:57 PM »
I got a buyer into contract on a Freddie Mac REO and negotiated a 3% credit for closing costs.  My buyer will use those points to buy down the rate to 3.50% (maybe as low as 3.25%) on a 30-year fixed conforming loan. 
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Offline rkp

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #8 on: December 14, 2011, 04:03:04 PM »
is 3.75 the absolute lowest for 30 year fixed no points loan or is it possible to go lower?

Offline USCTrojanCPA

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #9 on: December 14, 2011, 04:04:19 PM »
is 3.75 the absolute lowest for 30 year fixed no points loan or is it possible to go lower?
I think it's either at an all-time low or very close to it.  Can rates go lower?  Sure why.  People were asking the same thing when rates touched 4% and I also said they could go lower.
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Offline irvinehomeowner

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #10 on: December 14, 2011, 04:47:00 PM »
Isn't there a limit to how low it can go due to carrying costs? I remember SGIP threw out some numbers regarding that.
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Offline USCTrojanCPA

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #11 on: December 14, 2011, 04:52:58 PM »
Isn't there a limit to how low it can go due to carrying costs? I remember SGIP threw out some numbers regarding that.
I think mortgages in Japan can be had in the 2s so that means there's still some more room to move down.
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Offline Homer_Simpson

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #12 on: December 14, 2011, 04:53:53 PM »
3.75% with no closing costs???  :-\  Man!!!
#FARM

Offline irvinehomeowner

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #13 on: December 14, 2011, 04:54:57 PM »
I'm with PS... no home that I like at a price I want... but hey... you're supposed buy when rates are double digits right?
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Offline USCTrojanCPA

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #14 on: December 14, 2011, 04:55:41 PM »
3.5% with no closing costs???  :-\  Man!!!
Yup, that's what my buyer is looking at.....maybe even a 3.375% rate depending on the cost.  If you (or your realtor) ask, sometimes you do receive.  ;)
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