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

Thanks for the answer SGIP.

Our last 2 refis were pretty stringent and that was after 2013 (and we are both W2 earners) so just wondering (and you were part of our original purchase and that was not an easy walk either).
 
irvinehomeowner said:
Thanks for the answer SGIP.

Our last 2 refis were pretty stringent and that was after 2013 (and we are both W2 earners) so just wondering (and you were part of our original purchase and that was not an easy walk either).
Click to expand...

I got the full probe without lube but I'm sure part of that was because I'm self employed.  haha
 
USCTrojanCPA said:
irvinehomeowner said:
Thanks for the answer SGIP.

Our last 2 refis were pretty stringent and that was after 2013 (and we are both W2 earners) so just wondering (and you were part of our original purchase and that was not an easy walk either).
Click to expand...

I got the full probe without lube but I'm sure part of that was because I'm self employed.  haha
Click to expand...

Banks are tightening their grips even further. It?s part of the reason for Jamie Dimon JP Chase called for bracing for the hurricane. They will probe and poke every hole you got.😀
 
Compressed-Village said:
USCTrojanCPA said:
irvinehomeowner said:
Thanks for the answer SGIP.

Our last 2 refis were pretty stringent and that was after 2013 (and we are both W2 earners) so just wondering (and you were part of our original purchase and that was not an easy walk either).
Click to expand...

I got the full probe without lube but I'm sure part of that was because I'm self employed.  haha
Click to expand...

Banks are tightening their grips even further. It?s part of the reason for Jamie Dimon JP Chase called for bracing for the hurricane. They will probe and poke every hole you got.😀
Click to expand...

I feel so dirty after all the probing, poking, and prodding.  I was beyond fully underwritten and I pulled up the skirt all the way and wrote more letters of explanations than all of previous loans added together.  haha
 
USCTrojanCPA said:
Compressed-Village said:
USCTrojanCPA said:
irvinehomeowner said:
Thanks for the answer SGIP.

Our last 2 refis were pretty stringent and that was after 2013 (and we are both W2 earners) so just wondering (and you were part of our original purchase and that was not an easy walk either).
Click to expand...

I got the full probe without lube but I'm sure part of that was because I'm self employed.  haha
Click to expand...

Banks are tightening their grips even further. It?s part of the reason for Jamie Dimon JP Chase called for bracing for the hurricane. They will probe and poke every hole you got.😀
Click to expand...

I feel so dirty after all the probing, poking, and prodding.  I was beyond fully underwritten and I pulled up the skirt all the way and wrote more letters of explanations than all of previous loans added together.  haha
Click to expand...

Which is why I think, the most recent buyers are the strongest financially. They are proven, and stamped by financials regulators. The riskier market is the short term profit and flippers for sure. Irvine is not a place to take risks because the cap rate are too expensive. You have almost all buyers are organic driven.

Stable and safe is the main points. It?s never cheap to live in Irvine.
 
Compressed-Village said:
USCTrojanCPA said:
Compressed-Village said:
USCTrojanCPA said:
irvinehomeowner said:
Thanks for the answer SGIP.

Our last 2 refis were pretty stringent and that was after 2013 (and we are both W2 earners) so just wondering (and you were part of our original purchase and that was not an easy walk either).
Click to expand...

I got the full probe without lube but I'm sure part of that was because I'm self employed.  haha
Click to expand...

Banks are tightening their grips even further. It?s part of the reason for Jamie Dimon JP Chase called for bracing for the hurricane. They will probe and poke every hole you got.😀
Click to expand...

I feel so dirty after all the probing, poking, and prodding.  I was beyond fully underwritten and I pulled up the skirt all the way and wrote more letters of explanations than all of previous loans added together.  haha
Click to expand...

Which is why I think, the most recent buyers are the strongest financially. They are proven, and stamped by financials regulators. The riskier market is the short term profit and flippers for sure. Irvine is not a place to take risks because the cap rate are too expensive. You have almost all buyers are organic driven.

Stable and safe is the main points. It?s never cheap to live in Irvine.
Click to expand...

Yes they are, Irvine buyers are significantly stronger than non-Irvine buyers from what I've seen in many years especially the past 2 years (I'm speaking from both the buyer agent side and the listing agent side). 
 
today...it took only 1 business day....another over 1/4 percent spike
https://www.mortgagenewsdaily.com/mortgage-rates

Liar Loan said:
Rates shot up over 1/4 percent today.  How soon until we hit 6%?

62a24779ec3480dd7f21dd55_202206101850.jpg
Click to expand...
 
Can 7% be far behind?

Product Interest Rate APR
Jumbo Loans? Amounts that exceed conforming loan limits
7/6-Month ARM Jumbo 4.625% 4.139%
15-Year Fixed-Rate Jumbo 4.750% 4.928%
30-Year Fixed-Rate Jumbo 5.000% 5.093%
Conforming and Government Loans
7/6-Month ARM 5.500% 4.659%
15-Year Fixed Rate 4.750% 5.038%
30-Year Fixed Rate 6.000% 6.167%
Rates, terms, and fees as of 6/13/2022 12:25 PM Eastern Daylight Time and subject to change without notice.
https://www.wellsfargo.com/mortgage/rates/
 
morekaos said:
Can 7% be far behind?

Product Interest Rate APR
Jumbo Loans? Amounts that exceed conforming loan limits
7/6-Month ARM Jumbo 4.625% 4.139%
15-Year Fixed-Rate Jumbo 4.750% 4.928%
30-Year Fixed-Rate Jumbo 5.000% 5.093%
Conforming and Government Loans
7/6-Month ARM 5.500% 4.659%
15-Year Fixed Rate 4.750% 5.038%
30-Year Fixed Rate 6.000% 6.167%
Rates, terms, and fees as of 6/13/2022 12:25 PM Eastern Daylight Time and subject to change without notice.
https://www.wellsfargo.com/mortgage/rates/
Click to expand...
7% is in the bag, and the $1.6M detached condo may fall below my $1M call in the next year. Who will be buying that type of product at those levels now?
 
OCtoSV said:
morekaos said:
Can 7% be far behind?

Product Interest Rate APR
Jumbo Loans? Amounts that exceed conforming loan limits
7/6-Month ARM Jumbo 4.625% 4.139%
15-Year Fixed-Rate Jumbo 4.750% 4.928%
30-Year Fixed-Rate Jumbo 5.000% 5.093%
Conforming and Government Loans
7/6-Month ARM 5.500% 4.659%
15-Year Fixed Rate 4.750% 5.038%
30-Year Fixed Rate 6.000% 6.167%
Rates, terms, and fees as of 6/13/2022 12:25 PM Eastern Daylight Time and subject to change without notice.
https://www.wellsfargo.com/mortgage/rates/
Click to expand...
7% is in the bag, and the $1.6M detached condo may fall below my $1M call in the next year. Who will be buying that type of product at those levels now?
Click to expand...

Bonds, Stocks, Bitcoin, 📉The last person standing  #Housing  😉


 
Yeah, it was a rough and tumble Monday.

Worse than Friday pricing at 6 AM, a change for the worse around 11 AM, and a change for the worse AFTER the market closed! I've seen 3x rate change days before, but they aren't that common. Average rates went from mid 5's to 6 overnight. Want cash out? Add .75 to 1.0 to any price you see for a purchase - example: Cash out Conforming Non-Owner was priced 2 weeks ago in the low 7's. Today, Cash out Conforming OWNER OCCUPIED is in the low 7's. Agency paper is a blowout now.

Non-Agency / Portfolio money that Banks have are still in the high 4's for now with ARM's starting to rise to the  mid to high 4's as well. Pricing is mitigated with high FICO's, lower loan to values, pre-existing bank relationship or "move money" options. There's more trigger points that can improve portfolio money rates than Agency rates.

What's next? Today (6/13/2022) there are roughly 335 Irvine area homes listed for sale, not counting new construction per Redfin. 4 of those homes have had price reductions in the last 24 hours. We may want to revisit these figures and methodology on Friday to see how this might change.  My guess is that the price reductions in the last 3 days will be about 20-25 units (5-6% of available housing stock). Builders are going to start offering rate discounts if you use their lender, closing cost credits, Co-operating Realtor bonuses, and upgrade benefits in lieu of price reductions. If anyone is currently in escrow and expecting an October - December close, keep your ear to the ground. If you hear a new buyer getting big concessions to put a deposit down, you can ask for some of these benefits as well.

Let's see if it's a .75 hike Wednesday, or the real shock to the system  - a 1.0 rate move (doubtful IMHO, but who knows....) and survey the landscape at that time for a way through this mess.

My .02c
 
The California Court Company said:
looks like it is still goin up today, not as much as Friday and Monday.

Also, Redfin is laying off 8% of staff?
Click to expand...

Compass (the brokerage) laying off 10% of their staff.
 
The California Court Company said:
75 bps hike, has this been priced in already?
Click to expand...

Yeah, it 75bps hike has been expected after the latest inflation numbers. That's why the market is responding positively.
 
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