How low can we go? 30 yr fixed at 3.75% with no fees...
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NEW -> Contingent Buyer Assistance Program
Of course, 2022 is still better than now, but it was the end of the "best time".
Totally artificial and now we're paying for it with double home prices.
Normally, I would say buy at low purchase price and refi later, but those were special rates that will never be seen again. I don't think the rates will drop to sub-4 again, let alone sub-3.
sleepy5136
Well-known member
It'll be interesting to see how this plays out legally. But even if it legally rules in her favor, the optics are badAnyone remember what the refinance environment was in 2021? 60-90 days to get a loan processed for most folks. If your 2021 refi closed faster, it was a friggin' miracle....
Evidently, Lisa Cook had a miracles take place for both of her transactions. That can only be as both of her refinance loans closed within 2 weeks of each other June 18th, and July 2nd of 2021. What does this mean dear reader?... Both applications were originated and in process with two different lenders at the same time with both being owner occupied transactions. Any decent fraudster knows you don't dual process, but wait 7-10 days to apply after the first one closes - lowering the risk of discovery by each bank (so I'm told).
I can't see any excusable way out of this, so resign she must.
morekaos
Well-known member
Charges and resignation and or termination to follow…
The investigation follows a criminal referral that was sent to the DOJ by Federal Housing Finance Agency Director Bill Pulte, and the case is being conducted by Ed Martin.
thepostmillennial.com
DOJ launches criminal probe into Fed Governor Lisa Cook over mortgage fraud allegations
The allegations are centered on whether Cook listed more than one of her properties as her primary residence, which allows for more favorable interest rates on loans when she applied for mortgages.The investigation follows a criminal referral that was sent to the DOJ by Federal Housing Finance Agency Director Bill Pulte, and the case is being conducted by Ed Martin.
NEW: DOJ launches criminal probe into Fed Governor Lisa Cook over mortgage fraud allegations
The allegations are centered on if Cook listed more than one of her properties as her primary residence.
thepostmillennial.com
Liar Loan
Well-known member
She was already terminated so now it's just a matter of how the court defines "for cause" which isn't defined in the statute. If it reaches the Supreme Court, I believe they will say constitutionally, the President can fire political appointees for any reason, just like they did with the CFPB Director. It might be better for the future of central banking if she doesn't try and fight this.
sgip
Well-known member
In some measure, what's good for the Goose should also be good for the Gander, or so this article infers:
www.propublica.org
If you dig past the headline, there is one instance of possible fraud - an Arizona property purchased as a primary residence that was never really a primary home. The other properties in question show a complete misunderstanding of the mortgage process and laws regarding fraud. Example? One borrower had an owner occupied loan in 2007, then moved into another home - financed owner occupied - roughly a decade later! Hardly a case worth mentioning, but a reflection of how SCREAMING HEADLINES and misleading facts represent most investigative reporting of today.
Trump Is Accusing Foes With Multiple Mortgages of Fraud. Records Show 3 of His Cabinet Members Have Them.
The White House has targeted opponents, including a Fed governor, for having more than one primary residence on their loan papers. ProPublica found that, in one case, a Trump cabinet secretary got two such mortgages in quick succession.
www.propublica.org
If you dig past the headline, there is one instance of possible fraud - an Arizona property purchased as a primary residence that was never really a primary home. The other properties in question show a complete misunderstanding of the mortgage process and laws regarding fraud. Example? One borrower had an owner occupied loan in 2007, then moved into another home - financed owner occupied - roughly a decade later! Hardly a case worth mentioning, but a reflection of how SCREAMING HEADLINES and misleading facts represent most investigative reporting of today.
morekaos
Well-known member
Cmon…you gotta stand and clap for this, right?
Currently, the 30-year fixed-rate mortgage is averaging 5.98 percent, down .03 points from last week, according to Freddie Mac.
Mortgage rates fall below 6 percent for first time in more than 3 years
Mortgage rates fell below 6 percent on Thursday for the first time in more than three years, marking an opening for homebuyers as inflation cools.Currently, the 30-year fixed-rate mortgage is averaging 5.98 percent, down .03 points from last week, according to Freddie Mac.
Liar Loan
Well-known member
Highly leveraged Irvine buyers are going to have problems this Spring.
March 2026 continues to be an unpleasant month for mortgage rates--a fact almost exclusively due to the Iran war. Even if the war were to end today, there's been sufficient disruption to infrastructure and a big enough initial spike in energy prices to create what economists refer to as "second round effects." In simpler terms, this means that inflation expectations and interest rates will not immediately return to February's levels simply because the war is over.
Highest Mortgage Rates Since August 2025
March 2026 continues to be an unpleasant month for mortgage rates--a fact almost exclusively due to the Iran war. Even if the war were to end today, there's been sufficient disruption to infrastructure and a big enough initial spike in energy prices to create what economists refer to as "second round effects." In simpler terms, this means that inflation expectations and interest rates will not immediately return to February's levels simply because the war is over.
irvinehomeowner
Well-known member
So 2013, 2016 and 2020-22 were the best times to buy rate wise?
CalBears96
Well-known member
Yup, buy right after the housing crash for the cheapest price and then refi in 2021 for the lowest rates.
2022 wasn't really a best time to buy anymore as rates started climbing March 2022 and housing price started increasing July 2021. I reserved Bluffs 2 in November 2021, and by that time, it was already $50k more than July 2021. I wasn't able to lock in rates until March 2022 and by that time, it was already more than 0.5% more than when I got pre-approval in September 2021.
Of course, 2022 is still better than now, but it was the end of the "best time".
Liar Loan
Well-known member
I mean 2020-21 had the lowest rates in 2,000 years of interest rate history so that was a pretty good time.
Totally artificial and now we're paying for it with double home prices.
GrowthStateofMind
Active member
The caveat is even with those low rates during 2021-2022, there were so many all-cash offers thrown around hot FCB markets like Irvine 5-6 figures above list price that were accepted over similar offers done with conventional loans. Despite the low rates, it was still an uphill battle to try to land anything remotely desirable with conventional loan in certain markets during 2021-2022. Ask the realtors in some of those hot markets what kind of offers were being accepted then. I recall hearing about how even some condos starting at the $900k-$1m price point were getting as many as 20-30 offers, then final closing price ended up being $100k to even $300k above ask. Cash is king as they say.
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irvinehomeowner
Well-known member
So you guys are basically saying any time is a good time to buy? 
All I remember is when rates were low, people kept saying not to buy because prices are higher and they will go lower once rates go up and I kept saying that's not a proportional relationship.
The argument was you can always refi but you can't change your purchase price.
Not sure anyone can refi into the sub-3s unless they go on a shorter term or ARM.
All I remember is when rates were low, people kept saying not to buy because prices are higher and they will go lower once rates go up and I kept saying that's not a proportional relationship.
The argument was you can always refi but you can't change your purchase price.
Not sure anyone can refi into the sub-3s unless they go on a shorter term or ARM.
CalBears96
Well-known member
This would have been true if it weren't for the fact that the rates during COVID-19 were artificially low and we would never ever going to see the rates that low again. So it was foolish to not buy it at that point if you weren't cash buyers.So you guys are basically saying any time is a good time to buy?
All I remember is when rates were low, people kept saying not to buy because prices are higher and they will go lower once rates go up and I kept saying that's not a proportional relationship.
The argument was you can always refi but you can't change your purchase price.
Not sure anyone can refi into the sub-3s unless they go on a shorter term or ARM.
Normally, I would say buy at low purchase price and refi later, but those were special rates that will never be seen again. I don't think the rates will drop to sub-4 again, let alone sub-3.
GrowthStateofMind
Active member
Unprecedented times that 2021-2022 period… Was there any other time in history many listings in select hot markets were going above list price by absolute dollar amounts of $100K-$300K? I’m sure for some it felt like chasing or buying a top back then. I was a skeptic myself at the time, but then again buyers in recent years have demonstrated greater strength from a proof of funds and income standpoint than the leveraged buyers going into 2008 Housing Crisis.So you guys are basically saying any time is a good time to buy?
All I remember is when rates were low, people kept saying not to buy because prices are higher and they will go lower once rates go up and I kept saying that's not a proportional relationship.
The argument was you can always refi but you can't change your purchase price.
Not sure anyone can refi into the sub-3s unless they go on a shorter term or ARM.
qwerty
Well-known member
I bought in 2012. Started with a 3.x fixed 30 year loan. Can’t remember now but I think it was 3.75. The TI talked me into an ARMs. My last refi was in 2021. Now I have a 15 year 1.99%. I think my mortgage is less than what a 2 bedroom Irvine Co apartment costs. Maybe even a 1 bedroom if the range Alexa just gave me is accurate.
Still happening in some parts of the Bay:
vsfan
Active member
darn, I bought places in 2013, 2016, 2020, and 2023...
Was the home underpriced to begin with to draw attention though? Don’t know the specifics on this home but it’s a very common strategy in the Bay Area. Many homes are underpriced and they end up selling a few hundred thousand above ask price but the ask price is below market.