Mortgage Rates

Trooper_IHB

Trooper_IHB

New member
Wow, big drop this week on rates. I'm waiting to <strong>refinance</strong> my 6% 30 yr fixed into a lower rate. For a minute two days ago, PenFed.org had 5.5% with 1 pt, but when I went to pull the trigger the next day, it was gone. The fees won't make it worth it for me to refi for less than 5.5%.



What do you think FIXED refi mortgage rates will do in the upcoming weeks? Stay at this rate, lower....inch higher?



Thoughts please.
 
[quote author="Trooper" date=1221546404]Come on you crickets ! ;-)



With today's WS debacle, what are mortgage rates going to do ? Up or down.</blockquote>


Predicting short-term interest rates is like predicting the weather. Longer term, I believe rates will go up.
 
[quote author="Trooper" date=1221286814]Wow, big drop this week on rates. I'm waiting to <strong>refinance</strong> my 6% 30 yr fixed into a lower rate. For a minute two days ago, PenFed.org had 5.5% with 1 pt, but when I went to pull the trigger the next day, it was gone. The fees won't make it worth it for me to refi for less than 5.5%.



What do you think FIXED refi mortgage rates will do in the upcoming weeks? Stay at this rate, lower....inch higher?



Thoughts please.</blockquote>


Panda, are you wearing Trooper's badge again?
 
[quote author="Trooper" date=1221286814]Wow, big drop this week on rates. I'm waiting to <strong>refinance</strong> my 6% 30 yr fixed into a lower rate. For a minute two days ago, PenFed.org had 5.5% with 1 pt, but when I went to pull the trigger the next day, it was gone. The fees won't make it worth it for me to refi for less than 5.5%.



What do you think FIXED refi mortgage rates will do in the upcoming weeks? Stay at this rate, lower....inch higher?



Thoughts please.</blockquote>
You might want to check those rates again because they are probably down another .25% from Friday.
 
I just checked PenFed again usc.....still no change. Maybe it will reflect in tomorrow's rates ?



The lowest they offer for 30 yr fixed is 5.75 with 0.75 points.
 
[quote author="Trooper" date=1221550919]I just checked PenFed again usc.....still no change. Maybe it will reflect in tomorrow's rates ?



The lowest they offer for 30 yr fixed is 5.75 with 0.75 points.</blockquote>
Yeah, check tomorrow...some lenders only update their rate sheets once a day. The big drop in the 10 year bonds should translate into a drop in mortgage rates.
 
[quote author="Trooper" date=1221710541]Well, so much for the wait and see approach.



PenFed's rates just went up .50 basis points.</blockquote>


aimloan.com is quoting 5.75% with no points on 30-year fixed, but they do have a $2K lenders fee. Guess that would be essentially equivlanet to 5.75% for 1 point in your case... mtgcapital.com is also quoting 5.75 with no points. Their lender fee is $1250.
 
[quote author="CapitalismWorks" date=1227678099]http://www.cnbc.com/id/27912369



This article is indicating 4.875% 30-year fixed conforming.</blockquote>


If I can borrow $500K @ 5% for 30-years fixed, I just might go out and buy a house for Xmas... Pick up something for $850K and drop $50K on upgrades. After-tax spend per month would be $3400 assuming I bought in a lower mello roo area. I included $500/month in maintenance reserves in that figure as well...
 
[quote author="Trooper" date=1221546404]Come on you crickets ! ;-)



With today's WS debacle, what are mortgage rates going to do ? Up or down.</blockquote>


Sorry, short term, less than six months, I do not have a clue. Long term, more than one year, I think all interest rates, except the Fed funds rates and other central bank rates, will go up. I did not answer because you are asking about next week, and you would do better asking my daugther's magic eight ball than asking us nutters in here. Definitely, maybe.
 
[quote author="CapitalismWorks" date=1227678099]http://www.cnbc.com/id/27912369



This article is indicating 4.875% 30-year fixed conforming.</blockquote>
Sweet,

I just got off the phone with my finance guy, If I can get a that rate with a minimal of cost I should drop my mortgages about 8800 per month. Woot, just a little bit more.





-bix
 
[quote author="ipoplaya" date=1227679756][quote author="CapitalismWorks" date=1227678099]http://www.cnbc.com/id/27912369



This article is indicating 4.875% 30-year fixed conforming.</blockquote>


If I can borrow $500K @ 5% for 30-years fixed, I just might go out and buy a house for Xmas... Pick up something for $850K and drop $50K on upgrades. After-tax spend per month would be $3400 assuming I bought in a lower mello roo area. I included $500/month in maintenance reserves in that figure as well...</blockquote>


IPO, have you seen jumbo/conforming loans at 5%? I'm shopping for a $450,000 loan and everything I've seen is about 7.5%. Anything over 417k has skyrocketed in the last few weeks.
 
[quote author="Mcdonna1980" date=1227701850][quote author="ipoplaya" date=1227679756][quote author="CapitalismWorks" date=1227678099]http://www.cnbc.com/id/27912369



This article is indicating 4.875% 30-year fixed conforming.</blockquote>


If I can borrow $500K @ 5% for 30-years fixed, I just might go out and buy a house for Xmas... Pick up something for $850K and drop $50K on upgrades. After-tax spend per month would be $3400 assuming I bought in a lower mello roo area. I included $500/month in maintenance reserves in that figure as well...</blockquote>


IPO, have you seen jumbo/conforming loans at 5%? I'm shopping for a $450,000 loan and everything I've seen is about 7.5%. Anything over 417k has skyrocketed in the last few weeks.</blockquote>


No, not at 5%.



At PenFed you can borrow up to $1M on a 30-year fixed at 5.875 with zero points as of today. I just did a prequal for fun and got approved for a $550K mortgage in about ten minutes time.



PenFed's closing costs appear to have gone up. The GFE quotes $1400 and I think it used to be $950...



Most of my other common sources have jumbo-conforming 30-years in the 7.25-7.5% range.
 
If I can borrow $500K @ 5% for 30-years fixed, I just might go out and buy a house for Xmas... Pick up something for $850K and drop $50K on upgrades. After-tax spend per month would be $3400 assuming I bought in a lower mello roo area. I included $500/month in maintenance reserves in that figure as well...</blockquote>


IPO, have you seen jumbo/conforming loans at 5%? I'm shopping for a $450,000 loan and everything I've seen is about 7.5%. Anything over 417k has skyrocketed in the last few weeks.</blockquote>


No, not at 5%.



At PenFed you can borrow up to $1M on a 30-year fixed at 5.875 with zero points as of today. I just did a prequal for fun and got approved for a $550K mortgage in about ten minutes time.



PenFed's closing costs appear to have gone up. The GFE quotes $1400 and I think it used to be $950...



Most of my other common sources have jumbo-conforming 30-years in the 7.25-7.5% range.</blockquote>


I went on PenFed. The rates are pretty good but membership to the credit union requires associaion with the government/military. Is PenFed the only place you have found low J/C rates?
 
[quote author="Mcdonna1980" date=1227706183]I went on PenFed. The rates are pretty good membership to the credit union requires associaion with the government/military. Is PenFed the only place you have found low J/C rates?</blockquote>


There is a friends of the military association you can join to gain membership. It's like $10 or something inordinately cheap like that... I am not all associated with military/government. PenFed has been the low rate leader I have found for the past 6-9 months. Usually by .25 to .50 point. Much more now since J/C loans have jumped up for some reason of late.
 
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