Mortgage Rates

[quote author="ipoplaya" date=1227679756]If I can borrow $500K @ 5% for 30-years fixed, I just might go out and buy a house for Xmas... </blockquote>
I think you post these things just to raise my blood pressure.
 
<blockquote></blockquote>Much more now since J/C loans have jumped up for some reason of late.</blockquote>




My husband works on the trading desk for a loan origination company that sells to all of the banks left that are still buying loans. I asked him about the recent spike in jumbo conforming loans. He said they have raised rates because none of the banks want to buy anything over 417k anymore. Ultimately, this should be a good thing as it will help lower prices for us. I know I'm certainly priced out at 7-8%!
 
McDonna,



If you are looking at financing $450K, then take out a first for $417K and a second for $32K. I know that B of A structures their loans this way. I happened to click on the option to view refinance rates yesterday and B of A was quoting 5.25 with 2 points and 5.375 with 1.1. No closing costs with them. I'm not sure what the rates on the second are.



Are points tax deductible on refinances or just purchases?
 
Right now, PenFed is 5.5% with 0 points and 5.25% with .375 points.



This is for both conforming and jumbo.



Trooper: This looks to be the rate you were looking for right?
 
Jeezus ! I sleep during the day, woke up to read an email from PenFed telling me I could get a 30 yr fixed for 5.375 with .375 points. I tripped running to the phone !



Then the nice gentleman who answered proceeded to tell me, "Oh, that must have been this mornings email, we had such a huge response we couldn't keep up with it and they bumped the rate up again at 10:00 am".



So what is the rate now? I asked......



5.75.



I said thank you and hung up.



WTF !



Countrywide's website is showing 5.25 30 yr fixed refi....but now their offices are closed for the holiday.



I am cursing working nights right now.
 
and now I'm on the line with B of A to try and refi....website shows 5.125 with 2 points, so also prob 5.375 with 1 pt or so.



Ring, ring, ring......ring.........ring.......no answer.



CRAP! Why does Thanksgiving have to be tomorrow ! Everyone went home early.
 
[quote author="Trooper" date=1227772979]Jeezus ! I sleep during the day, woke up to read an email from PenFed telling me I could get a 30 yr fixed for 5.375 with .375 points. I tripped running to the phone !



Then the nice gentleman who answered proceeded to tell me, "Oh, that must have been this mornings email, we had such a huge response we couldn't keep up with it and they bumped the rate up again at 10:00 am".



So what is the rate now? I asked......



5.75.



I said thank you and hung up.



WTF !



Countrywide's website is showing 5.25 30 yr fixed refi....but now their offices are closed for the holiday.



I am cursing working nights right now.</blockquote>


Go to Mr. Mortgage's site and read about your experience.
 
<em>Rates are lower than last week for sure, but these ?low rates? that are being heralded are ONLY for the best AAA Prime gold borrowers with 80% CLTV?s and 720 scores. This represents a small fraction of borrowers. </em>



That's me. I wish there was some sort of way for me to do an "Insta-lock" when rates go down like this. They seem so brief.



Perhaps the Govmint will take notice of how many people flocked to re-fi when rates got this low.... and support some sort of program for a month or so, so more people can participate. More $$ in the pocket means more money for the economy.



Anyways, thanks for the suggestion awgee. Here's the link to <a href="http://mrmortgage.ml-implode.com/">Mr Mortgage's take on it.</a>
 
Great rate drops in the last two days.



30 YR Fixed @ 5.375 with NO POINTS ! Woo hooo.



But look at the laundry list of things you now need to provide in order to re-fi.



<em>1. 2 most recent paycheck stubs

2. 2006 & 2007 w2's

3. 2007 tax returns

4. Most recent full statement from your 401k all pages

5. Most recent 2 months bank statements all pages.

6. Homeowners insurance information.</em>



Looks like underwriting is finally underwriting again.....
 
[quote author="freedomCM" date=1228276194]why do banks need 401k info? isn't that untouchable?</blockquote>


401k qualifies as reserves.
 
Considering the 10 year note is well below 3% those mortgage rates aren't really that low comparatively. Both US 10 year notes and FNMA/FHLMC Bonds are backed by the gov't now since the GSE takeover. This still reflects investors are hesistant to buy these bonds. Forget about non agency issues.
 
[quote author="Trooper" date=1228228547]Great rate drops in the last two days.



30 YR Fixed @ 5.375 with NO POINTS ! Woo hooo.



But look at the laundry list of things you now need to provide in order to re-fi.



<em>1. 2 most recent paycheck stubs

2. 2006 & 2007 w2's

3. 2007 tax returns

4. Most recent full statement from your 401k all pages

5. Most recent 2 months bank statements all pages.

6. Homeowners insurance information.</em>



Looks like underwriting is finally underwriting again.....</blockquote>


Congrats Troop. 5.375 with no points is the best I see out there for a conforming 30-year right now. 5.75 with no points is the best for J/C 30-year... My brother is going to try and get PenFed to refi his $975K loan at 5.75%. We'll see if their advertising is true...
 
4.5% refi is here today. I've been checking B of A daily as rates have been mostly going down and 4.5% for 30 yr fixed popped up with 1.75 points. yesterday it was 4.75 with 2.65 points.
 
Let me know when it's 4.75 with no points, ok? Just checked my credit union, a 20 year conforming with 0 points is 5.125%. It's getting there. Did anyone see the jumbo rates, YIKES!
 
I just spoke to B of A and they offered 4.25 with 2 points.... need 740 fico and 80% equity. add 1/2 percent to rate for 90% equity.
 
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