Mortgage Rates

Friend of mine just refied at 4.625% from Indymac. They were EXTREMELY demanding on FICO, demanding 720 at least. In fact, his wife's was between 700 and 720, and he ended up keeing her off the financing.
 
Any word on where the mortgage rates may be heading? i'm sitting pretty with my refi docs ready to pull the trigger when/if 30-year mortgage rates fall below 4.75% again.
 
[quote author="CapitalismWorks" date=1230602734]Friend of mine just refied at 4.625% from Indymac. They were EXTREMELY demanding on FICO, demanding 720 at least. In fact, his wife's was between 700 and 720, and he ended up keeing her off the financing.</blockquote>


I guess she's not real bright.
 
[quote author="tmare" date=1231244405][quote author="CapitalismWorks" date=1230602734]Friend of mine just refied at 4.625% from Indymac. They were EXTREMELY demanding on FICO, demanding 720 at least. In fact, his wife's was between 700 and 720, and he ended up keeing her off the financing.</blockquote>


I guess she's not real bright.</blockquote>


we're doing the same thing except that the bank we are refinancing with wanted score of 740. however, I believe I can still be on the deed. when you're married and really feel commited, I don't think you really worry about your spouse screwing you over.
 
[quote author="stepping_up" date=1231246151][quote author="tmare" date=1231244405][quote author="CapitalismWorks" date=1230602734]Friend of mine just refied at 4.625% from Indymac. They were EXTREMELY demanding on FICO, demanding 720 at least. In fact, his wife's was between 700 and 720, and he ended up keeing her off the financing.</blockquote>


I guess she's not real bright.</blockquote>


we're doing the same thing except that the bank we are refinancing with wanted score of 740. however, I believe I can still be on the deed. when you're married and really feel commited, I don't think you really worry about your spouse screwing you over.</blockquote>


I hope that works out well for you, I guess I'm the ultimate pessimist, but it hasn't hurt me yet.
 
For people in the industry, are we still expecting mortgage rate to head lower (like to near 4%)? I am thinking if I should refinance now...
 
Yeah, they seemed to have dropped again today but I didn't get a call from my re-fi guy. Perhaps he is too busy????? What is the rate for a conforming 30 year fixed refi ? Anyone?
 
[quote author="Trooper" date=1231572547]Yeah, they seemed to have dropped again today but I didn't get a call from my re-fi guy. Perhaps he is too busy????? What is the rate for a conforming 30 year fixed refi ? Anyone?</blockquote>


Teacher's credit union is quoting 5.125 with .125 points but I think there is better out there. I'm also taking advice on whether to refi my 30 yr. 5.75% on a 400K balance. We're staying for at least 10 years (or forever), I'm thinking I should wait for 4.75 with no points.
 
[quote author="tmare" date=1231590632][quote author="Trooper" date=1231572547]Yeah, they seemed to have dropped again today but I didn't get a call from my re-fi guy. Perhaps he is too busy????? What is the rate for a conforming 30 year fixed refi ? Anyone?</blockquote>


Teacher's credit union is quoting 5.125 with .125 points but I think there is better out there. I'm also taking advice on whether to refi my 30 yr. 5.75% on a 400K balance. We're staying for at least 10 years (or forever), I'm thinking I should wait for 4.75 with no points.</blockquote>


http://navyfcu.org/rates/mortgage-frameset.html



Navy FCU has a pretty competitive rate right now for REFI. You must be a member though so check it out. Currently 4.375 for 15 years
 
[quote author="irvinebullhousing" date=1231824176][quote author="tmare" date=1231590632][quote author="Trooper" date=1231572547]Yeah, they seemed to have dropped again today but I didn't get a call from my re-fi guy. Perhaps he is too busy????? What is the rate for a conforming 30 year fixed refi ? Anyone?</blockquote>


Teacher's credit union is quoting 5.125 with .125 points but I think there is better out there. I'm also taking advice on whether to refi my 30 yr. 5.75% on a 400K balance. We're staying for at least 10 years (or forever), I'm thinking I should wait for 4.75 with no points.</blockquote>


http://navyfcu.org/rates/mortgage-frameset.html



Navy FCU has a pretty competitive rate right now for REFI. You must be a member though so check it out. Currently 4.375 for 15 years</blockquote>


I'd jump on that if it was 0 points, unfortunately I'm not a member nor do I have a way to become one.
 
I've read from numerous sources that 30-year fixed rates are expected to lower in the next two weeks. Anyone else have any thoughts?
 
[quote author="Shooby" date=1231992349]I've read from numerous sources that 30-year fixed rates are expected to lower in the next two weeks. Anyone else have any thoughts?</blockquote>


I think in the first half of the year, we may even possible see home prices rising because of super low mortgage rates. It is the second half of the year that i am really worried about. If you are thinking about selling your home (hint, hint to all the Woodbury Home Owners). definitely sell between jan - june, 2009 rather than july - dec 2009, it may be your last chance as we have only experienced the appetizer in 2008. I see the biggest drops happening between 2010 - 2012.



I don't see OC home prices recovering until 2015. I feel it in my gut that something really ungodly is going to happen in the second half of the year. Protect Yourself!



Question: In a massive deflationary environment, would mortgage rates go down? Is there any relation with deflation and mortgage rates?
 
I called my work credit union last week to check on rates. They offered an attractive 30 yr fixed @ 4.875 with 1/2 point. When I asked them how long their lock was for, the woman replied that they are no longer locking 30 yr mortgages....only the 15 and 20 yr. I was surprised and asked to her explain why, but she really couldn't.



What is that all about ?
 
Yeah, I saw that post Skekker... I wonder if they aren't locking them in order to sway people towards the 15 or 20. I laughed when she told me the rate wouldn't lock on the 30 until the day of closing. I said, "what's that, like a crap shoot?"



She didn't laugh. I did. And hung up.
 
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