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Only this time for the six time in seven weeks!
Mortgage rates hit low of 4.49 pct. - Yahoo! Finance (http://finance.yahoo.com/news/Mortgage-rates-hit-low-of-449-apf-739903100.html?x=0&sec=topStories&pos=main&asset=& ccode - broken link)
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.....Do you guys in Florida even have enough equity refinancing, fact almost the entire state is underwater........
"Low rates" - lets get a bag of popcorn for this ride"....lol...
Any one that has been in the mortgage business for longer than a few years. Know is is a sales line.........
Twice a year the fed can make adjustments to the prime lending rate to control inflation, June 15th and Nov 15th. The month, weeks before those dates, people start spreading rumors rates are going up, up, up....
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The days immediately after, it is almost predictable those are the lowest rates of the year.
Refied last year, got the 4.5% fixed, zero points, $956 total closing costs including appraisal.
Seriously I do not believe the rates are going to drop much any lower then they are. Then we are going to get into deflation economy where everything becomes worthless.....
.....Do you guys in Florida even have enough equity refinancing, fact almost the entire state is underwater........
Seriously I do not believe the rates are going to drop much any lower then they are. Then we are going to get into deflation economy where everything becomes worthless.....
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We have been hearing this for quite some time in this board, didn't we?
I'm sure the people who've already lost their homes would take this real well. Probably won't happen. Maybe it's just more rumors to make the markets react the way they want them to.
We have been hearing this for quite some time in this board, didn't we?
But how much lower have they really gone. Rates have been pretty low for a long time. It's not like they were 10% and now they are 4.5%. More like maybe 6% to 4.5%.
I'm sure the people who've already lost their homes would take this real well. Probably won't happen. Maybe it's just more rumors to make the markets react the way they want them to.
One might think that... But, honestly the inmates are running the asylum at this point. The stock market has begun to completely disconnect from indicators that used to impact it - how all these news stories hit (unemployment, consumer confidence, etc) and the market just trudges along is mind boggling. It's like the circus has come to town.
We're now going to be down 2 of 4 Obama's economic dream team - the remaining 2 are basically crooks (as far as I can tell) and they're going to continue to inject money (DEBT) into the system and pressure interest rates LOWER to keep everything limping along. All so their high powered lobby cronies have every opportunity to hedge 6 ways against the double dip that is sure to happen at this point. By hedge I'm including the Dems who do not want the blood on their hands come election time.
I'm betting it will happen... They're going to forgive principal - they're going to force/auto-lock lower interest rates - they're going to do everything in their power to stop foreclosures. It will be backloaded with some crazy accounting scheme and it will get approved by Congress. We're so far in debt, it's like it isn't even real money anymore...
Compare our GDP to out national debt for a real nice picture - note that they're revising the next GDP down down - this picture is actually much closer today to debt at 100% of GDP... when was the last time that happened? hrm...
"But the lower rates on short-term loans are not likely to ignite the refinancing market. Most people can't afford the higher monthly payments required by a 15-year fixed mortgage compared with a more traditional 30-year loan."
That's funny I would say it is fully iginited. I am probably doing 60% of my refi's as 15 year deals. 80% of those with $0 closing costs.
.....Do you guys in Florida even have enough equity refinancing, fact almost the entire state is underwater........
"Low rates" - lets get a bag of popcorn for this ride"....lol...
Any one that has been in the mortgage business for longer than a few years. Know is is a sales line.........
Twice a year the fed can make adjustments to the prime lending rate to control inflation, June 15th and Nov 15th. The month, weeks before those dates, people start spreading rumors rates are going up, up, up....
...
The days immediately after, it is almost predictable those are the lowest rates of the year.
Refied last year, got the 4.5% fixed, zero points, $956 total closing costs including appraisal.
Seriously I do not believe the rates are going to drop much any lower then they are. Then we are going to get into deflation economy where everything becomes worthless.....
My $00.02
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......
Actually the Fed meets eight times a year. At each meeting they can adjust the Fed Fund rate to either fight inflation by raising rates or help the economy move forward by lowering the rate. The prime rate moves when the Fed rate moves. The prime rate is always the Fed fund rate plus 3%.
Actually the Fed meets eight times a year. At each meeting they can adjust the Fed Fund rate to either fight inflation by raising rates or help the economy move forward by lowering the rate. The prime rate moves when the Fed rate moves. The prime rate is always the Fed fund rate plus 3%.
"But the lower rates on short-term loans are not likely to ignite the refinancing market. Most people can't afford the higher monthly payments required by a 15-year fixed mortgage compared with a more traditional 30-year loan."
That's funny I would say it is fully iginited. I am probably doing 60% of my refi's as 15 year deals. 80% of those with $0 closing costs.
You guys down in Florida trying to refinance people into loans at a lower interest rate. I bet your are having a hard time with LTV scores.
Behind Nevada, I'm sure you know Florida is the next hardest hit state for lost value.
Something you should be looking into - writing short refi's for principle reductions on mortgages. By lower the loan amount is a sure way to lower the payment. Getting home owners new loans comparable to rates similar to FHA loans. For the home owner, the loan principle can be reduced to 90% of the current value of the property.
Short refinancing has been around for years - the new Principal Reduction Program similar to the "Cash for Clunkers" car program that was around last fall. Part of the government Making Homes Affordable, the TARP program is designed to help boost the economy by introducing new money into the private sector.
The current lender can being reimbursed for 80% to 85% of their loss from TARP funds. They can write off the rest and take what would have likely become a problem loan off the books. This improves their balance sheet, gives them new money to lend, and will eventually increase their stock price.
This makes so much sense - lowering the loan amount, which results in lowering the payment to help keep people in their homes.
Over the last week have been going through training with a representative for a private investors group here in New York. The key to making this work for the home owner, is getting them approved with a new lender. Negotiating with the existing lender. Everybody walks away from the table as a winner.
(On my 2nd Red Bull today and it's not even 4:00pm....lol!!)..
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Last edited by Modification Specialist; 08-06-2010 at 01:29 PM..
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