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Lots of comments on this in the forum... The rates for 30 yr fixed are dipping under 5% for excellent risks -- the toughest thing might be deciding whether 'lower' is 'low enough' to make refi pay off. Use a online calculator to determine you time to break even.
I've been hearing rumors that the FEDs are trying to push a low 4.5% rate for everyone that has good enough credit to qualify in order to push refinancing. It hasn't passed yet, but it's one of many steps they're planning on taking to stablize the housing/mortgage market. Has anyone heard about this? I'd love to hear any more information you may have.
2 scenarios:
- California, O/O, 30yr fixed, no points or fees, $300k loan on $550k value, 750 fico
-Texas, Investment, 30yr fixed, 0pts/fees, $112k loan on $140k value, 750 fico
What rates could I get today? Thanks in advance!
I don' lend in either state, but on the east coast, I was quoting in the upper middle 4's w/ no points. A no fee (lender credit) would be somewhere in the low 5's, like 5.125%, but there would still be title company charges.
Investment loans tend to run 5/8% higher, but Cash Out vs. Rate/Term is another variable, as is property type.
If you are serious about this, don't wait. The last time I felt this momentum build, it took us 2 weeks to return everyone's telephone calls. They were stuck w/ seeking help from online companies w/ a black hole to call for help. Remember 50% of our industry workforce has moved on to the unemployment lines or other opportunities. Do you really want to be with someone just now returning? You probably know more about the changes than they do.
Find a lender that will allow you to get pre-approved and get your appraisal ordered, then wait for the rates to hit where you are happy with the low.
I've been hearing rumors that the FEDs are trying to push a low 4.5% rate for everyone that has good enough credit to qualify in order to push refinancing. It hasn't passed yet, but it's one of many steps they're planning on taking to stablize the housing/mortgage market. Has anyone heard about this? I'd love to hear any more information you may have.
I've actually heard that this 4.5% rate is for new purchases, not for refinancing. But it's all just talk right now.
As far as rates, I got 4.625% with 0 points/origination for 60 days yesterday. This was a 30 year fixed, 20% down loan. We do have really good credit with zero credit card debt and salaries that more than qualifies us for our loan amount, so we are probably considered very low risk.
I've been hearing rumors that the FEDs are trying to push a low 4.5% rate for everyone that has good enough credit to qualify in order to push refinancing. It hasn't passed yet, but it's one of many steps they're planning on taking to stablize the housing/mortgage market. Has anyone heard about this? I'd love to hear any more information you may have.
The push for the government to purchase GSE's is not what is driving today's market. Nothing is cast in stone, yesterday Paulson said he never committed to the idea. When it was announced as a possible target, it was not for refinancing, in fact it excluded refinancing. It was an attempt to prop up builders that are failing.
FWIW, nothing has to pass anywhere. TARP is law unto itself and we (the American people) allowed it to go forward with zero accountability. It's Hank and Ben's treasure chest now (a la taxpayer).
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