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Northeastern Pennsylvania Scranton, Wilkes-Barre, Pocono area
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Old 12-15-2008, 06:20 PM
 
Location: Tunkhannock
937 posts, read 2,889,844 times
Reputation: 331

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We all know that the mortgage rates have dropped to around 5%. Does anybody think they will drop even further? I heard that they may drop into the 4's..... Hmmm.... wouldn't that be great for alot of us!
Let's keep this active and updated...
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Old 12-16-2008, 02:13 AM
 
106,675 posts, read 108,856,202 times
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typically rates are 1 to 1-1/2 per cent higher than the long term treasuary rate. with the treasury at 2.6% the spread is unusally wide right now as mortgage rates should be in the 4.5 range.

we may see a housing stimulous bill with 4.5% rates
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Old 12-16-2008, 05:49 AM
 
Location: Wake Forest
2,835 posts, read 7,343,809 times
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There is some discussion that the Treasury Dept will in cent Fannie and Freedy to have a period of 30 year loans @4.5% to jump start the housing market. If that is the case why would anyone buy now unless they had to? Best to wait for the next government give away program coming to a Bank near you!
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Old 12-16-2008, 06:36 AM
 
Location: Ashley
201 posts, read 539,031 times
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Do you know if this includes fixed rates?
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Old 12-16-2008, 06:46 AM
 
Location: Lake Ariel
936 posts, read 2,398,100 times
Reputation: 294
Quote:
Originally Posted by dansdrive View Post
There is some discussion that the Treasury Dept will in cent Fannie and Freedy to have a period of 30 year loans @4.5% to jump start the housing market. If that is the case why would anyone buy now unless they had to? Best to wait for the next government give away program coming to a Bank near you!
Supposedly those rates are going to be for homeowners going into or all ready in bankruptsy. But yesterday I checked Pennstar Bank and the rates were already at 5.125%. I am hoping that they drop to 4.75% so I can refinance.
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Old 12-16-2008, 02:19 PM
 
Location: Shohola, PA
755 posts, read 2,334,331 times
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OMG..I hope they drop below 5...we really need to do a BIG refi...
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Old 12-16-2008, 05:06 PM
 
Location: Collegeville PA & Towamensing Trails
513 posts, read 1,080,314 times
Reputation: 279
I spoke with my guy at Chase today. He thinks that we have hit bottom on rates, or are very close to it. I can get 5% with 1.125 point for 30 years from him. I've done 3 mortgages thru him at Chase. Chase never got into sub-prime lending. Every time, I could have gotten 1/8 or maybe even 1/4 lower. But those were with unknown agencies, not strong, reputable institutions.
I'm playing it day by day, but I don't think it will go much lower.
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Old 12-17-2008, 12:39 PM
 
Location: Tunkhannock
937 posts, read 2,889,844 times
Reputation: 331
I think I just heard that they are dropping again, not sure though... geez
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Old 12-17-2008, 01:53 PM
 
Location: Lake Ariel
936 posts, read 2,398,100 times
Reputation: 294
Quote:
Originally Posted by memoriesbre View Post
I think I just heard that they are dropping again, not sure though... geez
I just seen Pennstar Banks mortgage rate its 4.675%. Good luck all in refinancing!!!!!!!!!!!!!
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Old 12-17-2008, 04:46 PM
 
276 posts, read 678,600 times
Reputation: 121
Quote:
Originally Posted by memoriesbre View Post
We all know that the mortgage rates have dropped to around 5%. Does anybody think they will drop even further? I heard that they may drop into the 4's..... Hmmm.... wouldn't that be great for alot of us!
Let's keep this active and updated...
Yesterday the fed placed interests rates to 0%, which probably will drop interest rates down to 4% to 4.5%. However, understand that if financial issues continue with these institutions, this may not occur, or may be temporary.

There may be a desperate need to pass the cost of bad investments onto customers.
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