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02-16-2008, 04:18 PM
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Senior Member
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Join Date: Jan 2008
102 posts, read 84,135 times
Reputation: 35
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Mortgage Rate
Mortgage rates have gone up over the last week or so. Does anybody with any knowledge know if I can expect them to continue to go up or if they will likely come back down soon? Just the increase over the last week has reduced the amount I can afford for a home by about $10,000.
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02-16-2008, 04:21 PM
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Taipan
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Join Date: Jun 2007
Location: Las Vegas, NV and NW of Florence Junction, AZ
21,472 posts, read 8,010,273 times
Reputation: 2994
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Quote:
Originally Posted by wcaamyg
Mortgage rates have gone up over the last week or so. Does anybody with any knowledge know if I can expect them to continue to go up or if they will likely come back down soon? Just the increase over the last week has reduced the amount I can afford for a home by about $10,000.
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UP? - Here they have gone DOWN! |
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02-16-2008, 04:28 PM
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Senior Member
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Join Date: Jan 2008
102 posts, read 84,135 times
Reputation: 35
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They went from 5.5 to 6.125 in the last week....
The Fed lowered rates, but that is not reflected in the mortgage rates right now...
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02-16-2008, 04:32 PM
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Taipan
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Join Date: Jun 2007
Location: Las Vegas, NV and NW of Florence Junction, AZ
21,472 posts, read 8,010,273 times
Reputation: 2994
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Quote:
Originally Posted by wcaamyg
They went from 5.5 to 6.125 in the last week....
The Fed lowered rates, but that is not reflected in the mortgage rates right now...
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Well - perhaps where you live but here - we can get 5 5/8 all day long. |
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02-16-2008, 04:33 PM
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Eternal Member
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Join Date: Feb 2008
Location: CNJ/NYC
1,227 posts, read 958,028 times
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Quote:
Originally Posted by wcaamyg
Mortgage rates have gone up over the last week or so. Does anybody with any knowledge know if I can expect them to continue to go up or if they will likely come back down soon? Just the increase over the last week has reduced the amount I can afford for a home by about $10,000.
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Watch the markets. Rule of thumb is when the bond market does well, rates go down shortly thereafter.
What kind of mortgage product are you shopping for? |
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02-16-2008, 04:37 PM
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Eternal Member
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Join Date: Feb 2008
Location: CNJ/NYC
1,227 posts, read 958,028 times
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Quote:
Originally Posted by Greatday
Well - perhaps where you live but here - we can get 5 5/8 all day long.
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On what mortgage product? |
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02-16-2008, 04:55 PM
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Taipan
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Join Date: Jun 2007
Location: Las Vegas, NV and NW of Florence Junction, AZ
21,472 posts, read 8,010,273 times
Reputation: 2994
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Quote:
Originally Posted by TwiloMike
On what mortgage product?
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30 yr / Conv / 100% LTV / No points / 1% origination
We are getting the same, or even a little less, on 30 year FHA / No Points |
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02-16-2008, 04:55 PM
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Senior Member
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Join Date: Feb 2008
Location: Las Vegas, Centennial Hills
1,769 posts, read 1,431,557 times
Reputation: 383
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Quote:
Originally Posted by Greatday
Well - perhaps where you live but here - we can get 5 5/8 all day long.
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Actually pricing got considerably worse the second half of the week.
Also, I think it is a bit irresponsible quoting rates like that without disclaiming what the minimum qualifications are and what loan program you are referring to. |
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02-16-2008, 04:57 PM
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Taipan
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Join Date: Jun 2007
Location: Las Vegas, NV and NW of Florence Junction, AZ
21,472 posts, read 8,010,273 times
Reputation: 2994
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Quote:
Originally Posted by Daddys///M3
Actually pricing got considerably worse the second half of the week.
Also, I think it is a bit irresponsible quoting rates like that without disclaiming what the minimum qualifications are and what loan program you are referring to.
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I just quoted the program(s). And, these quotes were yesterday (Friday) |
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02-16-2008, 05:02 PM
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Eternal Member
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Join Date: Feb 2008
Location: CNJ/NYC
1,227 posts, read 958,028 times
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Quote:
Originally Posted by Greatday
30 yr / Conv / 100% LTV / No points / 1% origination
We are getting the same, or even a little less, on 30 year FHA / No Points
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1% origination is basically a point. My bank pulled out of Nevada so I don't even know what's going on over there. Is that a 30 year fixed? Interest only? Balloon? |
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