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Old 09-19-2007, 10:49 AM
 
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Pricing has improve nearly a half point since yesterday. This equates to about 1/8th in rate.
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Old 09-19-2007, 12:02 PM
 
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Originally Posted by TimtheGuy View Post
Pricing has improve nearly a half point since yesterday. This equates to about 1/8th in rate.
Is that up or down?
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Old 09-19-2007, 12:11 PM
 
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Originally Posted by mbmouse View Post
huh??? Where do you see that? I am a mortgage broker and have been receiving emails from my lenders since 3:30pm yesterday continuing today, that they are lowering the rates. This means they are lowering the rate offered to the borrower per the qualifications, which also seem to be loosening up.

I found your other post under "Fed drops rates"/
Thanks
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Old 09-19-2007, 12:17 PM
 
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Originally Posted by gregandvicky View Post
Is that up or down?
rates went down 1/8. A 30 year fixed is around 6.0% now.
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Old 09-19-2007, 02:54 PM
 
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Unfortunately the Fed Funds rate is unlikely to have any significant direct impact on Mortgage rates.

Mortgage brokers might get a little bit better pricing. But, that is most likely a jumpstart to pick up origination volume.

Cutting fed fund rates may cause mortgage rates to actually rise believe it or not.

The bond market so far has not responded as the 10 years keep dropping in price/rising in yields.

The fed funds cut will in time jumpstart the economy. Most pundits look at the effects of a rate cut 6 months down the road.

Cheaper credit card rates, higher salaries, and other minor things will help ease the pain....but not so much direct plummeting mortgage rates.
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Old 09-20-2007, 07:21 AM
 
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Bankrate's study says rates went up slightly:

Mortgage rates rise slightly

As I understand it, the rate cut DOES lower rates for those who get a 80/15 mortgage (on the 15 portion). Is this correct?
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Old 09-20-2007, 07:42 AM
 
Location: Beautiful East TN!!
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Quote:
Originally Posted by gregandvicky View Post
Take a look at Bloomberg. Indicates mortgate rates are the same or a small uptick. Also the so called pundits on CNBC , Liesman. Santelli, Insana are saying the same. Yesterday DiTech was 5.75 online this morning 5 7/8.

Do you have to be a mortgage broker to get online updates?
No absolutely not. I just personally prefer to get info from the horses mouth ( the lenders that are actually writting and funding the loans) when I can because as you know the media tells everything straight and true facts only.
I believe most of the figures given on shows like that are the averages of what folks are closing loans at. That totally depends on what someone qualifies for. Some are being qualified at 5.95 and some are qualifying at 9.75 or more and they average those out for that day/week.
As for DiTech, they are a joke, every rate they advertise includes major buy down points. There is word of a false advertising suit against them as they advertise these rates but do not disclose the discount points or type of mortgage those rates are for, such as Power Option Arms.
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Old 09-20-2007, 10:35 AM
 
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Originally Posted by TimtheGuy View Post
Pricing has improve nearly a half point since yesterday. This equates to about 1/8th in rate.
Looks like we have given back most of this improvement today. Probably back to 6.125%.
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Old 09-20-2007, 10:36 AM
 
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Originally Posted by mbmouse View Post
No absolutely not. I just personally prefer to get info from the horses mouth ( the lenders that are actually writting and funding the loans) when I can because as you know the media tells everything straight and true facts only.
I believe most of the figures given on shows like that are the averages of what folks are closing loans at. That totally depends on what someone qualifies for. Some are being qualified at 5.95 and some are qualifying at 9.75 or more and they average those out for that day/week.
As for DiTech, they are a joke, every rate they advertise includes major buy down points. There is word of a false advertising suit against them as they advertise these rates but do not disclose the discount points or type of mortgage those rates are for, such as Power Option Arms.
mb is right on. Same goes for that bankrate.com crap. Best way to get true numbers is talk to an actual lender.
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Old 09-20-2007, 11:22 AM
 
Location: Tucson
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Originally Posted by TimtheGuy View Post
Looks like we have given back most of this improvement today. Probably back to 6.125%.
Yeah, the 10-year note's flying high today...
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