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Old 09-18-2007, 06:57 PM
 
295 posts, read 990,649 times
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I am looking to lock in a rate soon and I was wondering since the fed lowered the Fed fund rate today, if the mortgage rates would be going down soon. I am looking at a 30 year fixed.

thanks.
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Old 09-18-2007, 06:58 PM
 
Location: Mooresville, NC
170 posts, read 597,224 times
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they will go down, probably as soon as tomorrow
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Old 09-18-2007, 07:01 PM
 
693 posts, read 2,001,744 times
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Default from bloomberg today

Sept. 18 (Bloomberg) -- The Federal Reserve lowered its benchmark interest rate by a half point to 4.75 percent, the first cut in four years, to protect the U.S. from sinking into a recession sparked by fallout from the housing-market collapse.
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Old 09-18-2007, 08:23 PM
 
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Default refinancing

So how does refinancing work? I am just curious. Can't you only do it every few years?
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Old 09-19-2007, 06:23 AM
 
Location: Virginia Beach, VA
2,124 posts, read 8,197,448 times
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MJ, you can refinance whenever you want. However, check your loan, do you have a prepayment penalty? then you have to pay that prepayment penalty when you refinance if you are during the penalty phase. You need to look at the upfront fees and compare to your monthly obligation and how long you will own the home to see if a refinance makes sense for you.

shelly
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Old 09-19-2007, 08:08 AM
 
1,253 posts, read 4,312,251 times
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There is a good discussion on this in the Charlotte, NC thread
//www.city-data.com/forum/charl...-these-13.html

Basically the "experts" are saying that the rate cut will not help 30 yr mortgages but other types of loans and credit cards should benefit from the fed. decision.
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Old 09-19-2007, 09:16 AM
 
609 posts, read 1,964,136 times
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It appears at this point mortgage rates are staying the same or even edging up. Apparently a shortage of money available to loan. If the sub primers are not repaying and financial institutions have too many foreclosures the money is tight and their funds are tied up in RE and not money.

I guess a wait and see is best right now. Also the 10 year note has moved up in rate and down in price. Not very positive after a 50 basis point reduction in funds and 50 reduction in discount rate.

Seems that the world has turned upside down.
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Old 09-19-2007, 09:22 AM
 
Location: California
510 posts, read 3,058,050 times
Reputation: 383
The rate cut generated investor confidence, which in turn means investing in stocks, not the 10 and 30 year note... this will drive up rates. The only thing that will save mortgage rates is a nasty market crash. Even if that did happen, Sub Prime rates will still suck... it will take at least 7-10 years for people to forget the logic behind not lending cheap money to people with 510 credit scores who can't prove their income...
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Old 09-19-2007, 09:23 AM
 
Location: Beautiful East TN!!
7,281 posts, read 19,577,960 times
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Quote:
Originally Posted by gregandvicky View Post
It appears at this point mortgage rates are staying the same or even edging up.
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.
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Old 09-19-2007, 10:14 AM
 
609 posts, read 1,964,136 times
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Quote:
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.
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?
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