If you could get 4.875% 30 year fixed... (insurance, loan, fixed rate, credit) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - Page 2 - City-Data Forum

okaydorothy · 03-03-2008, 05:04 AM

and there i thought a 6 1/8 for 30 years was good on a vacation home with 20% down.

acegolfer · 03-03-2008, 06:05 AM

I think OP raised a hypothetical question.

There's no way to get 4.875% on a 30-yr FRM with 0 point right NOW. But please prove me wrong! I'm shopping for a mortgage.

Oobie119 · 03-03-2008, 06:23 AM

I wouldn't but maybe Im a wierdo-- I am also a bit unexperienced. It wouldn't matter to me what the interest rate is-- I wouldn't want to buy a home only to have it decrease in value. The market is said to take another fall this year and then steady off..I'd wait til the market is stable then purchase at the said interest rate.

tmorrell · 03-03-2008, 06:37 AM

I'm pretty sure that rate is from a builder. I know in the Charlotte area MI/Homes is offering 4.875 rates on new inventory homes. Ryan Homes was also offering a 5% rate with a 180 day lock to cover the build time.

sgresident · 03-03-2008, 06:43 AM

if it was the house i wanted, i would definitely take that interest rate. I wouldn't if it wasn't the right house!

Bette · 03-03-2008, 07:47 AM

Rates are going to be better today, March 3rd - just get yourself ready.

BTW, if you are not going to be in the home long (less than 7 years), the ARM's and Interest Only options are an excellent alternative!!

RoaminRed · 03-03-2008, 08:19 AM

Probably. It depends on too many factors to say a firm yes or no.

mystree · 03-03-2008, 09:01 AM

I would,I thought our rate of 6.125 was pretty good so I would jump on 4.85.

pghquest · 03-03-2008, 09:45 AM

Quote:

Originally Posted by evilnewbie

My question is how you can get 4.875% mortgage rate on 30 year loan? Inside connections?

Why stop at 4.875%? Lets go for 2.2%..

sponger42 · 03-03-2008, 10:21 AM

No way. Maybe if I was going to go 100% financed because the market looked good (where I could make more than 5% on the money I wasn't using to pay for the house).

However, with the market tanking and house values going to fall another 10-20% in most areas, I wouldn't catch a falling knife for a low monthly payment over the long term. It just doesn't make economic sense to buy a house now no matter which way you slice it.