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Old 04-21-2008, 07:52 AM
 
169 posts, read 1,434,855 times
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There was a message in NC forum - Someone locked the 30 yrs 0 pts mortgage for 4.875%. Many couldn't believe this. But some confirmed that rates were low for a day.

We are canadians recently moved to the US. Can someone please tell me how to get the information about everyday change in mortgage rates?

Thanks
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Old 04-21-2008, 08:08 AM
 
Location: CNJ/NYC
1,240 posts, read 3,771,907 times
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Talk to your loan officer.

Also, a 30 year fixed at 4.875% did not happen without fees. They may have been called something other than points but money is not that cheap these days.
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Old 04-21-2008, 08:17 AM
 
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I got a 30 yr fixed at 5.125 with no fees at all. There was a day in January that rates got that low..
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Old 04-21-2008, 09:01 AM
 
Location: Raleigh, NC
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Rates are probably going to go up a lot today and for the overnight figures. 10yr yield is at 3.76 and likely rising.
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Old 04-21-2008, 09:48 AM
 
Location: Durham, NC
1,364 posts, read 5,681,897 times
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Quote:
Originally Posted by TwiloMike View Post
Talk to your loan officer.

Also, a 30 year fixed at 4.875% did not happen without fees. They may have been called something other than points but money is not that cheap these days.
Not true - One day in January they got below 5...somewhere around the 24th.

Now, if that rate was given today, yes you are correct.

Other possibility is it was a builder incentive and they just gave them the rate and paid the points themselves.
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Old 04-21-2008, 02:32 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,666,895 times
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I think this is the same point Twilo was making.

Discount points may have been charged but paid for the builder.
Either way the borrower paid for it as the closing costs are rolled into the price of the home.

Quote:
Originally Posted by sneezecake View Post
Not true - One day in January they got below 5...somewhere around the 24th.

Now, if that rate was given today, yes you are correct.

Other possibility is it was a builder incentive and they just gave them the rate and paid the points themselves.
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Old 04-21-2008, 06:05 PM
 
Location: CNJ/NYC
1,240 posts, read 3,771,907 times
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Quote:
Originally Posted by sneezecake View Post
Not true - One day in January they got below 5...somewhere around the 24th.

Now, if that rate was given today, yes you are correct.

Other possibility is it was a builder incentive and they just gave them the rate and paid the points themselves.
And back in 2005, sometime in May, the rate was 4.5%.

I was under the impression that we're discussing rates relevant to today, say, ones locked within April, perhaps March if you want to stretch it a bit for relevance. January rates? We're almost 90 days out of January rates. Could anything be more useless to remember? Oy....

renriq02, thank you. You got it.
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