U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-05-2008, 11:11 PM
 
173 posts, read 604,126 times
Reputation: 55

Advertisements

Saw a house, want to buy. Interest rate is too high this week, mortage rate is 6.5%-7%. Do you think mortage rate will drop next year?
Rate this post positively Reply With Quote Quick reply to this message

 
Old 11-05-2008, 11:28 PM
 
Location: Laguna Niguel, CA
768 posts, read 4,120,919 times
Reputation: 456
No one can say where rates will be next year (60+ days from now), especially in this time of financial uncertainty. Rates trend up and rates trend down, right now they are trending down. Historically we are still extremely low and we're 1/2%+ lower than the highs over the past 30 days, so you could say we're at our short term lows as well. What is your situation, credit score, down payment, purchase price, occupancy, etc.?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-06-2008, 06:20 PM
 
Location: Plano, Texas
1,675 posts, read 6,621,292 times
Reputation: 693
John, most things are pointing towards lower rates for quite some time but currently rates are under 6% assuming you have good credit. Please provide the information Shane above asked for and you will get plenty of advice for the rate you would qualify for.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-06-2008, 09:32 PM
 
173 posts, read 604,126 times
Reputation: 55
I have really good credit score. I live in Arizona where houses values are still coming down. mortgage rate is high here.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-07-2008, 07:34 AM
 
Location: Fort Myers, FL
1,286 posts, read 2,707,733 times
Reputation: 249
Quote:
Originally Posted by NiceJohn View Post
I have really good credit score. I live in Arizona where houses values are still coming down. mortgage rate is high here.
mortgage rates only vary .25% nationally
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-07-2008, 08:53 AM
 
Location: Laguna Niguel, CA
768 posts, read 4,120,919 times
Reputation: 456
Quote:
Originally Posted by NiceJohn View Post
I have really good credit score. I live in Arizona where houses values are still coming down. mortgage rate is high here.
John.. help us, help you.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-07-2008, 09:33 AM
 
188 posts, read 623,402 times
Reputation: 49
Quote:
Originally Posted by ShanetheMortgageMan View Post
John.. help us, help you.
Could not resist myself from saying "Show me the Money !!!" ( from the same movie). LOL
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-07-2008, 04:56 PM
 
173 posts, read 604,126 times
Reputation: 55
Look at bankrate.com, mortgage rate for 30 yr loan is like 6.3% in Phoenix area. That is too high for me.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-07-2008, 09:06 PM
 
55 posts, read 252,937 times
Reputation: 46
6.13% is too high? Really? They were at 17%-18% in 1981.. Now THAT is high..

Are you a first-time home buyer? Have you researched any first home buyer programs in your area? Some will offer a discount rate.

We locked in our rate in Sept when the market rate was 5.75% and the first-time home buyer program we went through gave us a .5% discount to 5.25% w/ no points/PMI. Local programs can be a great advantage.

Also, you'll need at least 720 credit or better to get the best rates
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-07-2008, 09:50 PM
 
1,989 posts, read 4,080,575 times
Reputation: 1394
OP:

I've been following the market and saw this quote last week (from an IL site that has credibility to due it's link from "Calculated Risk" and economics news site):

"Mortgage rates are still trying to find direction. Mortgage bonds were worse most of the week, but after hitting a support level near their worst point for the year, they started to improve. All the indicators point toward lower mortgage rates and if this were a rational market rates would be considerably lower. But we are still in an irrational market where investors are afraid to own anything, so it may take some time before things normalize."

Basically, mortgage rates are as unpredictable as anything else right now.

That said, check this out:

"There have been serious proposals for a short-term government buy-down of mortgage rates to at least 4.5% for a 30-year fixed-rate mortgage, down from current rates of approximately 6.04%. This home-buyer incentive would apply to the purchase of all new and existing homes sold up to $1 million in price. "

Buy Real Estate Now - Forbes.com


Disclaimer: I am a NOBODY. I have NO qualifications to make any predictions. Just been following the news and the rates and thought I'd pass on what I've been seeing/hearing.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top