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No one knows if rates will go down more or not. you can't figure that out. There is no precedent for this.
Analogy... if you were going to buy something that normally costs $100, you went in the store and saw it was only $30 today, would you buy it... or would wonder if the price was going to go down to $28 the next week???? Of course you'd buy it... it is crazy low price, who knows, maybe it could come down a little more, but you might miss an incredible opportunity if you don't buy it.
Don't time the market. It won't work for stocks. It's doesn't work for rates. All of the "indicators" (10 year treasury, housing starts, etc) don't work right now. This is not a normal market because of the external influence of the government spending.
BoA quoted us 6.375 w no points this morning. They were out of their mind.
We locked with a mortgage broker in N. GA for 4.75 and 0 pts. instead. I'm happy!
lol, are you kidding? I knew they were out of the market, but I didn't know it was that bad. hahaa. combine that with 90 days for loan approval and they are pretty easy to compete against these days.
Location: Just transplanted to FL from the N GA mountains
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Originally Posted by AndrewSoss
lol, are you kidding? I knew they were out of the market, but I didn't know it was that bad. hahaa. combine that with 90 days for loan approval and they are pretty easy to compete against these days.
No... I'm not kidding. We were pre-approved 3 weeks ago, FICO of 790 w/20% down. I got my pre-approval letter which gave me an 800 number to call when we secured the home. I called and they gave me that quote... we were floored. The told me I could go to my local branch and try to re-negotiate a lower rate... So.. I did re-negotiate... just not with them...
BoA quoted us 6.375 w no points this morning. They were out of their mind.
We locked with a mortgage broker in N. GA for 4.75 and 0 pts. instead. I'm happy!
Something was wrong there--we got an excellent rate with BofA with no points. You need excellent credit and a solid downpayment for their best rates, but if you have those two things, BofA is very difficult to beat.
the end of the summer once the market starts to slow down again.......i say4.25 maybe even 4 just my thought.....
An interesting point about a slowing market pushing rates lower. However, I would offer up this countervailing force in the fall, in that there might be a rush of homebuyers bidding for the limited mortgage pool in order to meet the November 30th deadline for the $8000 refundable tax credit.
Anyway, I live in California, and for whatever reason, California mortgage rates are ALWAYS higher than the national average.
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rates may drop at
