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Think we will see mortgage rates go down to 4.0-4.5?

Chunkee

Chunkee

Lifer
People never having missed a payment, not spent over their means, people who lost a great bit in there 401k, who could use a little help. It seems all the tax contributions are going to such...just asking you surmisers whether or not there may be the potential to re-finance and save some money?

jC
 
Just buy a new porsche and a hummer, get a couple of months behind on your mortgage... and you will be golden.
 
It's like dental health insurance.
They won't pay for preventive caps, but they will pay once you have a cavity.

Its F'ed up, but its a good way to prevent abuse of the privileges.
 
Originally posted by: Chunkee
People never having missed a payment, not spent over their means, people who lost a great bit in there 401k, who could use a little help. It seems all the tax contributions are going to such...just asking you surmisers whether or not there may be the potential to re-finance and save some money?

jC
Click to expand...

Rates back in January fell down to 4.625 - 4.875%
 

my first payment on my refi from last January is due this month...went from 5.7 % to 4.5% which dropped my payment from $1100 to $866 a month...gonna continue with my $1100 payment though which should save about $18K in interest and shave about 5 years off the loan...
 
hmm, 5.24% right now... I would say it's possible but not probable. Housing prices probably won't go down much further either... very small percentages if any. The bottom won't completely fall out. Best value - I'd buy within a year.
 
Originally posted by: rh71
hmm, 5.24% right now... I would say it's possible but not probable. Housing prices probably won't go down much further either... very small percentages if any. The bottom won't completely fall out. Best value - I'd buy within a year.
Click to expand...

You mean wait a year..or buy later this year?
 
Originally posted by: Chunkee
Originally posted by: rh71
hmm, 5.24% right now... I would say it's possible but not probable. Housing prices probably won't go down much further either... very small percentages if any. The bottom won't completely fall out. Best value - I'd buy within a year.
Click to expand...

You mean wait a year..or buy later this year?
Click to expand...

It's just like predicting when the economy will rise again. Not exactly sure but my point is if you're trying to catch prices at its lowest point, I would buy no later than a year from now. If housing prices don't go back up, the interest rates may. Heard something about the current situation being the best for lowest prices + lowest rate... not to mention it's definitely a buyer's market. I'm no financial expert, but this is my educated guess as we're in the market and have read around. Hopefully more people will chime in...

Who knows if...
- we'll be able to sell our own house
- qualify enough for a new mortgage these days (different requirements?)
- we'll have a job next year 😀
 
rates have been creeping up.

If the bailout plan is approved tomorrow, banks will be forced to raise rates to cover the future losses.
 
Originally posted by: alkemyst
rates have been creeping up.

If the bailout plan is approved tomorrow, banks will be forced to raise rates to cover the future losses.
Click to expand...

i thought a bailout/stimulus plan was supposed to help consumers by driving rates down making owning a home more affordable.
 
Originally posted by: Chunkee
People never having missed a payment, not spent over their means, people who lost a great bit in there 401k, who could use a little help. It seems all the tax contributions are going to such...just asking you surmisers whether or not there may be the potential to re-finance and save some money?

jC
Click to expand...
I close 3/21 on a refi @5.3%. That's down from 6.6% from 3 years ago. Saves me $200/month.

Not great but OK. On the other hand the 401k has lost 20k since Jan. Ugh...
 
What entity is the best place to have an existing mortgage refinanced? I'm at 6.5% with Wells Fargo but I would refinance if it was in the 4.5%-5.3% range. What steps need to be taken to do this?
 
Originally posted by: JRussellDMD
What entity is the best place to have an existing mortgage refinanced? I'm at 6.5% with Wells Fargo but I would refinance if it was in the 4.5%-5.3% range. What steps need to be taken to do this?
Click to expand...

You can either go retail (call Wells Fargo and let them know you want to refinance, Walk into a BofA or credit union, etc) or you can go wholesale (mortgage broker). There are pros and cons to both, and niether one is better than the other on any given day. There are bad loan officers at brokers, and there are bad reps in wholesale banks.

Shopping around is your best bet. 4.5-5.3 is very doable right now if you meet the credit, income, and equity requirements.
 
Originally posted by: Ocguy31
Originally posted by: JRussellDMD
What entity is the best place to have an existing mortgage refinanced? I'm at 6.5% with Wells Fargo but I would refinance if it was in the 4.5%-5.3% range. What steps need to be taken to do this?
Click to expand...

You can either go retail (call Wells Fargo and let them know you want to refinance, Walk into a BofA or credit union, etc) or you can go wholesale (mortgage broker). There are pros and cons to both, and niether one is better than the other on any given day. There are bad loan officers at brokers, and there are bad reps in wholesale banks.

Shopping around is your best bet. 4.5-5.3 is very doable right now if you meet the credit, income, and equity requirements.
Click to expand...
This. Lenders are not being lenient in any area either. A credit score of 720-740 are minimums for good rates.
 
Originally posted by: rh71
Originally posted by: Chunkee
Originally posted by: rh71
hmm, 5.24% right now... I would say it's possible but not probable. Housing prices probably won't go down much further either... very small percentages if any. The bottom won't completely fall out. Best value - I'd buy within a year.
Click to expand...

You mean wait a year..or buy later this year?
Click to expand...

It's just like predicting when the economy will rise again. Not exactly sure but my point is if you're trying to catch prices at its lowest point, I would buy no later than a year from now. If housing prices don't go back up, the interest rates may. Heard something about the current situation being the best for lowest prices + lowest rate... not to mention it's definitely a buyer's market. I'm no financial expert, but this is my educated guess as we're in the market and have read around. Hopefully more people will chime in...

Who knows if...
- we'll be able to sell our own house
- qualify enough for a new mortgage these days (different requirements?)
- we'll have a job next year 😀
Click to expand...

I took that bet. Just closed last week. It seemed like we were at a really good intersection of price and interest rates. The wife and I bought a place in Blaine, MN, got 5.375% on a mortgage that's just a bit more than double our yearly income. We still own the previous home because we've owned it outright for several years now and only pay taxes, insurance, and a small mortgage which just a refi of an existing HELOC that we took out to remodel. It's a starter home, so I'm hoping that the $8K first time buyer money will help move it quickly.

While I expect the market to continue down for a little while, it can't get too much lower. If the market sinks significantly more than it already has, we're looking at a Mad Max situation anyway in which case the only things that will matter are food and ammo.
 
Originally posted by: iRONic
Originally posted by: Ocguy31
Originally posted by: JRussellDMD
What entity is the best place to have an existing mortgage refinanced? I'm at 6.5% with Wells Fargo but I would refinance if it was in the 4.5%-5.3% range. What steps need to be taken to do this?
Click to expand...

You can either go retail (call Wells Fargo and let them know you want to refinance, Walk into a BofA or credit union, etc) or you can go wholesale (mortgage broker). There are pros and cons to both, and niether one is better than the other on any given day. There are bad loan officers at brokers, and there are bad reps in wholesale banks.

Shopping around is your best bet. 4.5-5.3 is very doable right now if you meet the credit, income, and equity requirements.
Click to expand...
This. Lenders are not being lenient in any area either. A credit score of 720-740 are minimums for good rates.
Click to expand...

My wife's a 740 and I'm a 700, but I bring home about 75% of our household income, and we had no trouble with approval. We got a 5.375% FHA through Wells.
 
Originally posted by: spacejamz

my first payment on my refi from last January is due this month...went from 5.7 % to 4.5% which dropped my payment from $1100 to $866 a month...gonna continue with my $1100 payment though which should save about $18K in interest and shave about 5 years off the loan...
Click to expand...

me too, refi in Jan, I have until the 15th to pay my first payment, went from 6.5 to 4.875, saving me about $250/month.
 
I have an adjustable, and my current rate is 3.75% The rate is based on the 1 year treasury bill, plus 2 points.

This year it should adjust even lower, since the t-bill is below 1% now.

I don't think my bank offers loans on the t-bill rates anymore 🙁.
 
Originally posted by: Drako
I have an adjustable, and my current rate is 3.75% The rate is based on the 1 year treasury bill, plus 2 points.

This year it should adjust even lower, since the t-bill is below 1% now.

I don't think my bank offers loans on the t-bill rates anymore 🙁.
Click to expand...

That depends if you don't have a floor that's higher than the teaser. Some people adj mortgages actually adjust up despite rates dropping.
 
Originally posted by: richardycc
Originally posted by: spacejamz

my first payment on my refi from last January is due this month...went from 5.7 % to 4.5% which dropped my payment from $1100 to $866 a month...gonna continue with my $1100 payment though which should save about $18K in interest and shave about 5 years off the loan...
Click to expand...

me too, refi in Jan, I have until the 15th to pay my first payment, went from 6.5 to 4.875, saving me about $250/month.
Click to expand...

January and last month were great times...rates are still low but moving towards 6% quickly.
 
Originally posted by: Ocguy31

Shopping around is your best bet. 4.5-5.3 is very doable right now if you meet the credit, income, and equity requirements.
Click to expand...
This. Lenders are not being lenient in any area either. A credit score of 720-740 are minimums for good rates.
[/quote]

For real no point/fee loans the 4.5-5.3 rates are going to be rough to find if you are planning on a 5% down loan. Even at 20% down, unless there are backend fees that 4.5% I can't see happening today or tomorrow.
 
Originally posted by: iRONic
Originally posted by: Ocguy31
Originally posted by: JRussellDMD
What entity is the best place to have an existing mortgage refinanced? I'm at 6.5% with Wells Fargo but I would refinance if it was in the 4.5%-5.3% range. What steps need to be taken to do this?
Click to expand...

You can either go retail (call Wells Fargo and let them know you want to refinance, Walk into a BofA or credit union, etc) or you can go wholesale (mortgage broker). There are pros and cons to both, and niether one is better than the other on any given day. There are bad loan officers at brokers, and there are bad reps in wholesale banks.

Shopping around is your best bet. 4.5-5.3 is very doable right now if you meet the credit, income, and equity requirements.
Click to expand...
This. Lenders are not being lenient in any area either. A credit score of 720-740 are minimums for good rates.
Click to expand...

My sister just locked her rate at 4.875% for 15 years fixed. Her credit score was 706. She had a small medical collection and a 30 day late that hurt her score. She's happy because her previous rate was like 6.5% 30 years fixed. She's chopping off 15 years for slightly higher payment.
 
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