Mortgage guys - what's the latest?
- Thread starter Irondawg
- Start date
Mortgage rates are bouncing around because of the lack of institutional buyers of mortgage backed securities. The fed pumped a bunch in, but it's still a mess. Even though the fed slashed rates, there is no liquidity on the back end so rates have gone up for the last 30 days.
NAHB seems to think it will be ultra low in 2021. Infact, 3.00% on 30 years for 2021 is the projection.
View attachment 15866
NAHB seems to think it will be ultra low in 2021. Infact, 3.00% on 30 years for 2021 is the projection.
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Maybe I just have bad luck but I have not been able to find this type of reduction.
If there are any loan officers out there reading this....if you can get me from 4.625% APR to 3.25% APR or less on a 30yr, with no upfront closing costs. I'm listening, PM me.
If there are any loan officers out there reading this....if you can get me from 4.625% APR to 3.25% APR or less on a 30yr, with no upfront closing costs. I'm listening, PM me.
Rates are up because banks can't process all the applications from the rate drop a few weeks ago. Banks are covered up. Appraisers are too and they're scared of Rona. Some appraisals are being waived for drive by appraisals. Rates will bottom out later this year or next year, depending on economy and virus.
Not sure about the mortgage brokers, but I might lose my Libertarian card if somebody runs for office on a platform of getting rid of realtors. Sorry to the good ones, I am sure there are some, but the majority ruin it for the masses.
If I see one more 42 year old former hair stylist walk through a house and call MDF crown "hardwood moldings" and suggest to a buyer they can easily remove a load bearing wall to "to open up" a space I will lose my mind.
Still blows my mind to see people listing with a realtor without even trying something like Zillow. I get being scared about underpricing your house, but you can get a pretty good idea of the market just by looking at realtor.com, zillow, etc. Even assuming buyers will lowball you b/c they know you aren't paying a realtor fee, 3% on a 300k house is $9k. If nothing else, throw it on Zillow for a few weeks just to see if you get an offer.
When we listed, we had plenty of time, so we did our best to get the house show ready and get good pictures, put it on Zillow and facebook with an "optimistic" list price, and offered a 3% fee for any buyer's agent. Buyer's w/o agents knew they could go ahead and deduct 3% of the purchase price and still be "even", Buyer's agents could still pretend that we were paying the fee as long as their clients weren't looking on Zillow. If somebody contacted us without an agent, we asked that they provide a pre-qualificaiton letter from a bank so we didn't waste our time with people who had zero intentions of buying. We trusted agents to vet their own buyer's. We gave tours to people without agents. We let agents give tours without us as long as we could find some sort of shared connection who could vouch for them.
Took us around a month to end up with a buyer. Wasn't really much of a hassle. Probably gave 4 personal tours and had a half dozen realtors give tours. The biggest hassle was the realtors calling looking to be our listing agent. If we had been under the gun and needed to sell because of a job change or something, that would be different, but still probably some of the best hourly paid work we've ever had.
We close next week. I made the decision to lock in several weeks ago at 3.375% on a 30 year. I'm paying 20% down too. Pretty aggravated that I had to lock in right in the middle of the craziness of Rona. Hoping the rate drops to 3% between now and next Friday so I can use my one time bump down or whatever you call it.
I know it's not a bad rate, but it's the exact same rate I have on my current house that we built 7 1/2 years ago. With the rates dropping, I was hoping to get something a little lower.
How are you screwed? Seems like you got a great deal. I am going to do the same if I can get 2.75%. I'm trying to pay that ***** off, so to me it doesn't help unless I can get about 2 points. I'd rather just put the closing towards the principal, rather than adding to the loan.
I got 3.375% on a house I bought 6 months ago before all this crap started. Evidently, I can’t refinance to a lower rate unless I go to a 15-year, in which case the rate is less than half a point lower. Seems like I’d be better off keeping the 30-year but paying it like a 15-year unless the rates on 15-year refinancing seriously tank.
Overall, it’s hard to believe how much rates have changed since the mid-2000’s when 6% rates on a 30-year note were the norm. But home price escalation seems to have offset the rate drops, so the net gain to the consumer seems to be not much. Still shelling out about the same amount of money at the end of the day.
Exactly. Not a great leap forward in my opinion. Guess it depends on the loan amount.
3.375% is pretty incredible on a 30 year in the grand scheme of things. Will probably be moving in a year and I would take that in a heartbeat if I could lock it in right now.
3.375% on a 15yr fixed in December of 2019. I’m watching them now if I can lock in 2.6% on a 15yr fixed I may bite the bullet and refinance.
Yep I agree. Old rate on 30 year was 4% and had 25 years to go. So I’ve cut 10 years off loan and tens of thousands in interest.
I just helped my son lock down a great deal on a new house in Ark. Set to close on 4-24-20.
He graduates this mth from MSU with a Chem eng degree and has a job lined up.
Got married last May.
He got 3.25% fixed on 20 yr amortization with 1/2 of 1 dis point and no origination fee for a 5% down conventional loan. $173,000 loan amount.
Conventional is best way to go because the PMI is lower (his is .0045%) and it vanishes once u get 20% equity in the house. Which, on a 20 yr loan will occur around the 48th payment since 5% was put down. And, will occur sooner if you can get an appraisal showing the value has increased.
We live in Madison county and bank with BanCorpSouth. They have branches in Ark and that’s who he ended up going with.
I live in New England and was recommended a local guy who works for a local branch of CMG Financial.
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