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Mortgage Market Update/Purchase and Refinance Mortgage info

28Eliminator

28Eliminator

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Tamalewagon said:
Interesting...even though this article is accurate, it states the going rates are at 3.875%. FYI, we are currently at 3.75% at zero points with excellent credit and qualifying LTV.

Interesting read:

http://www.mortgagenewsdaily.com/consumer_rates/438732.aspx
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Question, I'm about ready to close on a refi. 30 yr fixed, but had to go the HARP route because my house is worth less than what owed on it:grumble: best rate I could get was 3.99%. did I get hosed?
 
Tamalewagon

Tamalewagon

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28Eliminator said:
Question, I'm about ready to close on a refi. 30 yr fixed, but had to go the HARP route because my house is worth less than what owed on it:grumble: best rate I could get was 3.99%. did I get hosed?
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What was the home appraised for, new loan balance and credit scores? PM sent.
 
Tinkerer

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paid mine off 3 13 2015 I am debt free. everything is paid for in full. feels great.
 
Tamalewagon

Tamalewagon

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Tinkerer said:
paid mine off 3 13 2015 I am debt free. everything is paid for in full. feels great.
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Excellent and congratulations! You've just achieved one of the true American dreams. :thumbup:

On the flip side of that coin...I hope you don't need any tax write offs. :D

Enjoy and again, congratulations. Only a very small percentage of Americans will ever achieve a paid in full mortgage. Something to be very proud of.
 
Tinkerer

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Why would I want to spend 3 to 4 $ to get only $1 back in said tax break.
 
PaPaG

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Hello Scott, so far your Vegas referral and his team for a refi are NOTHING BUT AWESOME. Thanks for the referral. I will let you know how it goes when all said and done..Thanks G. :thumbup:
 
Tamalewagon

Tamalewagon

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PaPaG said:
Hello Scott, so far your Vegas referral and his team for a refi are NOTHING BUT AWESOME. Thanks for the referral. I will let you know how it goes when all said and done..Thanks G. :thumbup:
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Outstanding news. Thank you for the update! :thumbup:
 
COCA COLA COWBOY

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I just heard rates are going up in June...you hear anything? I thought she wasn't going to do a thing till at least next year.

Yeah, I think she may be a little more savy and just mentions it which causes the effect she desires. Lots of layoffs going on now due to oil which is filtering down to other areas of the economy.
 
Tamalewagon

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Mortgage Rates Lowest in 6 Weeks

Mortgage Rate Pulse

Mar 23 2015, 4:33PM

Mortgage rates continued lower today, reaching levels not seen since February 9th. This further solidifies the positive move that followed last week's FOMC Announcement and Press Conference and offers ongoing confirmation that the disconcerting trend toward higher rates that began in February is defeated. While that doesn't necessarily have any implications as to the direction of the next trend, it does mean that we're no longer following the same steep and steady path toward higher rates.

The bond markets that underlie mortgage rates were relatively quiet today despite some volatility in other markets. Typically, the moves in those other markets would result in more weakness for bonds, and thus imply higher rates. But instead, bonds marched to their own beat. The most optimistic way to look at that would be to conclude that bond markets are being resilient in the face of broader volatility, but it's probably fairer to chalk it up to very light trading conditions to start, what is for many, this spring break week.

Most lenders are now offering 3.75% as a conventional 30yr fixed rate for top tier scenarios. Even if you're seeing 3.875%, it might make sense to consider paying more upfront (or taking less of a lender credit) in order to move down to 3.75% as the cost to do so is currently about as low as it gets. At most lenders, that eighth of a point in rate would save enough each month to recoup the additional upfront cost in 4-5 years. There is nothing inherently bad or good for paying more upfront to lower the rate. It's a simple matter of personal preference.
 
Tamalewagon

Tamalewagon

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COCA COLA COWBOY said:
I just heard rates are going up in June...you hear anything? I thought she wasn't going to do a thing till at least next year.

Yeah, I think she may be a little more savy and just mentions it which causes the effect she desires. Lots of layoffs going on now due to oil which is filtering down to other areas of the economy.
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There is more and more talk of this and she has admitted that she intends to raise the Fed rate in June. Yes, this definitely means mortgage rates are going to increase when she does this and the effects will be instantaneous. The market will probably react a few days in advance of the decision anticipating how much she will actually raise the rates.

If you are on the fence about your refinancing...I would strongly suggest moving forward very soon.
 
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