Mortgage Rate Watch - All Comments

re: Float Bias Back as Mortgage Rates Hold Steady After Jobs Data

Jason Harris — Sat, 07 Nov 2009 00:09:12 GMT

Man...that is a good question. If someone knows I would love to hear. I Imagine there are a few folks like you out there...

re: Float Bias Back as Mortgage Rates Hold Steady After Jobs Data

Ryan Kelly — Fri, 06 Nov 2009 23:02:47 GMT

I have read several conflicting explanations of the extended homebuyer tax credit. If someone has owned and occupied a primary home for 5 consecutive of the last 8 years, but sold the home 18 months ago to relocate and has been renting/waiting to buy another home to see if their new housing market/job situation is fairly stable - it sounds like the credit would not apply - that it applies only if a person currently (at this moment) owns another home (even if they are not currently occupying). Is my understanding correct?

re: Mortgage Rates Pressured Higher Ahead of FOMC Statement. Did You Lock?

Ave Maria — Thu, 05 Nov 2009 17:13:55 GMT

Debating if I should submit my application today and lock. My seller is taking her time getting out, which is the problem. Contract date is January 1st. I can get a 90day rate lock with my credit union which gives me till Feb 3rd to close. Their rate for 30yr fixed has been sitting at 5% all week with no changes. Decisions... decisions.

re: Mortgage Rates Pressured Higher Ahead of FOMC Statement. Did You Lock?

Victor Burek — Thu, 05 Nov 2009 12:52:43 GMT

thanks for your comments.

re: Mortgage Rates Pressured Higher Ahead of FOMC Statement. Did You Lock?

Lisa Montoya — Thu, 05 Nov 2009 12:46:07 GMT

Correction...My daughter locked on Tuesday.

re: Mortgage Rates Pressured Higher Ahead of FOMC Statement. Did You Lock?

Lisa Montoya — Thu, 05 Nov 2009 12:35:19 GMT

My daughter is a first time home buyer, and is purchasing her very own townhouse in Phoenix, AZ. She locked on Wednesday (FHA-30 yr) at a 5 %, BUT she had to buy down. Original quote which was given to us was 5.2. It was a good over-all rate in the end, but I feel her loan officer should have given her a lower quote that day/time. My daughter has great credit and NO bills. Also I just refinanced my home (locking at 4.625), and my new husband just refinanced his home (locking at 4.8). I knew nothing about mortgage rates before I started. Thanks to your articles, my family did great on all of our financing.

re: Mortgage Rates Pressured Higher Ahead of FOMC Statement. Did You Lock?

Peter Simon — Thu, 05 Nov 2009 04:28:35 GMT

Yep. Locked 5%, no points. Closing Monday. Thanks for the education, MND!

re: Mortgage Rates Pressured Higher Ahead of FOMC Statement. Did You Lock?

Mike K — Wed, 04 Nov 2009 18:36:59 GMT

Locked, 5%, no points, 30yr FHA. Figured although it might go a bit lower, it could go a LOT higher quick if everything keeps coming out better than expected...

re: Mortgage Rates Pressured Higher Ahead of FOMC Statement. Did You Lock?

Victor Burek — Wed, 04 Nov 2009 18:14:21 GMT

good job on locking. Sorry to hear that Jared, I feel pretty confident the credit will get extended.

re: Mortgage Rates Pressured Higher Ahead of FOMC Statement. Did You Lock?

rita ledford — Wed, 04 Nov 2009 18:05:46 GMT

Yes! locked in yesterday on a UDSA loan at 5.375, wish I had read the article on Monday...

re: Mortgage Rates Pressured Higher Ahead of FOMC Statement. Did You Lock?

James Tran — Wed, 04 Nov 2009 17:45:31 GMT

Yes, I locked! 4.75%, 0 origination and 0 discount points, 15 year conventional loan. Thanks for the good advice!

re: Mortgage Rates Pressured Higher Ahead of FOMC Statement. Did You Lock?

Jared Swanson — Wed, 04 Nov 2009 17:20:38 GMT

Heck yes I locked. 5 & no points on 30 year fha. Too bad I got the news this morning that the seller is backing out. There goes my rate, and my tax credit as a first time homebuyer. Anyone know a good attorney in SE Mass?

re: Floating is Risky Ahead of Major Market Events

Victor Burek — Wed, 04 Nov 2009 00:35:26 GMT

Your broker sounds like he/she tracks mbs. MBS sold off some today leading to all lenders repricing for the worse. As i advise today floating is risky going into the rest of the week. James, some lenders will allow a rate to be locked for 6 months. You can lock on 15 days, 30 days, 45 days, 60 days, etc.. The longer the lock period, you pay additional fees or take a higher rate. When i quote par rate, that is assuming a 15 day lock.

re: Floating is Risky Ahead of Major Market Events

James Tran — Tue, 03 Nov 2009 22:34:05 GMT

I don't understand. Vish has 45 more days until closing. A 30 day lock today will expire before he closes. What good does that do for him?

re: Floating is Risky Ahead of Major Market Events

dave h — Tue, 03 Nov 2009 21:54:15 GMT

Victor My broker called me today and said we should lock> I'm doing a 417k refi (cashed out 100k) ltv was 70%: I ended up with 4.875 rate and .25 cost for cash out> he charged a point + 3k in closing costs> why did he push for a lock today?