Mortgage Rates Look for Direction and the Week Ahead

re: Mortgage Rates Look for Direction and the Week Ahead

jo fabian — Sat, 04 Jul 2009 11:21:56 GMT

If anyone has had any luck with any of these companies, could you please post it for the ones that cannot find one to work with you. We've almost lost once and just got a second chance that want last long so I need to get something done now, so if anyone knows the right number to call, i am sure a lot of people that hasn't found them would appreciate it but check out http://obamamortgage2009.blogspot.com or obamamortgage2009.blogspot.com

re: Mortgage Rates Look for Direction and the Week Ahead

Keith Keith — Thu, 02 Jul 2009 01:23:23 GMT

Kyle, I'm not sure where you live, but if you're eligible for membership at becu credit union ( www.becuhomeloans.org ) I'd recommend checking them out. We're first time homebuyers with a similar loan amount and just locked in with the same rate. Our loan has no PMI and only requires $500 down. My realtor didn't believe me when I told them I could get 100% financing. (No I don't work there.....I'm just impressed with the loan they offered us).

re: Mortgage Rates Look for Direction and the Week Ahead

Kyle Wagner — Wed, 01 Jul 2009 15:26:04 GMT

I am 23 and I am set to close on my first home July 22. My FICO score is 768 and I have been watching the rates very closely and reading this site avidly. I can lock today 30yr Fixed for 5.375 no points, the mortgage amount is 148,500 after 7,500 down. What do you guys think about locking the rate before the Holiday and from the sound of things before the jobs report on Thursday. Thank you so much!

re: Mortgage Rates Look for Direction and the Week Ahead

Benjamin Ketchum — Tue, 30 Jun 2009 16:56:00 GMT

Steven, considering that you are only putting 10% down and still able to qualify for a 5.5% with no orig and no PMI i would jump all over this. Sounds like a great program. To get that rate with 20% down is still a decent loan and with only 10% makes it that much better.

re: Mortgage Rates Look for Direction and the Week Ahead

Steven Brown — Tue, 30 Jun 2009 15:06:11 GMT

Looking at closing around the end of August. Only 23 years old and not sure what to look for as far as rates. I've been watching the rates closely and my bank right now is offering 5.5% no origination fee and no PMI if you have 10% down. I have 12.5% down on a 95k house and looking to buy down a point. My FICO score is 750+. Just wondering when you guys would advise me locking in a rate? Thanks!

re: Mortgage Rates Look for Direction and the Week Ahead

Victor Burek — Mon, 29 Jun 2009 22:24:15 GMT

David, instead of using the money for buydown, have them drop sales price by 15k. If you cant, then do the buy down.

re: Mortgage Rates Look for Direction and the Week Ahead

david smith — Mon, 29 Jun 2009 20:14:49 GMT

Victor, thanks for the comment, I always value the opinions around here. I am stuck using the builder's mortgage co. (hence the slightly high rate), in order to get incentive money offered. Reason i'm looking to buy down the rate is that I saved some incentive money, rather than doing more upgrades,which can also be used for closing costs and points.

re: Mortgage Rates Look for Direction and the Week Ahead

david smith — Mon, 29 Jun 2009 20:06:41 GMT

Thanks Victor. Always value the opinions around here. Stuck using builder's mortgage company (hence the slightly high rate) in order to get builder incentive money. Reason for considering the rate buydown is that i saved some upgrade incentive money from the builder which is also applicable to closing costs and points. (i have 15k to spend)

re: Mortgage Rates Look for Direction and the Week Ahead

Victor Burek — Mon, 29 Jun 2009 19:45:12 GMT

David, many investors on vacation already so trading volume is light. Since you said you prefer to be on conservative side, you may want to make sure you lock before the jobs report on Thursday. If better than expected, MBS could easily sell off quite a bit, but if worse than expected we could rally. To get 4.75 costs an extra $6297.50 in fees and you only lower rate by .50%. 1/2 percent savings on $229,000 saves you $1145 in interest per year, giving you a 6 year breakeven point. Now, you might think you will stay in the home that long, but over 6 years many things can change in your life that results in you selling this home. In my opinion, the 5.375% with 1 is the better deal. Also, you should be able to get better than that rate. I only do loans in Texas but have contacts with many LO's covering all states. Send me an email to vburek@866whyross.com and i can refer you to a professional that might be able to offer a better rate.

re: Mortgage Rates Look for Direction and the Week Ahead

david smith — Mon, 29 Jun 2009 19:28:14 GMT

Set to close on home end of August. 60 day lock period is basically here and I prefer to be on the conservative side. Any advice on lock this week vs wait till after holiday?? (90%LTV, 800 credit score, 229k loan, 30yr fixed showing 5.375 with 1% orig.....considering 4.75% with 2.75% extra pts)