Mortgage Rates Tick Higher to Start Third Quarter

re: Mortgage Rates Tick Higher to Start Third Quarter

Victor Burek — Wed, 01 Jul 2009 21:43:03 GMT

John, exactly. if we sell off tomorrow, it will take some time before rates rebound and they may not ever rebound back. So lock now and have security or roll the dice.

re: Mortgage Rates Tick Higher to Start Third Quarter

john schnyderite — Wed, 01 Jul 2009 21:09:39 GMT

thanks victor..most people dance around answering yes or no. I appreciate your honesty. im guessing you dont think 2 weeks (after the holiday of course) is much time to rebound

re: Mortgage Rates Tick Higher to Start Third Quarter

Victor Burek — Wed, 01 Jul 2009 21:01:49 GMT

John, yes. But with all gambles you can win. Tomorrow's NFP calls for a loss of 350,000. If above 400 we could easily rally and rates improve. if under 400 we could sell off very quickly and rates move higher. there is more room above for higher rates than below for lower rates.

re: Mortgage Rates Tick Higher to Start Third Quarter

john schnyderite — Wed, 01 Jul 2009 20:35:31 GMT

victor, do you consider floating 3 weeks to closing a gamble?

re: Mortgage Rates Tick Higher to Start Third Quarter

Victor Burek — Wed, 01 Jul 2009 20:30:31 GMT

John, then lock and have a good nights sleep. Kyle, nothing wrong with playing it safe. rates today are still at historic low levels.

re: Mortgage Rates Tick Higher to Start Third Quarter

Chris McDonald — Wed, 01 Jul 2009 20:28:07 GMT

Mark - from my experience, Wells advertises 0 'points' but does charge a 1% origination fee - just a heads up. Good luck!

re: Mortgage Rates Tick Higher to Start Third Quarter

Rob Hunglikeaton — Wed, 01 Jul 2009 20:25:55 GMT

The Tonner was holding out hope for a 30 year FHA @ 5.25 but he's not feeling very confident that will happen. The Tonner is putting out feelers to other mortgage brokers to see if he can get better rates. Luckily the Tonner doesn't close until 8/21.

re: Mortgage Rates Tick Higher to Start Third Quarter

Kyle Wagner — Wed, 01 Jul 2009 20:24:43 GMT

Thank you for your quick response Victor, While I do like to take some risks I am not much of a gambling man so I feel that I should play it safe and lock today. I also plan on asking about a float down if it is available through my agent in case something major does go down over the weekend. Thanks for your input and anything else you would like to recommend would be greatly appreciated.

re: Mortgage Rates Tick Higher to Start Third Quarter

john schnyderite — Wed, 01 Jul 2009 20:20:46 GMT

i was holding out for 5.25 but im getting nervous with all the articles, news reports about the recession ending..i get this eerie feeling rates are gonna shoot up any day now. the fed stepping in isn't too reassuring with 3 weeks to go

re: Mortgage Rates Tick Higher to Start Third Quarter

Victor Burek — Wed, 01 Jul 2009 20:02:13 GMT

Kyle, if the payrolls report is better than expected , mortgage rates will move higher quickly. The report is due out before lenders issue rate sheets, so the time to lock in would be later today at lock cutoff. On the flip side, if the payrolls report is much worse than expected, we could very easily rally. Float at your own risk!

re: Mortgage Rates Tick Higher to Start Third Quarter

Mark Siegrist — Wed, 01 Jul 2009 19:52:25 GMT

Wells Fargo still at 5.375 for 0 points. Been stuck at that for a week : (

re: Mortgage Rates Tick Higher to Start Third Quarter

Kyle Wagner — Wed, 01 Jul 2009 19:43:24 GMT

In response to your update, are you saying I would be better off waiting until tomorrow morning to lock or would you recommend that I still just lock this afternoon. Thank again!!

re: Mortgage Rates Tick Higher to Start Third Quarter

Victor Burek — Wed, 01 Jul 2009 19:11:42 GMT

A quick update, MBS are moving higher and have recaptured the losses suffered yesterday and this morning. if you are planning to lock before the payrolls report tomorrow, hold off until later today. Some lenders have already repriced better and more on the way. Jillnicole79, with 2 points you are not getting a good rate. Did they tell you that you have to use a specific lender. With 2 points, you should be at 5%.

re: Mortgage Rates Tick Higher to Start Third Quarter

Khushi — Wed, 01 Jul 2009 18:59:25 GMT

I will contact the boss soon, and come back here to share the result; thanks for the advise. If I have to file BBB complaints or so, do I do it in my state Virginia or to his office location in Maryland. Again, thanks for all your time and effort.

re: Mortgage Rates Tick Higher to Start Third Quarter

jillnicole79 — Wed, 01 Jul 2009 18:34:41 GMT

We are on time to close mid-August on a new construction. We can begin thinking about locking in the next week or two. The builder is paying 2 points and we are using a 30yr FHA. She just quoted us 5.375% with those 2 points. Any thoughts? Is this what we are looking at for the next month or is there any chance of it moving down? TIA!