Anyone know what the best 30 year mortgage rate is NOW?
After the news this morning about the rate cut. I was in the “middle” of a refinance at 5.75%, but I haven’t signed any paperwork yet. Of course, the bank (countrywide) is telling me that’s still the lowest rate. I find it hard to believe and I’m telling them to hold off. They are trying to hold some $300 app fee over my head. Any ideas?
I got mine at 5.5% just this morning. My advice go somewhere else that doesnt charge you an application fee. I dont have one and i have a lower interest rate and im bringing nothing to closing. I looked at countrywide when i was shopping around and when they told me about the application fee i was like see ya. I ended up with Prime Lending. They are great and very easy to work with.
Is the worldwide stockmarket crash good or bad news for me?
Obviously lots of investors will have lost heavily over the last few days with the fall in worldwide stocks.
I know it’s a bit selfish but how will it affect ME?
I have a safe job with little risk of redundancy, no savings or investments, a moderate sized variable rate mortgage, NHS pension and travel abroad frequently.
Will things get cheaper or more expensive? What will happen to exchange rates? Will it push house prices up or down?
I’m not looking for an economics lesson, just wondering what it means to the average person….
It will be safe to go out in the wine bars of London for the next few months without idiots in suits braying and yah-ing and snorting coke in the toilets.
Conservatives, under the Federal Reserve, Mortgage rates have dropped sharply. Should we overthrow them?
And now since they are buying more housing debt, sparks are declining. Should we completely overthrow them, and blame the American people for their own problems? What else is next? Where is your budget proposal? Why do you criticize when you don’t have any ideas of your own?
War on Demons – I am on my own computer. I gave an answer with a source, and you didn’t even answer my question. How does this make ME the kid? It’s blatant that you are just trolling, exept it’s not a question, it’s an answer! That’s even worse.
Bobbo – I respect your opinion. But, hybrid cars and bridges are part of the economy if you didn’t know.
Mrs. C – Okay the Democratic congress has been in for only 2 years, they got in in 2007. The Recession occurred in December 2007. And according to common sense, a Recession doesn’t happen within 11 months. Not only that, deregulation caused irresponsible loans, not the reinvestment act. There is a difference. Mortgage rates haven’t been down for years, JUST in 2008 the mortgage rates started slowly going down. Throughout the last 8 years, mortgage rates were high as hell. I was reading a graph created by one of our economists but I can’t remember where I saw it. Mrs C, it is obvious you don’t know what you are talking about. We now have a $10.5 trillion deficit to deal with, along with a failing economy, things started going down under Republican power, and you’re going to blame the current administration, along with JUST the democratic congress? How silly is that?
Dude, if you produce a hybrid car, do you know how many people you have to hire to create an assembly line? Do you know how building bridges and cars works? It takes more than 1 person to do this. And this isn’t even the only thing we are doing. We are reforming healthcare, so doctors who work for our country can get payed more money, tax cuts will go to 95% of working Americans. There is no incentive for the wealthy people of America to receive a tax cut and live like Kings and Queens while the middle class suffers job loses and high mortgage rates. We did this already. Why do you want to do it again?
Wow, it takes more emissions to create electricity, and it takes more emissions to create things like shaping metal? That doesn’t make any sense at all. This is to benefit the long run, not the short run. We are all in this together for the future we are not here to create raises for ourselves and let everything revolve around us.
You guys are the ones who proposed tax cuts. Why is it so bad when Obama does it? You certainly are not going to get chosen the best answer.
ZOMG RICH PEOPLE WHO WORK HARD SHOULD GET A RAISE
Shut up. We already gave the rich a raise and look where we are now. Have we progressed at all? No. Why do you propose raises for the rich, and get mad at things like the AIG bailout? Stop contradicting yourself. It is the middle class who works hard, and the upper class controls the middle class by showing contempt for them and doing anything to benefit no one but themselves. They will certainly not get an income raise. Not happening.
The federal reserve controls rates toolbox. Lending rates originated with the FED, before them a lender and a borrower agreed on terms of repayment, mutually beneficial for each party a win win. Then the FED turned us into a credit society.
What’s my budget proposal? End the fed stop feeding the wages of man to private bankers through taxation. A 30% income increase for every American would end any type of recessionary economy. As far as the federal budget. Close the motherphucker. The budget of our entire military, the most expensive in the world, is paid by taxes on corporate profit. Highways are paid for by taxes on gas and tariffs on imports. The rest of the government is not only useless its detrimental to the people of this nation. Shut it down. There’s your phucking budget. Your income tax pays the credit society, it goes purely to pay the interest on the federal reserve notes we “borrow” from the federal reserve bank a private institution.
Do lending institutions in the US really give higher mortgage rates based on the race of the applicants?
I don’t doubt that more sub prime loans went to minority applicants, but isn’t it based on their credit and finances?
I’ve financed 2 homes over the last 5 years and I don’t recall being asked about my race or ethnicity. How would my lenders even know that I’m 1/2 Native American (both my loans are conventional by the way- no subprime or ARM junk)?
Both transactions were done through a broker (not the lender). Like I said, I sure don’t remember being asked about my race. I guess I could’ve been asked to check a box and just don’t recall.
However, lending institutions do take into account various factors such as ratios of debt to income, net wealth, etc. They do this because those factors have been shown to have a relationship to how likely it is that the applicant will or will not pay the loan back.
And some of those factors, in turn, are different — on average — between the races. There is also some evidence that financial literacy differs between the races, so that some are more likely, on average, to sign up for a loan whose terms are worse than the best the applicant could get by shopping around.
So if you hear someone talking about the banks or mortgage companies being racist, it is this indirect effect that they are most likely talking about.
What do you see happening with Mortgage Interest Rates?
I am looking to buy a house. I was approved last month and rates were great – I think my rate with discount points was about 4.5%. Today, I was told with discount point I could get down to maybe 5%.
Given the recent news from the Fed, do you think rates will likely decrease again back to April/May rates, increase, or stay the same for a while?
I would like to make an offer but am afraid to lock in a rate, only for rates to drop a week later.
If you do see rates rising vs falling, would you be comfortable going with an FHA 5 1ARM? as opposed to an FHA 30 yr fixed? Do you think rates could rise that much in the next 5+ years?
Unless the stock market tanks again the mortgage rates will not get back to early May levels.
The likelihood of them rising is greater.
It is not out of question for mortgage rates to be in excess of 7% by end of Obama’s first term.
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