Mortgage Rates near 4-year low....keep on eye on falling interest rates (1 Viewer)

[varanook]

thanks

 

[Furor]

http://library.hsh.com/?row_id=91

 

[Pure Energy]

It will take some time to really effect the mortgage interest rates. Lets just hope people rush out to buy cars with the prime rate cut, that should spur the mortgage rates to drop a little.

Now, if you had an equity line of credit, this would be good....

Good point...I told my wife last year to leave the HELOC in place; that just as rates go up they can come down. The rate on my HELOC is prime (6.5%) minus .51 or 6.5 -.51 =5.99%

Update:
I called them and asked them for my rate and whether they had a better rate available? She said, "Please hold." I waited and she came back online and dropped the rate 25 basis points to prime minus .76 or 5.74%

Go lower rates!

 

[dapperdan]

Aye. We had a pretty active weekend of showings and a couple of our disclosure forms were taken, so I've got my fingers crossed that we'll have an offer here soon. Might have to spend a month or two in an apartment in SoCal waiting for the new regulations to go into effect. Or would a mortgage company 'grandfather' the new limits in once the bill is signed, I can't imagine they'd want to go a whole month with no business while everybody waits?

Good question regarding the "grandfathering". My guess is that we'll see the higher conforming limits go into effect within 2 weeks after the bill is signed. At this point, I would have to believe that the lenders would have to see the bill signed. It appears that the Senate may be playing a bit of a game of chicken right now. And until that gets cleared up, no lender would stick their neck out and be stuck with a bunch of Jumbo paper that they can only sell at a loss until the bill is straightened out.

 

[efil4stnias]

Good point...I told my wife last year to leave the HELOC in place; that just as rates go up they can come down. The rate on my HELOC is prime (6.5%) minus .51 or 6.5 -.51 =5.99%

Update:
I called them and asked them for my rate and whether they had a better rate available? She said, "Please hold." I waited and she came back online and dropped the rate 25 basis points to prime minus .76 or 5.74%

Go lower rates!

tee hee I did the same just a moment ago after I read this. Doggonit I forgot all about my rate tied to prime - .5 Sweet! Thanks for the reminder!

 

[Pure Energy]

wow! and just announced...the Fed cut another 50 basis points... Wow!

Variable rates may once again be in play for Home financing.