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Regular Contributor
flyers
Posts: 216
Registered: ‎04-19-2007
0

Mortgage rates

[ Edited ]
Given the current market lending conditions are these fair rates from the lender? Or am I being fleeced?
 
I have 0 down payment & score of 680.     House is $270K.  These rates were quoted to me on Thursday.
 
30yr fixed: 7%  and $216 PMI
30yr fixed: 7.5% and $133 PMI
30yr IO fixed: 7.875%  and $133 PMI
 
I see things online for like 6.5% or less but I don't know if it is having zero down and/or my score & past BK that are giving me the higher rate.  I asked if my score was 700 would the rate go down and she said no.


Message Edited by flyers on 08-07-2007 06:43 AM

Message Edited by flyers on 08-07-2007 06:43 AM
New Member
willyr75
Posts: 8
Registered: ‎08-02-2007
0

Re: Mortgage rates

Hello,
 
Given the current market conditions we are going to see even more changes to the guidelines for all home buyers and people who need to refinance. Especially for those who have little to no money down or equity. I as a professional in the industry have made it a purpose to educate people on the government loans available. Either an FHA or VA loan can be a great alternative with little to no money down. Make sure to check to see if your purchase price is in the allowable loan limits for FHA or VA. Definitely look into these as options. The average rates on the 30 year fixed have gone down for conventional and government loans. I saw it dip as much as .25% this week for folks who were able to qualify for these types of loans. If you have any further questions on government loans let me know~
Frequent Contributor
HouseHunter
Posts: 351
Registered: ‎04-02-2007
0

Re: Mortgage rates

I had my credit pulled for a mortgage loan a couple of months ago.  At that time, my middle score was around 670-680, I can't remember exactly.  I was quoted 6.85%.  It was for a no money down FHA loan and I don't have a bankruptcy on my CR's. 
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Mortgage rates

I do not work in the mortgage industry-

I am working to do a home equity loan in the next few months and my research is telling me the rates are the highest right now that they are going to be for some time.
Regular Contributor
flyers
Posts: 216
Registered: ‎04-19-2007
0

Re: Mortgage rates

I called the lender and yesterday and the rate dropped by .125%.  I have 4 more days before I have to lock.  
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Mortgage rates



flyers wrote:
I called the lender and yesterday and the rate dropped by .125%. I have 4 more days before I have to lock.





I bet $20 it drops another .5 point in 30 days. Your call
Regular Contributor
flyers
Posts: 216
Registered: ‎04-19-2007
0

Re: Mortgage rates



Timothy wrote:


flyers wrote:
I called the lender and yesterday and the rate dropped by .125%. I have 4 more days before I have to lock.





I bet $20 it drops another .5 point in 30 days. Your call


I would love for it to drop that much but I have to lock by Friday the 10th.  Closing is on the 21st.  After today's run up of 12 basis pts on the 10 yr Treasury rates may just stay fairly flat.
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Mortgage rates

If you are closing soon - go ahead and lock the new lower rate.

If you have 30 -45 days I would wait. I am on my home eq loan. I looked at the "Expert opinions" and they are a bit mixed.

Indicators say rates will go up- I feel there is still enough slow down in demand to push the rate down a .25 to .50 point in 30-50 days.
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Mortgage rates



flyers wrote:


Timothy wrote:


flyers wrote:
I called the lender and yesterday and the rate dropped by .125%. I have 4 more days before I have to lock.





I bet $20 it drops another .5 point in 30 days. Your call


I would love for it to drop that much but I have to lock by Friday the 10th. Closing is on the 21st. After today's run up of 12 basis pts on the 10 yr Treasury rates may just stay fairly flat.





The downturn comes as mortgage rates continue to drop. Thursday, Freddie Mac, the financing mortgage giant, reported that rates for benchmark 30-year fixed loans fell for the fifth consecutive week to 6.52 percent.

I wonder what he did and if I can collect my $20???
BTW- I expect them to go even lower.
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Mortgage rates

It is funny how a few weeks changes the "Experts" minds.

http://www.bankrate.com/brm/static/rti.asp
These are the same "Experts" I disagreed a few weeks ago quoting rates would go up.

Today's Rate 6.150 %
High Average 6.36 %
Low Average 6.04 %

Anyone looking to do a conforming loan - hang a 2-3 more weeks..

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