Profile picture for sellbuysell

4 1/2 % mortgage rate?

Are we going to see rates for 30 year mortgages get as low as 4 1/2% ?
  • February 09 2009 - Aiken
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Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (37)

Dear Sellbysell,

I never believed in gambling... though sometimes...  I guess waiting could be the best thing, however... it could also NOT be... 

With the IRS First time home buyer's stimulus plan and other stimulus plans out there... ect...

I guess you first need to ask your self...  Why am I asking this question... to refinance, or to purchase a new home... then ask yourself why are your refinancing or looking to purchase a home....  Then ask your self... will the payment be in the range in which I need it to be.....

You are taking a risk wishing that it will fall below 5%...  And the economy today....  is risky at best...
  • July 08 2009
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Profile picture for IPL Mortgage
I'm not sure I understand the question. You can get 4.5% any day of the week...depending on how much you're willing to pay and what your qualifications are.
  • February 13 2009
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[content removed by moderator for being inappropriate]
  • February 13 2009
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To further explain what I mean by the three card monty approach to pricing look at this quote from yesterday.

4.5%

$1,500 Origination
$400 Mortgage Broker Fee (I thought you were a direct lender?)
$500 Processing fee
$350 Underwriting fee
$2,750 in total 800 fees in addition to appraisal and credit.

If another lender quoted

4.5% with 1 point origination and .125% in discount and the only other 800 fees being credit and appraisal.  Would that not essentially be the exact same thing.....Why would you assume the average consumer reading these threads would know that?
  • February 13 2009
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Offering a par rate or near par rate and then charging the borrower a broker fee or an orination fee is exactly what I am referring to as the three card monty approach to the cost of mortgage financing.

You are a correspondent lender with a warehouse line of credit...I like to call it a broker on steroids...I will venture to say most of the lenders and brokers have access to the exact same lenders at the exact same price...

Why would you ASSUME that everyone that reads these threads that your 4.5% rate comes with an origination fee that you are not mentioning while quoting a rate....would you leave the orifination fee of your good faith estimate as well?
  • February 13 2009
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Jon...When you made the original post any of us probably could have done 4.5% with making a little bit on the back.  I think what got everyone going is that it came across that you would not have to charge a origination fee or broker fee in order to actually close it.  It was a little misleading that is all.
  • February 13 2009
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I can understand why there would be some antagonism toward me with the statement of being able to have a .125-.25% advantage over the competition. I agree it is a bit unprofessional and I'll probably re word it. Funny thing is that, based off of this over whelming response and doubt, it looks like I do have an advantage. I'm not hiding who I'm working under. If anything I'm promoting for them. These rates were attainable for me yesterday, and that's a fact that many of you are having a hard time swallowing. 
    I know that I've probably offended a number of people with this response and expect people to reply with more pictures and critcizm about my spelling or how I'm full of whatever. Granted I would love to continue this argument further, but I won't be responding again to this thread.   
  I can see how this would be entertaining to the extent of posting thousands of contributions.....yea right. But, like I said, i'm not a big fan of picking arguments for the sake of arguing, especially in cyberspace. This is set up to help each other and that's what I intend to use it for in the future. 
   I'm going to get back to work, hope you all have a great weekend. 
(sorry about the three different sections)

Regards, 
Jon Falconer

[content removed by moderator for being self promotional]

  • February 13 2009
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Jen, I agree maybe I could have been a bit more clear. No my origination would not have been on the back. But I assumed that who ever reads this post would assume that a 4.5% would not cover my closing costs. It would have paid around $900 on the back and that is what I was referring to. For now on, I'll use the term, "with no buydown."  
    In regards to, "That's kind of the whole point of the thread- is 4.5% available with no points?" I'd like to correct you instead of apologize. Read that up there ^^^ . It say's "4 1/2 % mortgage rate?" No mention of including closing costs. I know I never said anything about it.  
   I was originally just trying to be helpful by offering my opinion about the market and what I thought was going to happen....which has turned into an onslaught of people bashing me and the character of business that I conduct.

  • February 13 2009
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Ugh,
    You guys are really teaming up on me out there. Well done with that pic, I gave you a thumbs up who ever posted that. I'm not in the habit of contributing to internet chat rooms at all really, let alone thousands of times. Im not a fan of arguing for the sake of arguing either, but I will defend myself.
    To set the record straight, yes we are a correspondent lender with over 30 banks. At least three of which were at 4.5% for a 30 day lock yesterday, with a strong file and a 380k loan amount. This was available the three different times that i checked yesterday.
  (apparently I have to send this in a couple segments)
  • February 13 2009
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"Direct Lender" Hmm, Direct to....whom? Wall Street, Fannie or Freddie - then we could argue over G-Fees, delivery turn times,cost of funds, fixed overhead and technology.
Or we could go back to competing on expertise, knowledge and service at a fair price.


  • February 13 2009
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Profile picture for Rob Cochems
Does it count if I can get you an APR under 4.5% on a mortgage with a term of 30 years...just not fixed?
  • February 13 2009
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The edit button does not WORK!

4.5%

  • February 13 2009
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What Jenn...You don't believe Jon has that Magic Lender.....

Jon,

You may be able to get the average consumer to believe that you can always get a better rate than your competition because you are a "Direct Lender", but there are a good amount of preofessionals on the boards that know the simple truth....All of us direct lender, Correspondent lender or broker all have access to the same sources of funding and there are no magic lenders and no magic pricing...

Spin it any way you want...If you are going to post it on the threads be prepared to defend your statements.  No way would you have locked a loan yesterday at 5.5% with 0 points (no origination, no discount or no Broker Fee).  Simply not available unless you were working for free!

I really wish lenders would cease and desist with the three card monty approach to the costs of obtaining a mortgage!
  • February 13 2009
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You know, there was a lender who looked JUST like Isaac. Can't seem to find him anymore.
  • February 13 2009
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Profile picture for Entitlements R Us

"he wants you too Jennifer Monastero!"
  • February 13 2009
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A) 'Non-believers' reminds me of 'Children of the Corn'. Nice.
B) John, if you read the thread again, I think you will find that most people agree that the rate was there, albeit for about 10 seconds, and WITH points. The way you phrased your comment was that you were 'getting paid on the back'. Unless you work for a .25%, that is a misleading statement, as you would be getting paid on the 'front' as well to obtain that rate. That's kind of the whole point of the thread- is 4.5% available with no points? The answer is a resounding NO.

C) Your profile does state that you often have rates .25% better than competitors due to the fact that you are a 'direct lender'. This line may work on unsuspecting consumers, but it does not work with us. You may catch some flak for that one.


"Drop the pin, throw the grenade."
  • February 13 2009
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    I just checked this forum and apparently there's a couple non-believers out there. I'm not trying to earn business of brokers by qouting rates I can't obtain. We had 4.5% on 30 year programs all day yesterday, at more than one bank. The best rate was paying .25 on the back end as well. At 4.625% today, but I still feel rates will go down below 4.5% and am advising my borrowers to hold of on the rate lock. 
    I'm rather new to Zillow and if anything this is more of an inspiration for me spend more time on qoutes. I thought my rates were relatively common.
  



  • February 13 2009
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Profile picture for CORONA NICK
Its nice to dream...
  • February 12 2009
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Nutty GVD, me too, 13.2 seconds, small world 

close is close
  • February 12 2009
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Yeah Paul, I was quoting the ghost of X-Mas past. I had 4.5 at 99.827 for about 13.2 seconds today!

That qualifies as close! :)
  • February 12 2009
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GVD - right on."
Does there really need to be an explanation here???

Ha I think I got my circuits crossed with another 4.5 thread... (not the first time and not the last such a thing will happen)  
 Drop the cash out part and you might be close. 
close as in grenades, or horseshoes? kidding...you are right there was a rate sheet or two today that could almost do it...and then puff the afternoon came and the chance was 'gone' 
  • February 12 2009
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Profile picture for tchau_99
I have been waiting since banks are broke and all they want $ from me.

It would cost me $5500 to refi. Why would I do that?

Wait until it is 4.0% at 0 point at $0 fee. Hehehe.

I am in no hurry.....

My mortgage is 1 yr ARM. FYI
  • February 12 2009
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"GVD - right on."

What did I do now?
  • February 12 2009
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tchau- that is bad advice. People are at 6.125%+, and could save $200 or more a month NOW. 4.5%, even 4.25% is available NOW with points. Holding out for when it's available with no points is not smart considering how manipulated the market is. 
  • February 12 2009
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Profile picture for tchau_99
I would say sure.... It will be around 4% interest rate for 30 yrs fixed for $0 fee. Only if you can wait for it. I am waiting for it right now.

Hehehe :)
  • February 12 2009
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Jen - Maybe Jon is looking to put the falconer's hood over a head or two other then that of his carnivorous featherly friends...

GVD - right on.

pp 401 - what else ya got? whatchu mean by some points? Like two, two and a half? What else..?
  • February 12 2009
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John, are you suggesting that you had 4.5% today with YSP to you? I am curious if you are looking at 15 year fixed mortgages, perhaps?
  • February 12 2009
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Profile picture for pp401
I have just closed at 4.5% conforming loan for $625K for 30 year fixed with some points. It was locked in Mid Jan'09.
  • February 12 2009
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We're at 4.5% and getting paid on the back with today's rates. I would agree that these rates will be available for a little while. Get those applications out, these banks are going to be rediculously backed up.

  • February 12 2009
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41/2 is available now and worthy to consider for the point cost.
though rates change even with-in the day, I hope to see this available for a while. Eligibility is on a case by case basis.
  • February 12 2009
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