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Do you think the 15 year rate could go down to 4.5 ?

  • December 16 2008 - Eden
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Answers (6)

They may already be there.  I would call a loan officer on that.

Refi Info
  • December 17 2008
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No offense Rexanator, but your business practices of marking up 3rd party fees are shady at best. FHA certainly would frown at the practice marking up 3rd party fees and  of raising and lowering junk fees to offset ysp and points. As a matter of fact it is considered illegal in many states to mark up 3rd party fees. What value would you be adding to an appraisal by marking it up $500? None, which is why it is predatory.

We already have the choice between ysp and points. To hide your fees in  what people are assuming to be 3rd party fees is the type of thing that have people begging for more transparency in this industry.

  • December 17 2008
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Profile picture for Rexanator
Rates are currently trending down and the other posters are correct, you can get a 15-year for 4.5% right now.

However, you must be careful with asking about a rate question like that: 

First, answers should be prefaced by the number of points you will pay.  Most people assume 0 points but that it always not true.  For example, I saw a 30-year fix rate for 4.5% today but you end up paying a couple of points to get it.

Second, you need to understand fees and closing costs.  I can give you a 15-year fixed at 4.5% and 0 points but I'll bury my costs into the so-called junk fees or closing costs.  An appraisal might suddenly dump from say a couple hundred dollars to $800.

The only true comparison tool you can use to determine if a quote is worth the paper it is written on is when a lender will give you a GFE (Good Faith Estimate).  While these are not binding (so you should be familiar with the lender), they are the best tool available.

Think in terms of total costs rather than just asking for a rate.  Anyone can give you a rate...
  • December 17 2008
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Yes, I am seeing it today.
  • December 17 2008
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You can already get 4.625%, why do you want another 1/8th? If you really want 4.5% you can pay to get there.
  • December 16 2008
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Profile picture for Mr Caveat
honestly i don't think there is a single valid justification for a 15yr or 30 yr no-recourse loan with an interest rate of less than maybe 8%. 
that said banks would rather issue zero profit loans now and minimize their losses than hold onto all this inventory. just the property taxes could bankrupt several institutions if they cant fix this foreclosure problem. so yes, i think its likely, in fact if the rate dropped down to 3.5% i would not be at all surprised. disgusted? yes, but surprised? no.
  • December 16 2008
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