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Answers (28)
- disabled site, "disabledsite"
- Contributions:83
of course yes
- Gary Kinberg, "Gary Kinberg"
- Contributions:229
YES and right now for less than a point discount 4.875
Since the question was asked over 6 weeks ago ... all of your recent answers seem a bit irrelevant now don't they?
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
been there for the last week.
- Christine Hynes, "LoanModSpecialist"
- Contributions:543
I do believe rates will below 5% for a conforming loan. It will also depend on how many points you would like to pay for you loan as well. The more points you pay the lower the interest rate.
- Christine Hynes, "LoanModSpecialist"
- Contributions:543
I believe they will and it all depends on how many points you want to pay for the interest rate. Also, the loan will need to be a conforming loan and not a jumbo loan. I say take what you can get and don't look a gift horse in the mouth. Take what is in front of you as it may not be there tomorrow. If i could predict rates in the future, i would be selling my book right now and retired.
- System Administrator, "Support123"
- Contributions:24
yes - I think definitely, but not by much. The days of 4.5% are long gone but 4.875% keeps popping in and out of view based on the day/week. Your best bet is to make an application with the lender of your choice and have them put you on 'rate watch'. When they have your loan fully approved they should be able to take advantage of a short term lock when 4.875% comes into the window.
This of course assumes your loan profile would normally qualify for the best rates without adverse underwriting costs :) That being the case, however, I believe this will be possible.
This of course assumes your loan profile would normally qualify for the best rates without adverse underwriting costs :) That being the case, however, I believe this will be possible.
- Michael Armitage, "SDLendingPro"
- Contributions:6
Call me I thinkwe are there today.
[content removed by moderator for being self promotional]
[content removed by moderator for being self promotional]
- Edward Bemis, "Ed Bemis"
- Contributions:14
I do believe we could get another window of opportunity for rates under 5.00% but it will be short. Find a Lender you trust and get all your documents in and approved, when the time is right you lock and close. If you do nothing until they are below 5.00% you will miss the opportunity.
- Clay Branch, "Georgia Loans"
- Contributions:7856
siddharta, you might want to call your lender this afternoon.
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
They already are now if you have the LTV and credit.
Good Luck
Good Luck
- Steve Heaney, "SteveHeaney"
- Contributions:148
What is driving rates?
Mortgage Rates Still Uncertain of Economic Outcomes: After making little to no ground during the holiday shortened work week, mortgage backed securities are still in search of clear direction. Last week MBS closed at the same level at which they opened on Monday, even a very poor Employment Situation report was unable to increase demand for "rate sheet influential" MBS coupons. To remind readers, as MBS move higher in price, mortgage rates move lower. Following the release of the employment situation report on Thursday, MBS did manage to gain some ground but eventually gave back early morning gains as market participants made for an early exit ahead of the three day weekend. Matt and AQ inform me that MBS are battling a very unclear economic picture which is prohibiting prices from moving higher. The week ahead is very light on economic reports with the highest impacting events to come from Treasury auctions throughout the week.
Today we get one piece of data, the Institute of Supply Management(ISM) non-manufacturing survey which measures the strength of the non-manufacturing sector of our economy. Readings above 50 indicate growth while readings below 50 indicate contraction. The last 3 surveys have each come in better than the prior one; however, last month's report missed expectations to the low side coming in at 44.0 for May. Economists surveyed were expecting June's report to come in at 46.7 but the release has indicated a better than expected reading at 47.0, continuing the trend of improvement within the non manufacturing sector of the economy. Following the release, there was little reaction from the markets.
Take a look at:
Courtesy of Mortgage Daily news,
Mortgage Rates Still Uncertain of Economic Outcomes: After making little to no ground during the holiday shortened work week, mortgage backed securities are still in search of clear direction. Last week MBS closed at the same level at which they opened on Monday, even a very poor Employment Situation report was unable to increase demand for "rate sheet influential" MBS coupons. To remind readers, as MBS move higher in price, mortgage rates move lower. Following the release of the employment situation report on Thursday, MBS did manage to gain some ground but eventually gave back early morning gains as market participants made for an early exit ahead of the three day weekend. Matt and AQ inform me that MBS are battling a very unclear economic picture which is prohibiting prices from moving higher. The week ahead is very light on economic reports with the highest impacting events to come from Treasury auctions throughout the week.
Today we get one piece of data, the Institute of Supply Management(ISM) non-manufacturing survey which measures the strength of the non-manufacturing sector of our economy. Readings above 50 indicate growth while readings below 50 indicate contraction. The last 3 surveys have each come in better than the prior one; however, last month's report missed expectations to the low side coming in at 44.0 for May. Economists surveyed were expecting June's report to come in at 46.7 but the release has indicated a better than expected reading at 47.0, continuing the trend of improvement within the non manufacturing sector of the economy. Following the release, there was little reaction from the markets.
Take a look at:
Courtesy of Mortgage Daily news,
- Roxy Redenbaugh, "LoanLady Nationwide"
- Contributions:125
ok siddharta here's two, on a purchase or refinance rate/term only.
720 fico and above, get your loan approved and all your conditions in and signed off. You will need an impound acct. as most lender are charging .250 if you don't have one, be ready to go to docs, lock on a short term lock 10 to 15 days.
This scenario will get you under 5% today, yesterday and hopefully in the days to come. Good Luck
720 fico and above, get your loan approved and all your conditions in and signed off. You will need an impound acct. as most lender are charging .250 if you don't have one, be ready to go to docs, lock on a short term lock 10 to 15 days.
This scenario will get you under 5% today, yesterday and hopefully in the days to come. Good Luck
- K2Lending
- Contributions:4
Rates will continue to go up for the simple reason that the Government must make the US Dollar Stronger in order for our economy to grow. You can get 4.875% but you must pay discount points to get that....sorry for the bad news
- Tap012
- Contributions:286
No. Rates are going to 6.0% soon due to inflation.
- siddharta
- Contributions:7
Roxanne, can you specify a scenario how this would be possible today? Thanks
- Roxy Redenbaugh, "LoanLady Nationwide"
- Contributions:125
Yes, it's available today depending on the scenario.
- Brian G. Allen
- Contributions:334
No
- John Paunan, "John Paunan"
- Contributions:1145
Yes, for very small windows, maybe a day or two and then gone. That is, until September when the Fed's treasury purchase program sunsets, and then rates will most certainly rise, and rise, and rise some more...
- deuteronomy6v5
- Contributions:1
I sure hope so. Honestly, I have no idea, but I'll go with yes since you asked for my unprofessional opinion. :-)
- Kenton Becker, "Kenton Becker"
- Contributions:50
Yes, even today's interest rates (06/30/09) would get you to 5% if you structured the loan correctly. A lot also depends on your scenario.
If you wanted to go lower than 5% you could also do that with almost no points.
Thanks,
Kenton
If you wanted to go lower than 5% you could also do that with almost no points.
Thanks,
Kenton
- zag44
- Contributions:90
I locked yesterday at 5.25% - I only have 3 weeks left until closing, maybe even less, according to my lender, and I didn't want to chance the rates going back up like they did a few weeks ago. If rates do drop down to 4.875 before I close that would mean my 5.25 is going to cost me $32.00 more a month on my mortgage than it would have at 4.875 - I thought about that yesterday before I locked and decided I could live with that difference so I went ahead and locked the 5.25.
- Clay Branch, "Georgia Loans"
- Contributions:7856
Yes, are you ready to lock it? Make sure your paperwork is with a lender because the opportunity will probably have a short time frame to act.
- Dave Skow, "daveskow"
- Contributions:1107
yes
- Paul McFadden, "pmcfadden"
- Contributions:143
Yes, but not by much. Perhaps to 4.875% but probably not until near the end of the 6 week period. Rates have come down to 5.125% today from a high of 5.5% two weeks ago.
It does not take much to get to under 5% right now. 4.875% is available without much in the way of points.
No one has crystal ball, but I say, yes.
Does anyone here believe 30 year fixed conventional rates will go below 5% in next 6 weeks?
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