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- Larry Jacobson, "Clearpoint"
- Contributions:1214
Rates can slip up???
- Kevin Hancock, "khancockloans"
- Contributions:24
The media rarely get's anything right when it comes to lending... they just don't get it. I think that's why they allow all of the misleading advertising on their radio stations and in their papers.
- Kevin Hancock, "khancockloans"
- Contributions:24
I was listening to news radio two weeks ago when WAMU officially went under, which was a really big story here in Seattle... the host was discussing FDIC insurance as if he was an authority, yet he never got the facts correct once.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3420
That same article hits the wire every single week, exact same format. I'm sure you had a good response for your accuser AA. I would have suggested they call up the newspaper and ask them to do the loan.
- Andrew Adams, "203K Specialist"
- Contributions:9349
I am just sick of explaining the same thing the fed dropped rates so what did mortgage rates drop too! UGH!!!!!!!!!!!!!!!!!!!!
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3420
I had that conversation about 5 times today as well. I think I have had it about 200 times in the last few years, so the words just come without even having to think anymore.
- Martin Wareing, "Martin Wareing"
- Contributions:3772
AA,
It proves that information is distorted as it travels around and CNN is not that good, but is better than SPANKRATE which simply aggregates all rates and divides by the number of participants to average it (not considering point costs).
What's scarier to me... DOW/stocks got blasted again.... and bonds (don't care which kind) sold off as well.. Either margin calls forced sales of bonds or the move to quality was moving away from the US completely. We'll see.
- Texas Banker
- Contributions:517
- Andrew Adams, "203K Specialist"
- Contributions:9349
Nah! Yoiu just need Doc Brown to give you a lift!
- David Frizzell, "SuccessMortgage"
- Contributions:23
Andrew, Another problem is that most news sources quote mortgage rates from bankrate.com which is full of **** anyway.
They average rates from a bunch of brokers that are lying about their rates so they can do a bate and switch
- David Nezri, "Direct Lender"
- Contributions:265
Now they hear the Feds cut the rate by half a point. Everyone is going to call and ask for half a point less what you quote them.........They simply dont understand RATE RATE RATE.........
- Joe Cafiero, "Joe Cafiero"
- Contributions:3218
Do you think I would get fired if I started laughing out loud to a borrower when they call today looking for 5.94%?
- Mike Politzer, "Mike Politzer"
- Contributions:630
I just priced out an 85% AJ refi with 760 FICO at 6.875 with .50 back,
Let's all sing: The end of the world as we know it.... and I feel fine....
- Martin Wareing, "Martin Wareing"
- Contributions:3772
Home Prices down... Stock Prices down.... Unemployment Up..... Mortgage Rates Up... Mortgage Guidelines Up.... This is not doom-n-gloom, this is reality and will take some time to settle and trudge through. SPANKRATE uses all quotes and simply divides by # participants not considering points... We need to guide our friends, family and clients through this. I am in the worst area..... We are struggling in Otown. By the looks of WALLST, many other areas stating it won't happen here.... will be caught off guard. No need to freak out... just be aware and be upfront. Keep rockin'.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
At least we are not in Iceland!
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Mike, I think all of us are suffering from sticker shock! What a difference a couple days make, huh?
Dave, visited your website just now. Looks great. I think your last one was from alamode, wasn't it?
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
You
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Mike, I don't know were Dave came from, I think my last post. Sorry 'bout that!
- Martin Wareing, "Martin Wareing"
- Contributions:3772
I am not commenting or comparing to anyone or thing simply because all forecasters: RATE FLOAT!!!!!... We're not JAPAN.... (FED RATE AT 1.5% and falling).....SUBPRIME IS CONTAINED........... FNMA, FRE, LEH, BEAR, AIG are all well-capitalized...... "YOU WNAT ME ON THAT WALL WITH THAT BAZOOKA!!"".. That is the only 100% truthful thing HANK has said... He had a 2 page doc to get signed... let him go RAMBO on a FINANCIAL RECON mission to "quietly" implode banks and companies... Just remember, if they implode... they go straight down and destroy nothing else... When they topple......dominoes....... They are toppling...
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Everyone seems to forget,we are in the U S of A. Not Russia, not China, the USA. We have freedom of everything, even freedom for our markets to tank and then rebound. Do you honestly think that we, the great nation we are, will fall off the side of the earth? Will not happen, to many countries/nations depend on us. We fall, they fall. Well will only fall so much. I'm not saying it will happen tomorrow, but it will happen, we will correct ourselves.
Call me optimistic, so be it, that's just me. I see the glass half full, not half empty. I believe in our Country and more people need to. I also believe everything happens for a reason, this happened for a reason. They say bad things come in 3's, then good abounds. Well this is the 3rd, and eventually good things will abound.
Stay as positive as you can, believe in your Country, put your money back in the bank! :)
- Harold Cooter, "Tbird guy"
- Contributions:11
Or round up the botttom 99% and revolt against that top 1% that holds all the toys and VIVA revolution!! (and oh yeah, someone pick me up some Thunderbird!)
- Martin Wareing, "Martin Wareing"
- Contributions:3772
I'm positive T. I'm just realistic in my thinking that the USA is free to open markets and whatnot. I was pointing out that there have been many lately who have simply not been forthright, that's all. The same statement about who we are not sometimes can put blinders over our eyes because we just don't to hear it, think it or see it. We won;t fall off the side of the earth, but I will not predict the bottom of the housing or stock market either along with the ever-changing rate predictions. I'm not even blaming him, but it shows that we should take in information and decipher it and simply not predict it. Nobody predicted Iceland was collapsing that's all. The sun will rise, but this might be a 12-step program we are all going to have to endure and I can;t wait to see the anger/blame stage.. I sometimes think many (not you personally) are wanting to stay in the denial stage. We will get through this and it will be better because much of this type of behavior will not be tolerated in the future. God Bless America and let's get to work to fix this. Getting 1/4 point price change and notifying the country in a APB Blog.... is not the answer. Learning to live our lives without asking/needing the government to "fix" everything that was botched by poor choices, greed, manipulation and deception is the answer. If our kids do not repeat what we are doing... the world will be a better place. keep rockin'. 1/2 full... of Shiraz I hope.. It's FRI....
- Andrew Adams, "203K Specialist"
- Contributions:9349
Tammy,
No doubt we will make it through this market and be stronger for it. Don't misunderstand realism for pessamism. Plan for the worst, hope for the best. Everyone will feel the global meltdown in some form or fashion, some will profit, some won't but everyone of us will feel the impact. To think otherwise is denial. I genuinely hope I am wrong.
Over and out for the weekend....I figure I will let my competition break the news about rates jumping up to potential consumers!
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
Smart advice Tammy. Let's hope others are as smart and folow suit.
Best Regards
- Texas Banker
- Contributions:517
Tammy, incase you have not noticed we are turning into a USSR or China, with what is happening lately.
- Martin Wareing, "Martin Wareing"
- Contributions:3772
I'm not comparing us to anyone or anything... Trying to use a roadmap of another country or their problems to solve ours................ might as well guess the mortgage rates.... This is going where it is going like it, leave it or not... Are we like Russia because we hint Tigers shirtless or the MMA DVD? Is the smog in BEIJING like LA? I don't understand the correlation, but I'm just trying to watch, listen and learn where we are heading and why. Regardless, it will test our patience. I do not know how much of that will be contained for a long period of time. Keep rockin'.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Martin, I hope you didn't think that post was in reference to you. It wasn't. I watch the news, read articles, go to the Economic Watch and Real Estate Discussion boards here on Zillow and there is just so much hatred and negativity, it makes me sick. Yes, we have a problem, a huge problem, but we are who we are, we got ourselves into this mess and we will get ourselves out of it. It won't happen overnight, or over the next several months for that matter, but it will happen. It's 2008, not 1938. It's not just us, America, that needs us to, its EVERYONE that needs us to.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Tammy, incase you have not noticed we are turning into a USSR or China, with what is happening lately. BOT, why don't you just move on over to the Economic Watch area, your negativity stinks.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Sheesh, even Andrew was more positive and he is never positive! ;)
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Martin, LA hardly has any smog anymore! It's a rare occassion.
Mortgage rates slip to 5.94%
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- 5.0/5.0
- (4 reviews)
Contributions:9349I had a borrower call me today and essentially accuse me of lying about what was happening with rates.....
What is up with the media's inability to report real information!
This story comes out today....do you think the average joe knows that the rates the reporter are talking about are a week old?
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