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Rates Dropped

How is the rate dropping today?

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December 10 2008 - US
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Nicely

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December 10 2008
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my question is ...what made the rates drop???

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December 10 2008

I was going to say 'ever so slightly'...

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December 10 2008

Market Conditions

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December 10 2008

pusk,

I anyone really knew the answer or exact formula to it, no market would be needed at all. This is the same reasoning as to why would GM stock rise or fall?... or AIG or Citibank..?  It really just happens and when there is secretive purchasing of MBS, rates will ease down. For me, I will not touch GM with a 10 foot pole, but others will buy it.. hence the market and time will tell who is right/wrong.  Strictly from a risk standpoint and performance of the loans under the MBS, rates should have a 1 as the  first number (meaning double-digits), but they are simply being artificially kep alive to help in any way they can.  It is like a horse race...  The fastest horse (Secretariat for example) may not be the odds favorite if betters put all their money on "Gluey Lewie" The Elmer's Glue Mascot or KNOX Gelatin posterhorse. So, if Hedge funds, HANK, BEN and Sheila decide to "buy" lower rate MBS coupons in bulk... we head lower.. However, we have made it much tougher to borrow and here in FL.... values and home re-sales are slipping faster than the rates resemble an elephant on ice skates at MSG.  Keep rockin'.

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December 10 2008

puskey-

 

You locked and re-locked, now rates are how much lower than the last lock?

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December 10 2008
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yes rates dropped 0.5 after i re-locked (float down)

any advice

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December 10 2008

Some lenders were smoking crack this morning so their improvements were due to their screwed up initial quotes. Did you relock this morning on a flaot down?

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December 10 2008

flaot = float

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December 10 2008

Clay, take another look. They must of got a good dose of oxygen. Repricing WORSE going on right now.

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December 10 2008
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What's the best site/source for getting [b]real[/b], up to date current rates?
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December 10 2008

Yuppers, rates are going up, be glad you locked Just Lou! 

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December 10 2008

Just

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December 10 2008
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I am. :)
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December 10 2008

Lou, Zillow.com

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December 10 2008

Mortgage News Daily Quote:

 

BUT BE WARNED! Rates have gotten so good so fast that certain lenders can be repricing for the worse just to limit their volume of new inbound deals either due to manpower or funding line considerations. So don't be mystified if you see reprices for the worse. In that case, if you're a broker, it's time to start shopping around as someone else will have the ability to price closer to MBS. If you are otherwise committed to one lender, be warned, this sort of paradoxical reprice can happen without warning, and unfortunately, there's not a way we can advise which lenders will participate in these disconcerting reprices.

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December 10 2008
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Seriously? OK. I didn't know if the rates I see "advertised" here are legit.
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December 10 2008

They are legit Lou, but there are variables, don't forget that.  A 620 fico is not going to get that rate.

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December 10 2008
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That's understandable. Thank god I have excellent credit.
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December 10 2008
It is important to remember that while rates may drop, they typically do not stay LOW for very long. Everyone would like to have the lowest rate possible, I understand that. But, realizing that if you make it within .250 of where "low" is considered, you have a great rate! I do not suggest taking too much time trying to find the lowest...there is much to be said about being within the range of low.
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December 10 2008

Welcome Cknorth..

 

 

take it easy gcochems.

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December 10 2008

I have not received any worsens this afternoon, but I have received many improvements with the last at 3:35 from ST. What lenders are you seeing worsens?

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December 10 2008

Mike, you are way to funny!!!  Holy Cow!

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December 10 2008

Lou, I would tell you that as a mortgage broker who submits rates to ZILLOW, these prices are legit.  From what I am hearing, institutions are looking for conservative investments for the dollars, so the FNMA bonds (believe it or not) do provide that.   So when the FNMA bond yield increases, the residential mortgage interest rate decreases.  There really is no other major news moving the bond markets.

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December 10 2008

Fabio, you submit rates to Zillow?  Huh?

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December 10 2008

Welcome CKNorth, but just a heads up, quotes like this are not going to fly. You quoted this in California.

 

Thanks.

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December 10 2008
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I really wasn't questioning the rates people get quoted by the lenders in here. I just didn't know how accurate and up to date the rates on Zillow's main page are.
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December 10 2008

GVD, I think she can quote there and Colorado for that matter.

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December 10 2008

Cristie, dont mean to pry but were you a north that married a north?

 

just lou, those rates are in real time if you are looking at a specific quote from a Zillow lender

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December 10 2008

I was not questioning her right to quote Tammy, I was questioning how she plans on doing the quote in California at 5% without going FHA.

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December 10 2008
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