Profile picture for Gambleress

Ready to lock

Application process for loan is completed and I was preparing to lock then rates shot up.  Does anyone have any thoughts on when we are going to be pushing 4.5 again or if we will?

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January 21 2009 - Oklahoma City
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Profile picture for Rob Cochems
Gambler,

My bad it is April 1st, sorry about that
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January 21 2009
Profile picture for Gambleress

Also, I am definately not a mortgage person. I am just a average working girl.  So, I may be totally off track on my thinking.

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January 21 2009
Profile picture for Gambleress
I thought the LLPA's were to be effective April 1. Even though I have a great relationship with Cu I have chose to go with a broker to avoid some of the closing cost.
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January 21 2009
Profile picture for Socialist

Yes I do know what it is suppossed to do.  I guess I could take solice that our government has a done a great job with bailouts and probably work as good as the 1st stimulus plan, or the bailout of Bear Stearns, or AIG, or TARP 1...

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January 21 2009
Profile picture for Rob Cochems
Gambler.

The LLPA's will have to be introduced by all by Feb 1st.  Keep that in mind when considering a lender and lock.  Probably not a good idea to go past that date.
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January 21 2009
Profile picture for Who Cares but Me
Michael, I know what the 825 bil stimulus package is for...to pad the pockets of everyone but the ones who need it.
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January 21 2009
Profile picture for Gambleress
30 yr, but wanted to take some cash out, but recent, drastically reduced,preventative forecloser sales in our neighborhood, are killing appraisal values. ALSO, my cu decided to implement the Fannie Mae April 1rst fees ahead of schedule, so I changed lenders.
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January 21 2009
socialst... you do realize what the 825 billion stimulus is supposed to do right???

i am not saying we have hit bottom... i just am saying we could have.
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January 21 2009
Profile picture for Socialist
"We are getting more and more good news from banks (except citi) and its signaling a bottom has probably passed."

Grand jestures and stock purchases are not good news.  Requesting the remainder of the TARP funds, and working on a $825 billion stimulus package are not signs of a bottom. 

Hold tight Gambler.
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January 21 2009

I don't get not being able to lock without the appraisal.  You should be able to lock when you apply.

Was that 4.5% at par or a 15 year loan?

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January 21 2009

Let's see, looking kind of hazy, but wait...

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January 21 2009
Profile picture for Gambleress
I could not lock yet, we were waiting on the appraisal. 
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January 21 2009
I agree with Tammy. Rates were that loan with no points. I dont think rates are going to come back down to that level. We are getting more and more good news from banks (except citi) and its signaling a bottom has probably passed. I expect rates to continue to rise.
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January 21 2009
As you know lenders offer different rates for different regions of the country.  When I said we, I should have stated my lenders.  Sorry for being vague...
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January 21 2009
Brain, I hate to tell you this, but you must not have very good lenders.  We were most certainly at 4.5% without points, for a few days infact. I locked several deals in.   
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January 21 2009
Profile picture for Who Cares but Me
That's what you get for listening to a birdy. 
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January 21 2009
We never hit 4.5% without points... No one knows what rates will do... 
But if you are looking for some light on the news of interest rates pay attention tomorrow.  I believe the Fed will be announcing their plans on purchasing assets tomorrow.  Pay attention to their plans on purchasing Mortgage Backed Securities.  I don't know what time, just heard the headline today on CNBC.

Good luck
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January 21 2009
One more thing Gamble, if you have time to wait, do it.  Don't start the process all over again. 
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January 21 2009
Boy, wish we were and wish I knew.  I should have locked someone in at 4.5% when I had the chance, a birdy told me to wait, now look at rates!  All we can do wait it out and hope they go back down.
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January 21 2009
 
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