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Something consumers don't want to hear right now...

The rates are in the crapper. Anyone waiting around for the rates to drop JUST a bit further lost out big time... 6.25% for a 30 year fixed now... That's what I am offering anyway- and that's not even making much! It looks like we are back to where we were last August... Not terrible, by any means, but 5.75 just doesn't exist right now... In my world, anyway... but in my world, I prefer to eat and have hot water.

 

Anyone get caught with their proverbial pants down?

 

Granted, I am psychic so I have a bit of an edge and locked on a very good day about two weeks ago... There's got to be some who held out... who are you, why did you do it, and what do you say to your clients???

 

Damn, this sucks

  • May 29 2008 - US
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Answers (39)

I've got a 30 yr fixed 95% LTV purchase at 6.125% paying .204 YSP, same on a REFI, this is just one lender though. 

 

But yeppers, crappy no matter how you look at it.  Hey, it can ONLY get better, that is what my crystal ball says anyhow! 

 

Small mtg companies like mine really feel it, luckily I have no overhead and can hold out for a while, plus my 2 in the pipeline won't close until probably July, so hopefully rates will have improved by then.

 

Keep your head up Jen!!  :)   It's bound to work out!!!

  • May 29 2008
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Tammy- I assume you are offering that rate with up front points?

 

I am 'worked out'- mine are all locked... One will actually expire soon, and that is obviously an issue, but the others I locked for 50 days :) phew......

  • May 29 2008
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Profile picture for ELender

I have one I'm looking at an extension on but everyone else is on lock down...

  • May 29 2008
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Jen-What do you mean with up front points?

 

Wow, 50 days?  I don't have a single lender that does 50 days.  12,15,30,45,60,90 that's it.

  • May 29 2008
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There's one that does 50 and 35... weird, I know...

 

If the YSP at 6.125 is .2, I would assume you are charging on the front.

  • May 29 2008
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Profile picture for Lindsey M. Bishop

All I have to say is I am sick of seeing quotes today from other lenders at 5.875% anf 5.75% with under $1000 in upfront fees for processing/underwriting. It is impossible and I want to flag them all - these lenders are lying and just hoping that rates go back down and waiting to lock. Consumer beware! Rates are not under 6% today! I lock every loan the moment I get the yes from the client that they want to move forward, no suprises over here.

  • May 29 2008
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Well, 

 

Thankfully the Bernanke rate cuts have really helped out the American consumer and the American homeowner, especially those that need low, fixed rates... whew....  Oh yeah, I forgot HANK,,, the rates are higher today or the same than they were before you clowns lowered the FED FUNDS.....  7 times... to help out whom..........  oh yeah...  your stock market buddies.  This is like a vise from all directions right now... Gas, food, power, and mortgage rates oh my...

  • May 29 2008
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Profile picture for lyn1221

Hello,

I know no one has a crystal ball, but I would like to know your opinions of our construction loan moving to perm being able to lock July-August timeframe.  Are we in deep doo-doo?

  • May 29 2008
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Profile picture for shapiroamg

 

From Larry Baer:

 

From a fixed-income investor’s perspective today’s GDP figures confirm the idea that domestic economic growth is not nearly as lifeless as previously thought. Stronger growth in an environment of expanding inflation concerns is definitely not the “stuff” that lower mortgage interest rates are made of.

 

I had a cash out refi that I was attempting to lock yesterday mid-afternoon. My targeted lender's lock desk was closed pending a change. After an hour with no change, I called them and asked if the new sheets were out and they decided to keep the rates the same so i finally locked at the price/rate I was originally requested. All I can say today is, I am glad I did.

  • May 29 2008
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Profile picture for lyn1221

Sorry i

  • May 29 2008
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Sorry i

f

  • May 29 2008
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oops. I meant to say sorry if this is a lender question only. I like to consult pro's when I have the chance.

  • May 29 2008
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lynn,

 

We have had 22 straight gas pump price increases in a row....  This does not "smell" good to me...  Hopefully for you... The FED will "sound like"  they hate inflation and "will do something about it"...  that might ease "bond pressure/rates"  Yields on all FIXED BOND have risen quit e dramatically and usually there is some type of pause, but it is freaky to "ride it out" when it looks like it is never going to end.  We are hurting on Main ST and Wall ST is a bunch of "spinning" jacka**es while wwe pick up the tab.. Makes me sick thinking of it.  Hank is just simply either a liar or stupid...  He ran GS so I think it is the other.  Ben is smart, but not smart enough to pass on his job as he had no chance.  Monitor rates on the Cperm and see if there is a 60 day or so lock-float-down option (sometimes...especially in constuction loans, there might be that feature)  if it is there...look at that gift horse very hard..  If not,,, ask Lender what options you might have.  I have heard lowered fixed rate predictions from others, but mine are'nt crystal, so I refrain from guessing...  Keep us posted with an lender options and we'll help.

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Yeah Jenn, depending on the loan amount anywhere from .25 to 1%.  I disclose that when I quote it.

 

One of my deals infact is a const to perm closing July/August on a jumbo deal.  No use worrying about rates right now, July / Aug timeframe is still a ways away, things change so rapidly.  They may go a bit higher, but I think they will come down as summer gets into full swing and the market hopefully picks up more. 

 

Again, no crystal ball and I am sure more lenders will put their input in.

  • May 29 2008
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Lynn- as Marty Wisenheimer said- try to get a float-down option. That way, if rates continue to rise, you are set... and if they fall, you are covered too. Can't beat that.

 

My gut says rates will come back down by mid-late summer- if only due to the fact that the economy will be crippled by then...

 

Lindsey- I refuse to quote... My quotes won't look very good, even though they are honest. 5.875 IS NOT doable. Period. Well, unless there are points involved... but who needs that crap?

 

PS- Just lost a deal... the one with the low appraisal... :( Idiot seller won't budge. Old fart.

  • May 29 2008
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Hey Jenn- for every 1 lost, that means 2 more will come......that's what I keep telling myself anyhow.  Luckily I haven't lost any yet, but that is still my theory if I do.

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Profile picture for ELender

Sorry to hear it Jennifer...I have mine today too....

  • May 29 2008
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Profile picture for lyn1221

thanks so much. I will get details on the lock float down option.

  • May 29 2008
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I have a investor paying about .65 ysp on loan amounts above 180k. As much as I hate to do it I will work a 300k loan for that yield. Anything for positive revenue in this market. Obviously the further the market retreats the less refinance activity and the skinnier I will have to work on all my deals.

  • May 29 2008
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Profile picture for Wayne.T_ .....Colo.

Jennifer, your absolutley right!  5.75% would cost points upfront to get it today. 

Good day to be working on other things.  For your question as to wat to say ..... "AH, Dear MR & Mrs Client, _______________________" (Depends on what I've told them to date I guess).

 

Press on and keep the lights on .... but only in one room right now. :)

  • May 29 2008
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Profile picture for Rob Cochems

Things are looking up folks, home sales are starting to increase year over year, great prices, high demand for FTHB, rates in the low 6's (excellent rates by the way for a FTHB). 

 

Commodity prices are falling, Oil just hit its wall today...and the dollar is climbing.  Be patient, inflation will tame, rates will eventually ease, the stars are starting to align.

  • May 29 2008
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HEY JENN--PRICE IMPROVEMENT, PRICE IMPROVEMENT!!!  WHOOO HOOO!!!

  • May 29 2008
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Rob- are you talking about 7 years ago??? hehehe... that's a rosy view of things...

 

Tammy- I'll believe it when I see it... I don't care either way though- it just stinks for people caught without locking... we've broken through the 4.05 mark on the bond yields for the first time in a long time, that can't be a good sign. higher highs... higher lows...

  • May 29 2008
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Profile picture for Rob Cochems

California homes sales were up 2.5% this April compared to April 2007. 

 

Jenn,

 

It's gonna be good times soon, concentrate on purchases...trust me.

  • May 29 2008
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I just got notification from 2 lenders so far of pricing improvements.  I just priced a refi, 30 yr fixed, it came in at 6% paying the big 0.  Earlier 6% was at a cost with this same lender. 

 

 

  • May 29 2008
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I haven;t seen any improvements come through yet... hmmmm...

 

Rob- Purchase deals are all I am doing right now... I need to come up with a marketing scheme for all the short sales and generate some more business. :)

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Profile picture for shapiroamg

Mortgage Backed Securites were down about 24/32 at their worst. By the time I left the office they were down only about 15/32. About .25-.375 improvement in price. Any lenders that are not repricing will be doing so tomorrow assuming the markets open flat or better than today's close.

  • May 29 2008
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Jenn,

 

There you go...get on board with some realtors that specialize in short sales.

  • May 29 2008
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2nd reprice already Jenn, things are looking up! 

  • May 29 2008
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I have a 30 year at 6% (.003)

  • May 29 2008
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