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Thread: Mortgage Rates ... Go Figure

  1. #1
    Senior Member Gerry Clinchy's Avatar
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    Default Mortgage Rates ... Go Figure

    I just got these mortgage rates from one of our local lenders:

    30-Yr Fixed FHA 4.125%
    30-Yr Fixed Conventional 4.625%

    Is this crazy? The govt WANTS to be in the mortgage business when Fannie & Freddie are drowning already?

    There have been some changes to FHA, like the eternal mortgage insurance (which previously disappeared when you reached 20% equity). They need this so that those people who actually continue to make their mortgage payments can help pay for those who end up in foreclosure ... which have been swamping the FHA mortgages in recent years.

    I'm a Realtor®, and of course, I want to sell houses ... but I'd rather sell them because more people are getting jobs and better jobs ... not because FHA is begging them to buy a house to stimulate the economy.
    G.Clinchy@gmail.com
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  2. #2
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    I was at 4.25% today on FHA loans and 4.375% on conventional loans. Rates have been getting a little better all week. Those still aren't bad rates if you consider the 10 year ave is around 5.75%.

  3. #3
    Senior Member Franco's Avatar
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    Quote Originally Posted by Gerry Clinchy View Post
    I just got these mortgage rates from one of our local lenders:

    30-Yr Fixed FHA 4.125%
    30-Yr Fixed Conventional 4.625%

    Is this crazy? The govt WANTS to be in the mortgage business when Fannie & Freddie are drowning already?

    There have been some changes to FHA, like the eternal mortgage insurance (which previously disappeared when you reached 20% equity). They need this so that those people who actually continue to make their mortgage payments can help pay for those who end up in foreclosure ... which have been swamping the FHA mortgages in recent years.

    I'm a Realtor®, and of course, I want to sell houses ... but I'd rather sell them because more people are getting jobs and better jobs ... not because FHA is begging them to buy a house to stimulate the economy.
    Our domestic financial terrorist, Bin Bernake, is pumping 80 billion in Fiat currency a month into buying bad mortgage debt via QE3. Seems like everytime he talks about cutting back, the stock market tanks. What does that tell you about the house of cards known as our stock market? Not to mention what this policy does to the long term outlook of the dollar.
    “The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations.” –Thomas Jefferson

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    Senior Member kdeckels's Avatar
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    I just refi'd @ 3.75 for 20. Owned my house for 15 yrs, last refi was 8-9 yrs ago. Didn't need an appraisal, all paperwork was done by mail & a notary stopped by to sign closing doc's. Almost no closing costs. Only real checking up they did was called my employer & ran credit - they called it a streamline. It was with my current mortgage holder. I thought these days were over.
    HR True Grits Finer Edge

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    Franco, What it tells me is that there are very few REAL investors in the market.

    A butterfly farts in Europe or Japan, or some religious zealot rattles a saber in the Mid-east; THEN some a-hole on Wall Street shouts that the sky is falling, which panics the herd and there is a huge "correction". a couple weeks (in some cases a couple days) later the herd looks around around and realizes that the sky never did actually fall, and then they buy ANYTHING, without any basis in the soundness of what they are buying or knowledge of the stock's foundation.

    That is NOT what REAL investors do. -Paul
    there's no good reason to fatten up a retriever.

  6. #6
    Senior Member Buzz's Avatar
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    Quote Originally Posted by paul young View Post
    Franco, What it tells me is that there are very few REAL investors in the market.

    A butterfly farts in Europe or Japan, or some religious zealot rattles a saber in the Mid-east; THEN some a-hole on Wall Street shouts that the sky is falling, which panics the herd and there is a huge "correction". a couple weeks (in some cases a couple days) later the herd looks around around and realizes that the sky never did actually fall, and then they buy ANYTHING, without any basis in the soundness of what they are buying or knowledge of the stock's foundation.

    That is NOT what REAL investors do. -Paul

    I was watching CNBC one day. They were shouting from the rooftops that the value investor is a thing of the past. They all seemed to think it was great that you'd get killed in the market by looking for undervalued companies & buying and holding. High frequency trading by computer algorithms baby!

    Quote Originally Posted by kdeckels View Post
    I just refi'd @ 3.75 for 20. Owned my house for 15 yrs, last refi was 8-9 yrs ago. Didn't need an appraisal, all paperwork was done by mail & a notary stopped by to sign closing doc's. Almost no closing costs. Only real checking up they did was called my employer & ran credit - they called it a streamline. It was with my current mortgage holder. I thought these days were over.

    I went through the same process a couple years ago. Even got a slightly better rate on a 15 year. All I did was talk to a bank representative on the phone, give all my account information, my debts, etc. They filled out all the paperwork, which was correctly done, & sent out a notary. I felt like it was all on the up-and-up. However I couldn't understand why they would offer me such a great rate without my asking. The banker's reply was, you've paid like clockwork for 8 years. We have experience with you. We would like to keep your business. If we don't offer you a deal you can't refuse, someone else will...
    Last edited by Buzz; 07-19-2013 at 01:58 PM.
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  7. #7
    Senior Member Franco's Avatar
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    Quote Originally Posted by paul young View Post
    Franco, What it tells me is that there are very few REAL investors in the market.

    A butterfly farts in Europe or Japan, or some religious zealot rattles a saber in the Mid-east; THEN some a-hole on Wall Street shouts that the sky is falling, which panics the herd and there is a huge "correction". a couple weeks (in some cases a couple days) later the herd looks around around and realizes that the sky never did actually fall, and then they buy ANYTHING, without any basis in the soundness of what they are buying or knowledge of the stock's foundation.

    That is NOT what REAL investors do. -Paul
    I would invest in the market if I thought it were a level playing field and fluctuations were based on soundness. Currently liquidating my Real Estate holdings with one property left to sell. Just getting ready for my retirement this Fall as I don't want to have to deal with renters anymore. Then, onto either Grand Isle, La or Costa Rica. Costa Rica has great fishing but no hunting. Grand Isle has awesome fishing and duck hunting and an island lifestyle. Costa Rica has a thriving economy and thousands of Americans living there. Most of their doctors are Americans. Tough choice.
    “The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations.” –Thomas Jefferson

  8. #8
    Senior Member luvmylabs23139's Avatar
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    Quote Originally Posted by kdeckels View Post
    I just refi'd @ 3.75 for 20. Owned my house for 15 yrs, last refi was 8-9 yrs ago. Didn't need an appraisal, all paperwork was done by mail & a notary stopped by to sign closing doc's. Almost no closing costs. Only real checking up they did was called my employer & ran credit - they called it a streamline. It was with my current mortgage holder. I thought these days were over.
    Still not looking at refinancing as my ARM is currently on schedule to reset again for another year at 2.875. This will be the 3rd year of enjoying that rate while doing nothing. We are way ahead of the game as we still make the original payment back from years ago ( bought this house in 2001)when it was 5.875. The motgage broker used to call us before the 7 year reset every month but finally got the message that the conversion rate was a joke to us because the reset was much lower. WE are at the point now that because we still make a rounded version of the original payment we hit an extra $700 a month on principle and if we ever have a bad month we can back the payment down by that amount with zero worries.
    Hihope Hiland Heathen of Perth CD, RE, CGC, TDI

  9. #9
    Senior Member Gerry Clinchy's Avatar
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    Here's a 15-year rate that came in my email today: 3.15/3.21 APR (the latter figure is the "true" interest rate after factoring in the one-time closing costs for the loan). These are rates for new purchases, not necessarily re-fi's. If the same lenders offer re-fi without closing costs to the borrower, then you might be talking 3.15.

    If there are no closing costs, then you can re-fi down to a new rate whenever you can grab a better rate. However, since there are some costs to the lender in the re-fi (even if they don't charge the borrower), the lenders might be putting a limit on how many times you can re-fi within a certain period of time so they aren't doing a re-fi for you every week. That would be fair and sensible.
    G.Clinchy@gmail.com
    "Know in your heart that all things are possible. We couldn't conceive of a miracle if none ever happened." -Libby Fudim

    ​I don't use the PM feature, so just email me direct at the address shown above.

  10. #10
    Senior Member kdeckels's Avatar
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    Quote Originally Posted by luvmylabs23139 View Post
    Still not looking at refinancing as my ARM is currently on schedule to reset again for another year at 2.875. This will be the 3rd year of enjoying that rate while doing nothing. We are way ahead of the game as we still make the original payment back from years ago ( bought this house in 2001)when it was 5.875. The motgage broker used to call us before the 7 year reset every month but finally got the message that the conversion rate was a joke to us because the reset was much lower. WE are at the point now that because we still make a rounded version of the original payment we hit an extra $700 a month on principle and if we ever have a bad month we can back the payment down by that amount with zero worries.
    Sounds like you're on the right side of it. When I was a loan officer (with mtg loan duties) I was familiar with people being on the wrong side of ARM's by the devious company's.
    HR True Grits Finer Edge

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