How low can we go? 30 yr fixed at 3.75% with no fees...
- Thread starter ps99472
- Start date
NEW -> Contingent Buyer Assistance Program
As long as you lock in your rate before Sept, you'll be fine.
Really? That's pretty crappy, at least give people some notice. I guess on the bright side it'll slow down the refi train for lenders.
Honestly though this only translates to maybe 0.125% or 0.25% in rate for most refi borrowers. So for my clients that have extremely small margins will have to take the hit in rate or pay cost. No room to absorb this 0.5 adjustment.
Purchase loans are not affected.
Fannie/Freddie don't buy jumbo loans so it'll have no effect on those rates...jumbo refi rates suck anyhow because most of the lenders for those loans are bank/direct lenders and they don't want anymore refi business because they want to keep their focus on purchase loans.
So yes you're right. I spoke with a lender rep, basically any loan sold from lender to Fannie/Freddie after August 31st will have the 0.5 adjustment. Because of this, the lender is adjusting all of their rate locks starting tomorrow to pass on this 0.5 fee to the broker/correspondent.
usctrojancpa
Well-known member
aquabliss said:
As long as you lock in your rate before Sept, you'll be fine.
usctrojancpa
Well-known member
Cares said:
Really? That's pretty crappy, at least give people some notice. I guess on the bright side it'll slow down the refi train for lenders.
USCTrojanCPA said:
Honestly though this only translates to maybe 0.125% or 0.25% in rate for most refi borrowers. So for my clients that have extremely small margins will have to take the hit in rate or pay cost. No room to absorb this 0.5 adjustment.
Purchase loans are not affected.
OCLuvr
Active member
Are they hinting towards a potential housing foreclosures?
? Fannie Mae and Freddie Mac said they would impose a new fee to insulate themselves from losses on refinanced mortgages they guarantee, a sign of potential turbulence in the housing market and a move likely to generate pushback from lenders.?
? Fannie Mae and Freddie Mac said they would impose a new fee to insulate themselves from losses on refinanced mortgages they guarantee, a sign of potential turbulence in the housing market and a move likely to generate pushback from lenders.?
usctrojancpa
Well-known member
yes2 said:
Fannie/Freddie don't buy jumbo loans so it'll have no effect on those rates...jumbo refi rates suck anyhow because most of the lenders for those loans are bank/direct lenders and they don't want anymore refi business because they want to keep their focus on purchase loans.
yes2 said:
So yes you're right. I spoke with a lender rep, basically any loan sold from lender to Fannie/Freddie after August 31st will have the 0.5 adjustment. Because of this, the lender is adjusting all of their rate locks starting tomorrow to pass on this 0.5 fee to the broker/correspondent.
sgip
Well-known member
Most lenders do not have overnight lock protection. If it wasn't locked, it's now .125 to .25 higher.
This same thing occurred in 2012. Within 90 days pricing floated back down. This is an adjustment and the market will be in flux for some time.
Wonder what Rocket Mortgage's stock will be doing tomorrow?
My .02c
This same thing occurred in 2012. Within 90 days pricing floated back down. This is an adjustment and the market will be in flux for some time.
Wonder what Rocket Mortgage's stock will be doing tomorrow?
My .02c
serial refinancer
New member
the only blunder is that i heard they use SLS loan servicing which i have discovered is a terrible servicer. can anyone shed light on this, perhaps who is your servicer now for Owning?
potsticker
Active member
I was told that Cash Call is not locking rates today. They are trying to figure things out and will try to begin locking rates tomorrow.