Irvinecommuter
New member
Rates are definitely moving today! 10 year yields down to 1.95! Of course, my stock portfolio is not too good right now.
How low can we go? 30 yr fixed at 3.75% with no fees...
- Thread starter ps99472
- Start date
NEW -> Contingent Buyer Assistance Program
May I ask which bank?
Noob here. That's not for refi right?
I was thinking of doing a 60 day rate lock and I was quoted 4.125% for 30yr fixed for $400k loan from Wells Fargo (builder's lender), with a 0.875% credit. Just wondering whether your low rate is due to no rate lock or something else?
So they charged $1,000 to lock the rate assuming an $800,000 loan? Not a bad deal at all. Congrats!
The structure is a 0.375% fee to lock last week, with a 0.25% credit applied at closing. Therefore, a net 0.125% fee to lock for 150 days. I think the purpose of this structure is to discourage you from using another creditor a month or two from COE if rates are lower then. It would be easier to walk away from a 0.125% upfront lock fee than it would be 0.375%.
sgip
Well-known member
Low at 1.95
Close at 2.013
Futures at 2.03
Credit ain't buying the crash. Could something happen to lower rates as dramatically as stock prices? Sure, this is going to be an interesting week. Could rates rise? Perhaps. Get some popcorn and a comfy couch. This isn't a market to participate in, but to watch from a distance.
My .02c
SGIP
Close at 2.013
Futures at 2.03
Credit ain't buying the crash. Could something happen to lower rates as dramatically as stock prices? Sure, this is going to be an interesting week. Could rates rise? Perhaps. Get some popcorn and a comfy couch. This isn't a market to participate in, but to watch from a distance.
My .02c
SGIP
Irvinecommuter
New member
And yield jump to 2.11 as of now...15 point swing in a day an a half. Amazing stuff.
Oil is below $40 and Gold just gave up most of its dead cat bounce.
Looks like people are just trying to find places to park their money and can't decided where to put it.
Oil is below $40 and Gold just gave up most of its dead cat bounce.
Looks like people are just trying to find places to park their money and can't decided where to put it.
happytales
New member
irv81 said:
May I ask which bank?
irv81 said:
Noob here. That's not for refi right?
I was thinking of doing a 60 day rate lock and I was quoted 4.125% for 30yr fixed for $400k loan from Wells Fargo (builder's lender), with a 0.875% credit. Just wondering whether your low rate is due to no rate lock or something else?
sgip
Well-known member
3.625 purchase - $417k and over is about right. Some Banks have incentives if you have money with them already, or can push money over to them over & above your down payment plus any closing costs. Depending on your available funds post closing that might be moved over, very low 3's is possible for 30 fixed. Got an old 401k, or a trading account with some bux left? Might pay to shop, providing you're at least 45 days or greater from closing. Anything shorter than than and you'll freak your builder out.
My .02c
SGIP
My .02c
SGIP
paperboyNC
New member
SGIP, what are rates looking like for a cash out refi, 50-55% LTV?
I'd be looking at either a 7/1 ARM or a 30yr fixed.
Right now 1st + 2nd is at around $410k but I could cash out more than just the 2nd to get over $417k if it lowers the rate
I'd be looking at either a 7/1 ARM or a 30yr fixed.
Right now 1st + 2nd is at around $410k but I could cash out more than just the 2nd to get over $417k if it lowers the rate
What I have been noticing - although my credit score is good, not excellent at which point far more options open up - is that the best rate is above $625k and the worst is in the zone between $417k and $625k. But like I said this is my personal experience and your millage may vary.
To get a better rate you need to try and work with multiple brokers. It really pays to haggle.
To get a better rate you need to try and work with multiple brokers. It really pays to haggle.
sgip
Well-known member
PaperboyNC - I can't quote specific rates in a forum, just general rate trends and give advice where appropriate.
Most internet lenders have such thin margins that you're better off refinancing with them for sub-$417k loans. The Banks are focused on both balance sheet lending (portfolio jumbo) and purchase loans and best deals for those mortgages can be found there.
At some point - likely in October - you may find fewer choices for lenders due to the RESPA/TILA changes, which means lock in your conforming stuff sooner rather than later with the highly competitive internet lenders.
My .02c.
Most internet lenders have such thin margins that you're better off refinancing with them for sub-$417k loans. The Banks are focused on both balance sheet lending (portfolio jumbo) and purchase loans and best deals for those mortgages can be found there.
At some point - likely in October - you may find fewer choices for lenders due to the RESPA/TILA changes, which means lock in your conforming stuff sooner rather than later with the highly competitive internet lenders.
My .02c.
Perspective
Well-known member
We locked last week with Wells at 3.75% (30Y fixed) for 150 days at a net cost of an eighth, with a one-time float-down option at no cost from 9-23 to 10-23.
paperboyNC
New member
Perspective said:
So they charged $1,000 to lock the rate assuming an $800,000 loan? Not a bad deal at all. Congrats!
Perspective
Well-known member
paperboyNC said:
The structure is a 0.375% fee to lock last week, with a 0.25% credit applied at closing. Therefore, a net 0.125% fee to lock for 150 days. I think the purpose of this structure is to discourage you from using another creditor a month or two from COE if rates are lower then. It would be easier to walk away from a 0.125% upfront lock fee than it would be 0.375%.