Mortgage rate upward movement

[Tom_Irvine_Guy]

Have you guys noticed upward movement for mortgage interest rates this week? Got a call from in house lender today, saying rates are going up, better to lock them now otherwise in Dec ( Close to escrow for new house) rates will be too high :O

 

[liveatoc]

As we know Mortgage rates can change and possible 30 year fixed rate will change between 4.25 to 4.5 for next 6 months.

Currently I see new 15/15 ARM portfolio from Wescom lender, will not change the interest rate for couple of months.
They started this new program on May 10th. But caution this lender may not close loan on time.

 

[shadyoc]

Heard they are going up.  I got quoted 3% and 3.65% both from different lenders on a 7/1.  Both had 0 points and 0 fees but not sure why there is a huge discrepancy in the rates. 

 

[Tom_Irvine_Guy]

i m hoping in Nov rates would go down again

 

[rkp]

why does the 15/15 from wescom cost less for higher amounts?  usually its the other way around

 

[Irvinecommuter]

Mortgage rates went down at the end of August/beginning of September because of Israel and Ukraine.  They have gone a bit in the last three weeks because those issues were resolved and the Fed is indicating that it will raise its lending rate next year.
http://www.mortgagenewsdaily.com/mortgage_rates/daily.aspx

 

[eyephone]

Mortgage rates went down at the end of August/beginning of September because of Israel and Ukraine.  They have gone a bit in the last three weeks because those issues were resolved and the Fed is indicating that it will raise its lending rate next year.
http://www.mortgagenewsdaily.com/mortgage_rates/daily.aspx

Ukraine issue is not Resolved.

 

[Irvinecommuter]

Mortgage rates went down at the end of August/beginning of September because of Israel and Ukraine.  They have gone a bit in the last three weeks because those issues were resolved and the Fed is indicating that it will raise its lending rate next year.
http://www.mortgagenewsdaily.com/mortgage_rates/daily.aspx

Ukraine issue is not Resolved.

For Financial markets, it is.  Russia is a different ball of craziness.

 

[ps99472]

5/1 Jumbo at 2.75% with about $4000 lender credit, see this from two brokers on Zillow:  Residential Wholesale and Annie Mac.

 

[Irvinecommuter]

Well...the ebola thing is bad for people but apparent good for mortgage rates.

The 10 year treasury yield went down to 2.41 (or about 3.35%) just today. 

 

[sgip]

Big swings in the market means you'll need impeccable timing when considering a lock. My guess is tomorrow we may see a bit of a reversal in both stocks and bonds- a normal event given conditions as they are. The trend is definitely a borrowers friend at this point.

2.75 5/1 is pretty much the norm at this point - sourced from both brick and mortar and internet bankers. For the risk tolerant there's always financing on a 3/1, which are approaching the 2.25% range for a zero cost refi. (55% LTV, 781 FICO, etc) Bear in mind most 5's and 3's have some pretty stringent qualifying guidelines given how soon the first adjustment is coming.

My .02c

Soylent Green is People.