| Posted by | Message |
CAD703X 
Toledo Fan
Liberty Island
Member since Jul 2008
19355 posts
| re: Mortgage rates lowest now? (Posted on 10/4/12 at 5:29 am to Will Cover)
correct
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Sorrento Muddbugs 
LSU Fan
Member since Sep 2011
559 posts
| re: Mortgage rates lowest now? (Posted on 10/4/12 at 11:41 am to CAD703X)
quote:
i was just quoted 3.125% 30yr no costs (other than standard $300 appraisal, etc) by northpointe bank for the record.
eta
Rate Quote ID: XX-XXXXX
Loan program: 30 year fixed
Rate (APR): 3.125% (3.125%)
Lender fees: $1
Monthly Payment: $1,211
Lender company: Northpointe Bank
You also got a lower rate because you are refinancing a house that is probably around 250k or more. The higher the amount the lower rate you will get, without having to pay points.
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blacykaty
LSU Fan
Katy, Texas
Member since Nov 2009
272 posts
| re: Mortgage rates lowest now? (Posted on 10/4/12 at 12:31 pm to SAL MINIO)
I don't see them going much lower. Mortgage companies have a minimum profit number, it used to be at 1.75. We used to be able to estimate the next day rates by adding 1.75 to the 10 year treasury. Right now, using that formula, rates should be about 3.2% to 3.3%, which is where we are right now. While MBS's don't exactly follow the 10 year t-bill is pretty close.
That said, I have heard from my pricing department to expect some lowering, but nothing below 3.00% without points.
As a perspective, when I started originating loans, the rates were about 12.5%. Anything under 5% is amazing!
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CAD703X
Toledo Fan
Liberty Island
Member since Jul 2008
19355 posts
| re: Mortgage rates lowest now? (Posted on 10/4/12 at 1:57 pm to blacykaty)
blacykaty, yep. they crept up a hair today..i'm seeing 3.25 as the low..yesterday it was 3.125
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CAD703X
Toledo Fan
Liberty Island
Member since Jul 2008
19355 posts
| re: Mortgage rates lowest now? (Posted on 10/4/12 at 3:55 pm to CAD703X)
update, i messed around and didn't lock yesterday and it crept up .125% so i locked it at 3.25% today with northpointe.
good folks over there. very impressed w/ how easy zillow made finding a mortgage company without fees. 
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lsugrldej8
LSU Fan
Watson
Member since Sep 2006
1835 posts
| re: Mortgage rates lowest now? (Posted on 10/4/12 at 5:47 pm to CAD703X)
quote:
good folks over there. very impressed w/ how easy zillow made finding a mortgage company without fees
So you didn't have any fees other than appraisal? We are looking to refi and just checked with GMFS and they quoted us 3.25% for a 30 year with no points but the fees are $2100 for the GMFS fee and $1300 for the title company
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jeffsdad
Member since Mar 2007
3172 posts
| re: Mortgage rates lowest now? (Posted on 10/4/12 at 6:53 pm to lsugrldej8)
Got a 2.675 for 10 year quote today via credit union.
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CAD703X
Toledo Fan
Liberty Island
Member since Jul 2008
19355 posts
| re: Mortgage rates lowest now? (Posted on 10/4/12 at 7:02 pm to lsugrldej8)
quote:
So you didn't have any fees other than appraisal?
correct. check out zillow; its a free service that looks up the best mortgage deals..and their reviews/ratings so you know you're not getting scammed.
these mortgage companies specialize is 'low ball' internet rates. you won't get the same rate if you just called them out of the blue.
in fact, northpointe's rate was actually higher when i filled out their form, the guy i worked with had to actually go in and put the correct rate in.
great site!
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bryso 
Clemson Fan
The Real Death Valley
Member since Dec 2006
26768 posts
| re: Mortgage rates lowest now? (Posted on 10/4/12 at 11:36 pm to foshizzle)
quote:
I got 3.25 on a condo loan. Incredible.
Where?
And was it a FHA approved development?
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foshizzle
LSU Fan
Member since Mar 2008
25097 posts
| re: Mortgage rates lowest now? (Posted on 10/4/12 at 11:49 pm to bryso)
quote:
And was it a FHA approved development?
It is a "regular" 30 year condo mortgage. FHA never came up, I have plenty of equity.
Location is Arlington, VA.
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