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Started By
Message
Mortgage Rate trends
Posted on 6/30/15 at 12:55 pm
Posted on 6/30/15 at 12:55 pm
Where do you guys see this going in the next few weeks? The wife and I are home shopping and the lender is telling us that rates are spiking due to concerns in Greece. Problem is, my wife's credit scores are lower than mine so our loan will be based on her middle score of 713. I have to have her on it because student loans are giving me poor DTI ratios.
Best to wait a few weeks, or lock in a (high) rate now because they're going to spike more?
Best to wait a few weeks, or lock in a (high) rate now because they're going to spike more?
9
Posted on 6/30/15 at 1:18 pm to AnonymousTiger
Lol, high pressure sales tactic. Find a new lender.
Posted on 6/30/15 at 1:27 pm to AnonymousTiger
We just locked in at 4.5% (about .25 or so higher due to lender paid PMI).
Our mortgage guy said in the short term he saw them going up but didn't think the economy would support 5% interest rates just yet. It's just how long before they come back down.
Our mortgage guy said in the short term he saw them going up but didn't think the economy would support 5% interest rates just yet. It's just how long before they come back down.
Posted on 6/30/15 at 1:30 pm to BoogaBear
quote:
lender paid PMI
That doesnt sould like a good idea, do they drop PMI once you reach 20% value. If not your paying PMI for the duration of the loan??
Posted on 6/30/15 at 1:31 pm to AnonymousTiger
my wife and I were both under 700 and we got a 3.25 back in 2013.
Posted on 6/30/15 at 2:03 pm to ragacamps
you should delete this post for talking about a rate from 2 years ago!!! sorry its one of things that bugs me the most when people discuss rates.
Rates are not really up when you consider we are coming off 2 year lows. They were in the same spot last year at this time. Your lender is pressuring you into locking. The turmoil in Greece is driving he market lower and when the market goes low so do rates. This hasn't happened yet and I don't think rates are going back down to where they were the last 8 months. The best time to lock a rate is when you find a house and are ready.
Rates are not really up when you consider we are coming off 2 year lows. They were in the same spot last year at this time. Your lender is pressuring you into locking. The turmoil in Greece is driving he market lower and when the market goes low so do rates. This hasn't happened yet and I don't think rates are going back down to where they were the last 8 months. The best time to lock a rate is when you find a house and are ready.
Posted on 6/30/15 at 2:11 pm to BoogaBear
quote:
We just locked in at 4.5% (about .25 or so higher due to lender paid PMI).
Out of curiosity, how long do you intend on staying in this house?
Over 5 years on a $300k house that's an extra $10k in interest.
What kind of loan are you applying for? Do you have > 720 credit score?
Posted on 6/30/15 at 2:17 pm to hawkeye007
We haven't locked anything in yet. But not understanding how the markets interact definitely had me worried about Greece causing them to rise.
Is it best to just float the rate and wait a few more weeks to lock it in? We do have a house in mind and are trying to figure out the time frame.
Is it best to just float the rate and wait a few more weeks to lock it in? We do have a house in mind and are trying to figure out the time frame.
Posted on 6/30/15 at 2:38 pm to AnonymousTiger
quote:Find a new, and preferably an honest, lender.
the lender is telling us that rates are spiking due to concerns in Greece
Posted on 6/30/15 at 2:56 pm to LSUAfro
quote:
Out of curiosity, how long do you intend on staying in this house?
Over 5 years on a $300k house that's an extra $10k in interest.
What kind of loan are you applying for? Do you have > 720 credit score?
30 year Conventional 10% down.
Final rates the day we locked were 4.35% for PMI option
and 4.5% for LPMI
We both have ~750 credit scores.
We will stay in this house for a very long time.
Lender is also paying all closing costs.
Posted on 6/30/15 at 3:00 pm to AnonymousTiger
quote:
The wife and I are home shopping and the lender is telling us that rates are spiking due to concerns in Greece.
10 year treasury is down since the Greek news broke on Sunday night. Your lender isn't telling you the truth.
Posted on 6/30/15 at 3:30 pm to AnonymousTiger
You're getting played, AT.
Not much difference between 713 and 850 if DTI is a factor. Find a new lender and tell your lender to screw himself. You're smarter than that. Greece has very little to do with mortgage rates today. In fact, rates are down today over yesterday. He's trying to get you locked in so he can make more money.
I hate dishonest sales tactics.
Not much difference between 713 and 850 if DTI is a factor. Find a new lender and tell your lender to screw himself. You're smarter than that. Greece has very little to do with mortgage rates today. In fact, rates are down today over yesterday. He's trying to get you locked in so he can make more money.
I hate dishonest sales tactics.
This post was edited on 6/30/15 at 3:32 pm
Posted on 6/30/15 at 3:50 pm to AnonymousTiger
For reference, I just got 3.75% on a 30 year (20% down), which I haven't locked in yet.
And I can almost promise you that my student loans are higher than yours.
And I can almost promise you that my student loans are higher than yours.
This post was edited on 6/30/15 at 3:51 pm
Posted on 6/30/15 at 3:54 pm to MSMHater
Ask him if he gets e-mailed his rate sheets weekly from his lenders. Once he answers yes, then kindly ask him for the last three over the last three weeks. Just have him forward you the sheets. No problem with that.
This is where this worm will squirm. Because you won't see any spikes in the rates whatsoever. He's feeding you a line of BS to simply set the hook and guarantee the business and plug your loan into his commission check projections for 45-60 days from now.
Go find another LO/Mortgage Broker. Immediately.
I will say this, it's best to lock sooner rather than later. Your interest you're paying is going to be tax deductible and trying to play the market to save 8-10 basis points is somewhat of a fool's errand when you're going to deduct every single dime in interest-along with every dime mentioned on lines 801 and 803 on the HUD-1 Settlement Statement that's considered a closing cost.
Seriously, your wife has a 700+ credit score. Go find someone who won't lie to you and just lock the loan and go about your business. This isn't enough to quibble about.
This is where this worm will squirm. Because you won't see any spikes in the rates whatsoever. He's feeding you a line of BS to simply set the hook and guarantee the business and plug your loan into his commission check projections for 45-60 days from now.
Go find another LO/Mortgage Broker. Immediately.
I will say this, it's best to lock sooner rather than later. Your interest you're paying is going to be tax deductible and trying to play the market to save 8-10 basis points is somewhat of a fool's errand when you're going to deduct every single dime in interest-along with every dime mentioned on lines 801 and 803 on the HUD-1 Settlement Statement that's considered a closing cost.
Seriously, your wife has a 700+ credit score. Go find someone who won't lie to you and just lock the loan and go about your business. This isn't enough to quibble about.
This post was edited on 6/30/15 at 3:56 pm
Posted on 6/30/15 at 4:03 pm to GFunk
Thanks for all the responses. Kind of pisses me off that they would be lying about this but I'm glad that I checked here to confirm what I'm being told. Again, I just don't have enough knowledge about the markets to know if it could have been true.
Glad I have you guys. I have reached out to other lenders to see how their rates compare. (I did check with others before, but this one was recommended to me by a co-worker so I didn't move forward much on the others)
Glad I have you guys. I have reached out to other lenders to see how their rates compare. (I did check with others before, but this one was recommended to me by a co-worker so I didn't move forward much on the others)
Posted on 6/30/15 at 8:46 pm to MSMHater
Care to share who gave you that rate? Both our scores are in the 780's.
Posted on 6/30/15 at 9:48 pm to AnonymousTiger
LINK
I have been following this site. We decided to buy instead of build. We found a house last week. I was quoted 4.125 last Thursday. That is with 35% down DTI below 20% and FICO above 700.
I have been following this site. We decided to buy instead of build. We found a house last week. I was quoted 4.125 last Thursday. That is with 35% down DTI below 20% and FICO above 700.
Posted on 7/1/15 at 6:39 am to AnonymousTiger
FWIW, I locked in last week. 30yr fixed at 4.00, no points, no origination. 20% down, FICO 781.
Posted on 7/1/15 at 8:35 am to BassHorn
Anywhere from 4 flat to 4 and an eighth to 4 and a quarter is an absolutely fantastic interest rate. The difference in interest is silly considering its all tax deductible and the difference in monthly obligation is really fairly negligible.
Posted on 7/1/15 at 9:00 am to BassHorn
Bass horn, who did you use.
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