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Started By
Message
Rates on 30-year loans drop to 5.04 percent
Posted on 9/17/09 at 4:43 pm
Posted on 9/17/09 at 4:43 pm
I thought mortgage rates were supposed to be going through the roof by now? What happened? 
LINK
quote:
WASHINGTON (AP) -- Rates for 30-year home loans edged down for the third-straight week and are close to record lows reached over the spring, providing an excellent opportunity for borrowers to save money by refinancing their home loans.
The average rate for a 30-year fixed mortgage was 5.04 percent, down from 5.07 percent a week earlier, mortgage company Freddie Mac said Thursday. Rates, while above the record low of 4.78 percent hit in the spring, are still attractive for people looking to buy a home or refinance.
It was the lowest weekly average since the week of May 28, when rates averaged 4.91 percent.
LINK
2
Posted on 9/17/09 at 4:45 pm to LSURussian
Certainly you know by now that the whole point of the market is to frustrate you?
Posted on 9/17/09 at 4:50 pm to foshizzle
Agreed! But didn't I read on this board earlier this year that mortgage rates would be in the double digit range by now? I'm sure I did. And I depend on you folks to tell me what's going to happen! 
Where did I put that thread....? Let me look around and see if I can find it.
Where did I put that thread....? Let me look around and see if I can find it.
Posted on 9/17/09 at 5:02 pm to LSURussian
With the home credit and low rates maybe more people can buy homes they can't afford
Posted on 9/17/09 at 6:47 pm to ManiaTiger
Or maybe they can buy a home that they can afford.....
Posted on 9/17/09 at 6:59 pm to LSURussian
That would take logic
Posted on 9/17/09 at 7:02 pm to LSURussian
quote:
But didn't I read on this board earlier this year that mortgage rates would be in the double digit range by now?
Can't pin that one on me! Although it is worth noting that (ahem) I refinanced at exactly 4.78%. May be the only time I've called the exact bottom.
Posted on 9/17/09 at 10:34 pm to LSURussian
you know damn good and well fed has bought a ton of fannie/freddie bonds.
Posted on 9/18/09 at 8:03 am to prplhze2000
quote:Why are you so bitter? Everyone knows the Fed has been doing QE for many months now. What is your point, other than to be an a-hole?
you know damn good and well fed has bought a ton of fannie/freddie bonds.
Posted on 9/18/09 at 10:06 am to LSURussian
quote:
Agreed! But didn't I read on this board earlier this year that mortgage rates would be in the double digit range by now? I'm sure I did. And I depend on you folks to tell me what's going to happen!
Whoever would say something that rates would be in double digits would have to be an absolute moron!!!!!!
Posted on 9/18/09 at 11:18 am to jkb531
oh no i remeber this board early this year all the non mortgage guys sounding off on how high the rate would go. wrong wrong wrong...but thats why i come to TD to watch people talk as if they know whats going on..
Posted on 9/18/09 at 11:25 am to displacedhorn
I don't know who said what, although people definitely like throwing out seemingly random events/points, but I'm pretty confident that any prediction I made regarding rising interest rates was predicated on the end of credit/quant easing by the Fed, and a [albeit simultaneous] rise in the 10Y. If someone can find a quote where I said otherwise, I'll gladly own up to it. Otherwise, you can wait till the end of October, and we can talk about it again.
Posted on 9/18/09 at 12:36 pm to kfizzle85
quote:What happens in October?
you can wait till the end of October, and we can talk about it again.
Posted on 9/18/09 at 12:38 pm to LSURussian
not being bitter at all. You are engaging in some taunting so I am merely replying likewise without the polish and phony platitudes.
Posted on 9/18/09 at 12:43 pm to LSURussian
That's when the MBS program is supposed to end, and they've indicated [thus far] that they intend to stick to that deadline.
Posted on 9/18/09 at 12:48 pm to kfizzle85
What is your prediction for mortgage rates when that happens? 
Posted on 9/18/09 at 12:53 pm to LSURussian
That they will go up by some amount. 
I have no idea how much, or what the overall effect will be, I'm not into making ridiculous predictions. Displacedhorn might be able to drop some wisdom on us, since no one here knows what they're talking about.
I have no idea how much, or what the overall effect will be, I'm not into making ridiculous predictions. Displacedhorn might be able to drop some wisdom on us, since no one here knows what they're talking about.Posted on 9/18/09 at 1:07 pm to kfizzle85
quote:Now THAT is going out on a limb!
That they will go up by some amount.
I'll remind everyone that when a poster asked everyone a few months ago what was our prediction for the 30-year bond rate on 12/31/09, I predicted 6.85%. My prediction was, by far, the lowest. And that looks to be too high now.
Most were saying double digits as I recall. (This is for the 30-year t-bond, not mortgages.)
Posted on 9/18/09 at 1:11 pm to LSURussian
I would love to see that thread, I don't remember that one at all.
Posted on 9/18/09 at 1:15 pm to LSURussian
quote:
LSURussian
You will be pleased to know that the wife and I might buy a house very shortly, i.e. next week.
Our neighbor just put their house on the market.
Too bad I don't qualify for the 8k home credit. fricking sucks.
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