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re: Negative Rates Coming Next Week Reaction Thread
Posted on 3/15/20 at 10:02 am to Dawgfanman
Posted on 3/15/20 at 10:02 am to Dawgfanman
If you are in AL or FL I can help. 25yr mortgage professional. Work for a top 25 national mortgage banking firm.
For an accurate rate I need more info than what you posted Loan amount & property value. 75% LTV for cash out 3.875% 15yr with 0.5points or 30yrf 4.5% with 0.50points. This is due to loan level adjustments and how current pricing isn't paying as much premium for the higher rates that would normally offset the LLPAs for you Cash out refi.
rates took a beating last week starting on Tuesday. MBS pricing lost 150bps all within a few days and rates Up 1%+ for the week. I believe they will come back down when a good portion of the new business has been processed. Lenders and secondary markets are at capacity which has artificially driven up rates. We should be about 0.5% lower than we are now 4.50% . Rates are still very attractive. My advice is when rates dip again you better act fast and get your paperwork in quickly. May even start app now and float rate lock if your lender will allow. Most are on 60day lock min for refinancing. We can still close a 30 day purchase.
For an accurate rate I need more info than what you posted Loan amount & property value. 75% LTV for cash out 3.875% 15yr with 0.5points or 30yrf 4.5% with 0.50points. This is due to loan level adjustments and how current pricing isn't paying as much premium for the higher rates that would normally offset the LLPAs for you Cash out refi.
rates took a beating last week starting on Tuesday. MBS pricing lost 150bps all within a few days and rates Up 1%+ for the week. I believe they will come back down when a good portion of the new business has been processed. Lenders and secondary markets are at capacity which has artificially driven up rates. We should be about 0.5% lower than we are now 4.50% . Rates are still very attractive. My advice is when rates dip again you better act fast and get your paperwork in quickly. May even start app now and float rate lock if your lender will allow. Most are on 60day lock min for refinancing. We can still close a 30 day purchase.
1
Posted on 3/15/20 at 11:16 am to Upperdecker
quote:
So if I’m getting paid to maintain a loan, why not take out a solid loan and put it into blue chips and pay the loan out of the dividends?
Because the only type of loan that makes this feasible is a mortgage and you're not getting a mortgage without getting a house too.
Posted on 3/15/20 at 12:49 pm to spacewrangler
quote:
Lenders and secondary markets are at capacity which has artificially driven up rates.
Good info in your post.
Any idea when they’ll start needing more loans to come in? I’m looking to do a cash out refi and will pounce when rates tick down again.
Posted on 3/15/20 at 1:02 pm to OleWarSkuleAlum
I really need to close on my new house ASAP.
Posted on 3/15/20 at 4:46 pm to OleWarSkuleAlum
My local lender thinks by end of next week Fed rate will be negative. But secondary market rates will tick up.
This post was edited on 3/15/20 at 4:52 pm
Posted on 3/15/20 at 5:04 pm to OleWarSkuleAlum
When it happens...get back w/ me.
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