Missoula Griz Posted January 15, 2008 Share Posted January 15, 2008 Its down to 5.375%. If you have been on the fence, it may be time to pull the trigger. Quote Link to comment Share on other sites More sharing options...
yo mama Posted January 15, 2008 Share Posted January 15, 2008 Its down to 5.375%. If you have been on the fence, it may be time to pull the trigger. Word on the street is that 30 year jumbos aren't as favorable as conventional. True, or no? Quote Link to comment Share on other sites More sharing options...
Missoula Griz Posted January 15, 2008 Author Share Posted January 15, 2008 Word on the street is that 30 year jumbos aren't as favorable as conventional. True, or no? True. Jumbos are about 1.25% higher then a conforming loan. Quote Link to comment Share on other sites More sharing options...
Big Country Posted January 16, 2008 Share Posted January 16, 2008 What's the price point that jumps a loan to "jumbo" status? Quote Link to comment Share on other sites More sharing options...
Missoula Griz Posted January 16, 2008 Author Share Posted January 16, 2008 What's the price point that jumps a loan to "jumbo" status? 417K nationwide. Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted January 16, 2008 Share Posted January 16, 2008 Its down to 5.375%. If you have been on the fence, it may be time to pull the trigger. non jumbo Quote Link to comment Share on other sites More sharing options...
theeohiostate Posted January 16, 2008 Share Posted January 16, 2008 What should i do? Currently have a 1 year arm @ 5.125% , it is currently split into 2 loans to stay out of the Jumbo category. I was thinking of locking into a 15year fixed, but my lendor told me today the rate was 5.375 on a 15 year fixed. Shouldn't the 15 year be less % then a 30-year, or are they the same now? He told me the 30 fixed was at 6.125............................what's the story? Quote Link to comment Share on other sites More sharing options...
Missoula Griz Posted January 16, 2008 Author Share Posted January 16, 2008 What should i do? Currently have a 1 year arm @ 5.125% , it is currently split into 2 loans to stay out of the Jumbo category. I was thinking of locking into a 15year fixed, but my lendor told me today the rate was 5.375 on a 15 year fixed. Shouldn't the 15 year be less % then a 30-year, or are they the same now? He told me the 30 fixed was at 6.125............................what's the story? Talk with another lender to match up stories. If you can get 5.375% and still do a piggyback 2nd behind it to stay out of Jumbo land, you should make the move as long as your looking to stay in the home for the near future( 5 years ). The 15 year is closer to 4.875% today. I am not soliciting any business here. I can only lend in a few states around Montana. I just thought it was important information. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted January 16, 2008 Share Posted January 16, 2008 The 15 year is closer to 4.875% today. Wow. That really is low. I went for a 5% about five years ago so I'm not changing but anyone with an ARM would be well advised to, methinks. Quote Link to comment Share on other sites More sharing options...
Missoula Griz Posted January 16, 2008 Author Share Posted January 16, 2008 Wow. That really is low. I went for a 5% about five years ago so I'm not changing but anyone with an ARM would be well advised to, methinks. Your right. The last time rates dipped this low was in the 2nd quarter of 2003. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted January 16, 2008 Share Posted January 16, 2008 Your right. The last time rates dipped this low was in the 2nd quarter of 2003. That would be it. My mortgage expires April 2018 so it would have been April 2003 when I refinanced. Quote Link to comment Share on other sites More sharing options...
I Like Soup Posted January 16, 2008 Share Posted January 16, 2008 Hmm......I got my 30 year fixed in Feb '03 at 5.25% so I have scoffed over the years when I am contacted to refinance. If that 15 year goes a little lower, heck...I may do that! Quote Link to comment Share on other sites More sharing options...
irish Posted January 16, 2008 Share Posted January 16, 2008 Man this has got me thinking again. I've already refied twice to pay off other bills. Now I'd do it to make some home-repairs. Should I...hmmmm... Quote Link to comment Share on other sites More sharing options...
Puddy Posted January 16, 2008 Share Posted January 16, 2008 Man this has got me thinking again. I've already refied twice to pay off other bills. Now I'd do it to make some home-repairs. Should I...hmmmm... So you keep refinancing to take add additional principal to your loan. I have a Dave Ramsey cd to send you (or just PM Polk for advice). Quote Link to comment Share on other sites More sharing options...
chiefjay Posted January 16, 2008 Share Posted January 16, 2008 Man this has got me thinking again. I've already refied twice to pay off other bills. Now I'd do it to make some home-repairs. Should I...hmmmm... Don't listen to Puddy Irish, I say go for it, Re-Fi again. Add to the Cowboy shrine in your basement. Quote Link to comment Share on other sites More sharing options...
Puddy Posted January 16, 2008 Share Posted January 16, 2008 Don't listen to Puddy Irish, I say go for it, Re-Fi again. Add to the Cowboy shrine in your basement. Now that's just wrong. I'm probably the only one around here who has Irish's best interest at heart. Nothing wrong with refinancing, but not just to absorb other debt. Oh and my kid has a fundraiser selling magazine subscriptions. This year I promise to ask before I order. Quote Link to comment Share on other sites More sharing options...
sundaynfl Posted January 16, 2008 Share Posted January 16, 2008 (edited) True. Jumbos are about 1.25% higher then a conforming loan. Jumbo's have finally started recovering and I can get Jumbo rates at about .875 higher than conforming... Missoula gives good advice; lock em if you got! Before you refinance to a 15 year p.m. me and I will e-mail you an article I am writing. Or you could just buy a book by Ric Edelman... Ric Edelman Edited January 16, 2008 by sundaynfl Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted January 16, 2008 Share Posted January 16, 2008 sit back and wait.....rates will be cut the next fed meeting and there are more cuts to come. possibly even an emergency cut this week. Quote Link to comment Share on other sites More sharing options...
yo mama Posted January 16, 2008 Share Posted January 16, 2008 sit back and wait.....rates will be cut the next fed meeting and there are more cuts to come. possibly even an emergency cut this week. true. But at this point current mortgage rates already have the expectation of at least a half a point rate cut built in. Quote Link to comment Share on other sites More sharing options...
T-Scorp Posted January 16, 2008 Share Posted January 16, 2008 true. But at this point current mortgage rates already have the expectation of at least a half a point rate cut built in. Good information here Quote Link to comment Share on other sites More sharing options...
irish Posted January 16, 2008 Share Posted January 16, 2008 So you keep refinancing to take add additional principal to your loan. I have a Dave Ramsey cd to send you (or just PM Polk for advice). I did and am wasn't proud to admit it. I sacrificed having to pay less money over the 30 years for freeing up more funds per month when I wasn't as high up the salary guide as a teacher. Don't listen to Puddy Irish, I say go for it, Re-Fi again. Add to the Cowboy shrine in your basement. Now that's just wrong. I'm probably the only one around here who has Irish's best interest at heart. Nothing wrong with refinancing, but not just to absorb other debt. Oh and my kid has a fundraiser selling magazine subscriptions. This year I promise to ask before I order. I know this place is full of sarcasm but I realize in this case you are actually being truthful as even though refinancing when I did helped me out from month to month, I'll pay for it in the long run. I realize this and after reading your 2 cents on the topic/my situation it made things even more clear for me. Thanks Puddy. As for the magazines, that was a brutal time for me and I'm still pretty pissed about it. However, since I know for sure that it wasn't you (as you're one of the good guys) that line was pretty comical. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted January 16, 2008 Share Posted January 16, 2008 Hmm......I got my 30 year fixed in Feb '03 at 5.25% so I have scoffed over the years when I am contacted to refinance. If that 15 year goes a little lower, heck...I may do that! Anyone know what the rate is on a 10 year fixed? Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted January 16, 2008 Share Posted January 16, 2008 true. But at this point current mortgage rates already have the expectation of at least a half a point rate cut built in. true dat. but they are getting cut by more than 50 bps. and soon. Quote Link to comment Share on other sites More sharing options...
wiegie Posted January 16, 2008 Share Posted January 16, 2008 (edited) I honestly can't believe that the markets aren't forecasting more inflation over the next few years than what is indicated by these low 30-year fixed rates. I guess the only way to explain is that they don't expect people will hold onto the mortgages for anywhere near 30 years. My only hope is that these rates hold out until the summer because I want to buy a house when I get back to America. Edited January 16, 2008 by wiegie Quote Link to comment Share on other sites More sharing options...
Yukon Cornelius Posted January 16, 2008 Share Posted January 16, 2008 I honestly can't believe that the markets aren't forecasting more inflation over the next few years than what is indicated by these low 30-year fixed rates. I guess the only way to explain is that they don't expect people will hold onto the mortgages for anywhere near 30 years. My only hope is that these rates hold out until the summer because I want to buy a house when I get back to America. so the surgery must have went well for you.... how tall are you now?? Quote Link to comment Share on other sites More sharing options...
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