Missoula Griz Posted December 1, 2008 Share Posted December 1, 2008 30 year fixed is around 5.375% today. Quote Link to comment Share on other sites More sharing options...
Rebellab Posted December 1, 2008 Share Posted December 1, 2008 I have been watching this go down for a week. I may need to buy a house this week. But I don't know just yet. Some other things going down. God, I wish I had things figured out. Quote Link to comment Share on other sites More sharing options...
Big Country Posted December 1, 2008 Share Posted December 1, 2008 man.... that is nice and low. May have to push up the look for a new one and forget about planning to keep the current house and rent it out. Quote Link to comment Share on other sites More sharing options...
wiegie Posted December 1, 2008 Share Posted December 1, 2008 I just bought a house 4 months ago and I just called and I can lock in a full percent lower than I did back then. It will cost me about $750.00 in fees to do so, but it will pay for itself in 7 months. I think I am going to do it. Quote Link to comment Share on other sites More sharing options...
Missoula Griz Posted December 1, 2008 Author Share Posted December 1, 2008 I just bought a house 4 months ago and I just called and I can lock in a full percent lower than I did back then. It will cost me about $750.00 in fees to do so, but it will pay for itself in 7 months. I think I am going to do it. Thats pretty much a no brainer if you are going to be in the home for a couple years.. Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted December 1, 2008 Share Posted December 1, 2008 I would buy a house if I could sell my house. Quote Link to comment Share on other sites More sharing options...
Puddy Posted December 1, 2008 Share Posted December 1, 2008 I would buy a house if I could sell my house. +1 Quote Link to comment Share on other sites More sharing options...
NAUgrad Posted December 1, 2008 Share Posted December 1, 2008 Still not low enough for me. My current rate is 5 1/8 for a 30 year fixed. I need it to hit about 4% in order for me to refinance. That may also be what needs to happen in order for the housing market to get back on track. Quote Link to comment Share on other sites More sharing options...
Skilly Posted December 1, 2008 Share Posted December 1, 2008 I've been wavering on this for quite sometime now. I rent an apartment now, but the lease expires next summer and we desperately want to get out of this place. It's small, but it's crappy. :-) I'm not as much concerned about the rates as I am about the average house prices going down. Places up here in CT where I live are not falling in price fast enough for me, and the tax rates aren't going down either. Quote Link to comment Share on other sites More sharing options...
Czarina Posted December 2, 2008 Share Posted December 2, 2008 It's nice that the rates are low, but can anyone actually GET a mortgage right now? They could advertise 2%, but if they aren't approving them Quote Link to comment Share on other sites More sharing options...
Jimmy Neutron Posted December 2, 2008 Share Posted December 2, 2008 It's nice that the rates are low, but can anyone actually GET a mortgage right now? They could advertise 2%, but if they aren't approving them Mortgages are not a problem locally. We'd also buy a house now if we were sure values were at the bottom. Quote Link to comment Share on other sites More sharing options...
wiegie Posted December 2, 2008 Share Posted December 2, 2008 It's nice that the rates are low, but can anyone actually GET a mortgage right now? They could advertise 2%, but if they aren't approving them My refinance got pre-approved in about five minutes this afternoon. Quote Link to comment Share on other sites More sharing options...
Czarina Posted December 2, 2008 Share Posted December 2, 2008 Really? I'm pretty sure my mortgage is at 5.5 30/fixed though. If there was a prayer I could sell my house, I'd make a local move in a heartbeat. Prices have come way, way down. Quote Link to comment Share on other sites More sharing options...
Missoula Griz Posted December 2, 2008 Author Share Posted December 2, 2008 Anybody with half decent credit and 5% down can buy a home in todays conforming loan market. Jumbo loans can be more difficult, depending on loan amount, downpayment and location. At market close today, a conforming 30 year fixed ( in my market a loan of 417K or less) was at 5.125%. If any of you are on the fence currently, its time to maybe pull the mortgage trigger. PM me if you need more info. Quote Link to comment Share on other sites More sharing options...
theeohiostate Posted December 2, 2008 Share Posted December 2, 2008 I'm at a flat 5% on a 5 year ARM. It's one year old now. We finance through Union Savings and for a flat $50 you can refi anytime the rates drop if your a customer. Quote Link to comment Share on other sites More sharing options...
whoopazz Posted December 3, 2008 Share Posted December 3, 2008 I'm at 6 and 1/8 fixed. Is it time to pull the trigger on refinance? My experience has been that the closing costs are prohibitive, but maybe I'm just stupid and subject to costs and fees. Quote Link to comment Share on other sites More sharing options...
skylive5 Posted December 3, 2008 Share Posted December 3, 2008 My refinance got pre-approved in about five minutes this afternoon. Took me almost 15 minutes. Just too good to pass up as my rate was at 8%. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted December 3, 2008 Share Posted December 3, 2008 bill gross just said he expects the 30y to fall to about 4.5% in the next 6-9 months. Quote Link to comment Share on other sites More sharing options...
TimC Posted December 3, 2008 Share Posted December 3, 2008 bill gross just said he expects the 30y to fall to about 4.5% in the next 6-9 months. Wow..that would be incredible. My mortgage on my previous house was a 15-year at like 4 1/8%, I believe. And that was purty good. I couldn't imagine getting a 30-year at 4.5%. All of America should be refinancing then. Quote Link to comment Share on other sites More sharing options...
wiegie Posted December 3, 2008 Share Posted December 3, 2008 Wow..that would be incredible. My mortgage on my previous house was a 15-year at like 4 1/8%, I believe. And that was purty good. I couldn't imagine getting a 30-year at 4.5%. All of America should be refinancing then. except that a whole lot of America is either underwater on their current mortgage or doesn't have enough equity in their home to refinance. Quote Link to comment Share on other sites More sharing options...
muck Posted December 3, 2008 Share Posted December 3, 2008 Wow..that would be incredible. My mortgage on my previous house was a 15-year at like 4 1/8%, I believe. And that was purty good. I couldn't imagine getting a 30-year at 4.5%. All of America should be refinancing then. Those who could refinance would, and those who've been sitting on the sidelines would re-emerge wiping out a lot of the residential housing overhang. Quote Link to comment Share on other sites More sharing options...
TimC Posted December 3, 2008 Share Posted December 3, 2008 except that a whole lot of America is either underwater on their current mortgage or doesn't have enough equity in their home to refinance. Well yeah, there's that. Those of us that put money down (over 20%) and don't live in overbuilt big cities that have been crushed should come out sitting pretty hopefully. It'll act like a bailout for smart people. Quote Link to comment Share on other sites More sharing options...
muck Posted December 3, 2008 Share Posted December 3, 2008 Well yeah, there's that. Those of us that put money down (over 20%) and don't live in overbuilt big cities that have been crushed should come out sitting pretty hopefully. It'll act like a bailout for smart people. STS. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted December 3, 2008 Share Posted December 3, 2008 Treasury is considering a plan to halt sliding home prices by lowering mortgage rates via Fannie and Freddie - WSJ Quote Link to comment Share on other sites More sharing options...
Czarina Posted December 3, 2008 Share Posted December 3, 2008 except that a whole lot of America is either underwater on their current mortgage or doesn't have enough equity in their home to refinance. I'd be all over a refi for 4.5/30yr fixed. We've got plenty o' equity in this box we call home. Of course, we had it built in '94, scrimping down to the last penny to get there and we've had the luck of the real estate boom which more than doubled the value of the house. Even with the downturn we could realize a tidy little sum out of it. I probably wouldn't do something stupid like take cash out though, which I'm sure the economy folks wish we would. Quote Link to comment Share on other sites More sharing options...
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