Interest Rates

luna · **Posted:** Sun Jan 18, 2009 8:12 am

jjthewhale wrote:

Well, my wife is a mortgage underwriter for one of the few large banks that has managed to stay out of the news. Currently she is declining 9 out of 10 2nd's because the guidelines are tightening by the day.

Know wonder why they are still in business if they decline 9 out of 10 home loans.

However, banks are lending again, majority I see are the following lenders are, JP Chase, Provident, Amtrust, Taylor Bean & Whitaker, Credit Unions & yes Countrywide.

There's more, but those are the ones I see most.

406 wrote:

yeah the appraiser actually came inside and measured things this time and still low balled the appraisal, sand bagging son of a bitch.
I'm mid refi. with my credit union and thinking of doing 2 points for 4.66% 30 fix.

Credit Unions are on fire right now eg. SDCCU, MFCU,NFCU. They are slammed with home loans.

If you'd like, PM who your credit union is that your using.

Paying points maybe beneficial if you know your not going to refi or sell your house anytime soon.

Just need to see on an amortization schedule how many months it's going to take to break even on the points paid & if you didn't pay points.

Here's a mortgage calculator at Bankrate.com

406 · **Posted:** Mon Jan 19, 2009 4:29 pm

thanks for the link to the calculators. interesting all the different ways of crunching the numbers.

Brian · **Posted:** Wed Mar 18, 2009 11:42 am

Brian wrote:

After yesterday's cut, there's not much more they can do with the target rate so expect them to start buying up treasuries.

It took them a little longer than I expected, but the Fed just announced it's commitment to buy $300 billion in longer-term treasuries.

Bring on the 4% 30 year fixed! Assuming you have perfect credit, full income documentation, at least 90% CLTV, can you guys even read this anyway?

Red Hot Sloth · **Posted:** Wed Mar 18, 2009 7:33 pm

...can you guys even read this anyway?
Yep

luna · **Posted:** Wed Mar 18, 2009 10:30 pm

Brian wrote:

After yesterday's cut, there's not much more they can do with the target rate so expect them to start buying up treasuries.

It took them a little longer than I expected, but the Fed just announced it's commitment to buy $300 billion in longer-term treasuries.

Bring on the 4% 30 year fixed! Assuming you have perfect credit, full income documentation, at least 90% CLTV, can you guys even read this anyway?

fawk I'm already working 16hr days 6-7 a week,I just got home.

If that's the case MTB For Sale no time to ride, :crying:

luna · **Posted:** Tue Apr 28, 2009 8:40 am

luna wrote:

Brian wrote:

After yesterday's cut, there's not much more they can do with the target rate so expect them to start buying up treasuries.

It took them a little longer than I expected, but the Fed just announced it's commitment to buy $300 billion in longer-term treasuries.

Bring on the 4% 30 year fixed! Assuming you have perfect credit, full income documentation, at least 90% CLTV, can you guys even read this anyway?

fawk I'm already working 16hr days 6-7 a week,I just got home.

If that's the case MTB For Sale no time to ride, :crying:

Things haven't changed.Except I gained 30lbs. :lol:

Peeps are out there either purchasing or refinancing, it's crazy, inventory is down(ole supply & demand thing), also good to see young peeps again buying as prices & interest rates are favorable.

Can't have both for long IMO.

Brian · **Posted:** Tue Apr 28, 2009 8:11 pm

luna wrote:

Can't have both for long IMO.

Glad you're busy and not just riding the couch instead of your bike.

But I have to disagree with you on both interest rates and property values. The gov has no plans on letting interest rates significantly go up anytime soon. They'll keep printing money and buying treasuries to keep them down.

As for home prices, there is a whole nother round of houses that are going to hit the market over the next few months. Both foreclosures (pent up from the temporary moratorium) as well as a ton of short sales.

Don't look for a recovery until unemployment gets back down to 5-6%. Plan on sometime in 2010.

Signed,
Nostradamus

luna · **Posted:** Wed Apr 29, 2009 8:14 am

Brian wrote:

luna wrote:

Can't have both for long IMO.

Glad you're busy and not just riding the couch instead of your bike.

But I have to disagree with you on both interest rates and property values. The gov has no plans on letting interest rates significantly go up anytime soon. They'll keep printing money and buying treasuries to keep them down.

As for home prices, there is a whole nother round of houses that are going to hit the market over the next few months. Both foreclosures (pent up from the temporary moratorium) as well as a ton of short sales.

Don't look for a recovery until unemployment gets back down to 5-6%. Plan on sometime in 2010.

Signed,
Nostradamus

I disagree to your disagree. :lol:

This is in regards to home prices in SD.

The reason we are talking about another wave,supposed to be the biggest one will know here soon, & should see them hit the market around August.

What is left is junk, or fixers. The investors will buy those they're letting it stay on the market past 90 to get a lower price or people not afraid to buy & put 10-15K to fix it up.Yes same people who sold in '05 buying it back for cheap & renting it out, again till the next boom.

If you look at sold homes that were under 417K, what they sold for & asking price, I bet about half were sold above asking price.

Also seeing alot of refi's of people pulling money out of there home to fix them, up as they know they are not going to sell for a few years & also construction workers are out of work so prices are dirt cheap. Home owners are now getting 5 bids for their homes instead of the usual 3.

Above 417K loan(Jumbo) amount that's where we start hurting. The expensive homes are now where we see declining, as us normal folks took the hit first.

Jumbo loans are tough right now no doubt about it, what borrowers are asked to give to the lender to qualify is crazy.

IMO SD is looking OK.

I sell quite a few in Desert Area too, and off LP it would be 3-8% less.Most my listings have sold this year there.

I will agree Riverside is tough. I have a few listing there & it's not as good as SD or Desert Area.

Investors are buying again as all these people who lost homes, still need a place to live, rent covers the mortgage for them.

All I'm saying is both are favorable right now, prices & interest rates are favorable.Still sticking to you can't have both for long IMO.Buy a house to turn it into a home.When you buy it & your comfortable with the payments & your going to live there a while, time will take care of the rest. Ask your parents what they bought their home for & what prices are now.

2010 will be here before you know. Even if you did a Short Sale that takes about 3-4 months to close from seller acceptance.

Signed Loan Docs for clients this week & their first payment is July 1st. Man where has this year gone.

Interest Rates

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