Posted on: 22nd Jan, 2008 09:00 am
Today's mortgage rates dropped by .25% to 5.25% with zero points on a 30 year mortgage. For those of you that missed out on the 2003 rates, or got into an adjustable rate, there is opportunity again!
Thats great, however rates change on a daily basis and every situation is different. I am not a fan at all of throwing out rates like this. To me it looks like an ad. Please be careful in your posts.
Sincerely
Sincerely
Hi Eric,
You are right but I think it is good that we come to know about subtle changes in the industry and a potential borrower may act accordingly. I think as long as anyone is not singing about their products and services or asking people to consult it is ok. Is not it :)
By the way sorry if I say anything wrong :)
Best of luck,
Larry
You are right but I think it is good that we come to know about subtle changes in the industry and a potential borrower may act accordingly. I think as long as anyone is not singing about their products and services or asking people to consult it is ok. Is not it :)
By the way sorry if I say anything wrong :)
Best of luck,
Larry
I didn't want my post to come accross as an advertisement. I just wanted to let people know how low the rates are now. I was quite excited when I posted earlier today. Not everyone watches the rates like we do and I hope that I am able to help people make informed decisions based on the market conditions.
don't bicker, kids.
eric, i think lisa was trying to be above board here, informing those who may not know that rates are down quite a bit.
by the same token, i understand what you mean. the tossing of specifics about programs, products or rates can act as a virtual ad, perhaps to the point of leading someone to pick up the phone and seek out that particular deal.
eric, i think lisa was trying to be above board here, informing those who may not know that rates are down quite a bit.
by the same token, i understand what you mean. the tossing of specifics about programs, products or rates can act as a virtual ad, perhaps to the point of leading someone to pick up the phone and seek out that particular deal.
I happen to agree......I think it's an add.......
It is an add just because it has no validity whatsoever. It is true there was a rate cut. It is true that rates went down. It is true that rates are almost at an all time low. But the whole "with zero points" thing is not nessesary. And what if I call you out on that? Zero points huh? well a definition of the point is 1% of the loan ammount/purchase ammount. So does this mean i can get a 5.25% interest loan for free? With no qualifications? Wow ill take 2 of thouse.
Your interest rates and points will depend on lender, your personal qualifications, and your current situation.
And the determining factor should be whether or not the loan is beneficial for you not who pronounces lower rates.
Your interest rates and points will depend on lender, your personal qualifications, and your current situation.
And the determining factor should be whether or not the loan is beneficial for you not who pronounces lower rates.
This is pretty darn redundant. Let's argue over weather or not this is an ad. I don't think it is. As a resident ad poster ( I do it everywhere, not breaking any laws, and hey, who does not like free business!) I can tell you this is nothing close to an ad. Granted, it could be misconstrued as an ad, but so could a lot of things on this board. Heck, posting your name and contact info in your sig is techinally an ad. Lighten up, people!
eric, i understand your point, and you are justified in it. marty, i understand your point as well and your justification.
i go back to what i said before - "don't bicker," and to what marty just said "lighten up." and truthfully, marty, you are correct in your assertion that putting name and contact information in the signature line is advertising of a sort. why else would we do it?
last...since this stream of conversation isn't doing much to enhance the understanding of the public at large, why don't we all just drop it and move on to bigger and better things?
i go back to what i said before - "don't bicker," and to what marty just said "lighten up." and truthfully, marty, you are correct in your assertion that putting name and contact information in the signature line is advertising of a sort. why else would we do it?
last...since this stream of conversation isn't doing much to enhance the understanding of the public at large, why don't we all just drop it and move on to bigger and better things?
No hard feelings. Group Hug for everyone!
evolovik26,
The reason I posted no points is because many companies will quote rates but the fine print says 2 points. So 5.25% doesn't mean much when people saw it advertised last week. If I wanted to post and Ad, I would have said rates are 4.75 and that would be it. I just wanted people to know what the true interest rate is for the day.
The reason I posted no points is because many companies will quote rates but the fine print says 2 points. So 5.25% doesn't mean much when people saw it advertised last week. If I wanted to post and Ad, I would have said rates are 4.75 and that would be it. I just wanted people to know what the true interest rate is for the day.
Thought I would post today's commentary on rates:
Mid day the 30 year bond lost most of the gains seen yesterday and this morning while stocks rebounded over 500 points to close at a gain of 289.00. This caused the interest rates to increase this afternoon to approximately 5.50% with no points.
Tommorrow's outlook:
Bonds are still declining in after hours trading. This would point to an increase in rates. However, the economic data released tomorrow could change the direction of the market.
General outlook on rates:
The market is so volitle that it is impossible to determine which way the market is headed in the next month or two. One day rates are up and the next they are down.
My advice: Take advantage of the rates when they are down, don't be greedy and wait for them to come down even more. As seen this afternoon, it could be gone as quick as it came.
Mid day the 30 year bond lost most of the gains seen yesterday and this morning while stocks rebounded over 500 points to close at a gain of 289.00. This caused the interest rates to increase this afternoon to approximately 5.50% with no points.
Tommorrow's outlook:
Bonds are still declining in after hours trading. This would point to an increase in rates. However, the economic data released tomorrow could change the direction of the market.
General outlook on rates:
The market is so volitle that it is impossible to determine which way the market is headed in the next month or two. One day rates are up and the next they are down.
My advice: Take advantage of the rates when they are down, don't be greedy and wait for them to come down even more. As seen this afternoon, it could be gone as quick as it came.
Lisa......I'm not trying to argue with you......I think anytime a rate is posted it should have an APR attached to it.......unless you use a range.....because to give a rate......with out any qualifying info ie loan to value or credit scores.....is in my mind not fair to the consumer.....I think a better approach would be to say......assuming you qualify conforming rates are starting around 5.5-5.75%....and use a range......rather than a specific rate.......we all(for the most part) have access to multiple lenders.....and we all know that rates can and will range a bit and vary.....but the way you post......again not trying to be confrontational here.....assumes that everyone walking through the door will qualify......and they won't.......I personally believe that if a DRE regulator where to read your posts......they would construe it as an add.......and more than likely fine you for violating RESPA for not disclosing an APR.......just my .02
also, most lenders dont consider an 'origination fee' a 'point'.
This is true in what they're thinking .....
I have seen lenders say 5% no points....and still charge 1% origination fee or fees like application, commitment, lock, administration, underwriting, processing, apr fee, etc....and charge each one at 500...and leads to a higher cost than just paying 1point.
This is true in what they're thinking .....
I have seen lenders say 5% no points....and still charge 1% origination fee or fees like application, commitment, lock, administration, underwriting, processing, apr fee, etc....and charge each one at 500...and leads to a higher cost than just paying 1point.
Today's rates:
Rates went up by .125% today.
Rates went up by .125% today.
Cedric,
I agree with you and that is the reason why I posted originally.
Everyone else,
There are never any hard feelings coming from me. I have been away but those that know me, know that I am only here to help people.
Lisa,
I think you realize I am not attacking you. But as Cedric stated my problem with this type of post is this. If you don't have any qualifying criteria to go off of then it is just an add. If you were replying to a poster that asked what rate should I get based on X and with income of X and with job time of X. Then I still don't recommend it but as long as it is accurate then why not, it would be answering a customer. However if you just quote conforming rates at best case scenarios.... then that is an Ad. And as Cedric said, check advertising laws you should always quote an APR just to be safe.
Rates went up .125% Based on what? You do realize that there are many brokers here that work with many lenders. Just because 1 company drops or raises rates does not mean another is doing the same. I can get specials from certain banks because of the volume my company does with them. Does that mean I should advertise it here... NO... because I don't know whether the borrower who will look at it will qualify.
Because most importantly we should all be here to help people and not generate business. Random posts that have no value are to me.... advertisements. I see that a lot of your posts have value and I won't delete your post here. Just pay attention and most of all have a great day.
I agree with you and that is the reason why I posted originally.
Everyone else,
There are never any hard feelings coming from me. I have been away but those that know me, know that I am only here to help people.
Lisa,
I think you realize I am not attacking you. But as Cedric stated my problem with this type of post is this. If you don't have any qualifying criteria to go off of then it is just an add. If you were replying to a poster that asked what rate should I get based on X and with income of X and with job time of X. Then I still don't recommend it but as long as it is accurate then why not, it would be answering a customer. However if you just quote conforming rates at best case scenarios.... then that is an Ad. And as Cedric said, check advertising laws you should always quote an APR just to be safe.
Rates went up .125% Based on what? You do realize that there are many brokers here that work with many lenders. Just because 1 company drops or raises rates does not mean another is doing the same. I can get specials from certain banks because of the volume my company does with them. Does that mean I should advertise it here... NO... because I don't know whether the borrower who will look at it will qualify.
Because most importantly we should all be here to help people and not generate business. Random posts that have no value are to me.... advertisements. I see that a lot of your posts have value and I won't delete your post here. Just pay attention and most of all have a great day.