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Home mortgage rates?
Old 09-19-2008, 12:02 PM   #1
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Home mortgage rates?

I think I read somewhere that treasuries are going down, which should drive mortgage rates down.

Any idea how long it will take to get to rock bottom mortgage rates? I'm at 6.25 now, may try to refinance.
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Old 09-19-2008, 01:00 PM   #2
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I thought that mortgages moved inversely to treasuries.
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Old 09-19-2008, 01:02 PM   #3
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Son locked in a new mortgage 30yr fixed at 5.5% one week ago. (excellent FICO, 20% down ) Still following the market this week and it has been choppy at best.

It is the stated goal of the Paulson to get mortgage rates down and encourage home sales & refinancing . "Experts" I have read have been saying they may go a bit lower by the end of the year.

However, I can't help but wonder what this week's federal intervention will do to the need to eventually raise interest rates the government pays on all that Federal debt . There are a lot of unusual forces impacting rates right now and historic trends don't seem to apply to the way MBS and Treasury's are tracking right now .

one website I like is

Mortgage Rates Blog


for day to day analysis of MBS fluctuations.
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Old 09-19-2008, 01:58 PM   #4
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Mortgage rates are falling relative to last time I checked about 2-4 months ago (around the time of the rate cuts).

I do think they will fall lower. I have 5.75% and I am hoping to refinance at 5% with no points 30 yr fixed or 20 yr fixed (currently in year 2 of a 30 yr). On the site I was using, I was surprised the spread between 15 yr and 30 yr was not higher (normally .5% or more, the difference was only .4 or .5% earlier this week).
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Old 09-19-2008, 06:48 PM   #5
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Quote:
Originally Posted by Bimmerbill View Post
I think I read somewhere that treasuries are going down, which should drive mortgage rates down.

Any idea how long it will take to get to rock bottom mortgage rates? I'm at 6.25 now, may try to refinance.
Bill, no one knows which way rates will go, period. Your best bet is to follow them at your local lenders and when it gets to a level you feel good about be ready to pull the trigger.

Got a 5 3/8% in 2003, 30yr fixed, minimal fees. Maybe something like that is in the future but no one really knows. You can find lots of opinions but the current rates are the best guess.
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Old 09-19-2008, 07:20 PM   #6
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You needed to move on it 2 days ago. Penfed had a 15yr with .375 pts @ 5%. Today it's back to 5.75% 0 points.

I was holding out for something lower, but I have a 4.99 10yr HE available to me to fall back on if rates don't go lower in the next 3 weeks.
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Old 09-19-2008, 09:39 PM   #7
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Fed Rate Cuts Effect on Mortgage Rates

and

What Changes Mortgage Rates

This directly answers your question about the link between Fed Rate and Mortgage Rate (it's not as simple as I thought), but seems intuitive after I read these couple links.

Thanks GLM for posting that blog site. The above are links from within the site.

-CC
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Old 09-20-2008, 07:38 AM   #8
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Thanks!
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