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Mortgage rates jumping in July/August?
Old 08-01-2005, 11:43 AM   #1
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Mortgage rates jumping in July/August?

We refinanced a plain-vanilla mortgage on the 5th of July at 5.375%.

NFCU has always been aggressive at lowering their rates and slow to raise them, but this month that same mortgage has jumped up to 5.75% (the latest eighth of a point raise was today, 1 August). Last Friday's rate of 5.625% now costs 1.25 points. For NFCU, three-eighths in four weeks is a very fast rise.

Is anyone else seeing rates scream up in their area? Anyone looked at the yield curve lately?
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Re: Mortgage rates jumping in July/August?
Old 08-01-2005, 12:05 PM   #2
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Re: Mortgage rates jumping in July/August?

I took out an HELOC back in late January/early Feb. They tend to react more quickly than regular mortgages, but mine hasn't been too bad. Started off at 5.5%, but is now around 6.25%. It's Prime + 1/4. No doubt it'll rise more, though. Still, I only borrowed $100,000, so the payment's not TOO scary, at least not yet!

I just checked my local credit union, and it looks like they're offering a 30 year fixed for 6% with no points. I haven't been keeping track lately, but that seems like it's jumped a bit, to me.
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Re: Mortgage rates jumping in July/August?
Old 08-01-2005, 12:07 PM   #3
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Re: Mortgage rates jumping in July/August?

Quote:
Originally Posted by Nords
We refinanced a plain-vanilla mortgage on the 5th of July at 5.375%.


Is anyone else seeing rates scream up in their area?
Yes. In Upstate NY 5 - 5 3/8% was pretty common during Q4'04 thru Q1'05. Now 5 7/8 seems the average. Lower rates have points attached and our local friendly CU is quoting 6%
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Re: Mortgage rates jumping in July/August?
Old 08-01-2005, 02:34 PM   #4
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Re: Mortgage rates jumping in July/August?

BUM,

When you say Upstate, do you really mean Upstate? Or do you mean Yonkers?

I'm originally from the Syracuse area and never heard the term "upstate" until I went to college. At first I thought they meant the Adirondacks, but they meant Westchester.
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Re: Mortgage rates jumping in July/August?
Old 08-01-2005, 02:54 PM   #5
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Re: Mortgage rates jumping in July/August?

Quote:
Originally Posted by Nords

Is anyone else seeing rates scream up in their area?* Anyone looked at the yield curve lately?
10 year tbill-

(today, yesterday, last week, last month)
10 Year 4.31 4.27 4.24 4.04
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Re: Mortgage rates jumping in July/August?
Old 08-01-2005, 03:49 PM   #6
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Re: Mortgage rates jumping in July/August?

Quote:
Originally Posted by yelnad
BUM,

When you say Upstate, do you really mean Upstate? Or do you mean Yonkers?

I'm originally from the Syracuse area and never heard the term "upstate" until I went to college. At first I thought they meant the Adirondacks, but they meant Westchester.
Upstate New York (UNY) means different things to different people:

Generally UNY is north of NYC
I consider UNY north of Yonkers. There are some rural places in Westchester but things really get green in Putnam and above.
To those in TRIBECA upstate is anywhere north of 34th Street!


BUM



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Re: Mortgage rates jumping in July/August?
Old 08-01-2005, 05:10 PM   #7
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Re: Mortgage rates jumping in July/August?

I just bailed out of my 3 year adjustable with World and HELOC with Wells Fargo. My payments have consistently gone up every month from $20-$45. I can't budget around a moving target, so I opted for a 7 year fixed at 5.5%. My new payment is lower than my former 1st and 2nd combined. The downside is what's going to happen after seven years. Surely, interest rates will not be this low.
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Re: Mortgage rates jumping in July/August?
Old 08-01-2005, 06:22 PM   #8
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Re: Mortgage rates jumping in July/August?

5.5% 30yr fixed...
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Re: Mortgage rates jumping in July/August?
Old 08-01-2005, 07:29 PM   #9
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Re: Mortgage rates jumping in July/August?

Quote:
Originally Posted by Have Funds, Will Retire
5.5% 30yr fixed...*
5.375% 30yr fixed.

Quote:
Originally Posted by BUM
Upstate New York (UNY) means different things to different people:
Generally UNY is north of NYC
I consider UNY north of Yonkers. There are some rural places in Westchester but things really get green in Putnam and above.
To those in TRIBECA upstate is anywhere north of 34th Street!
BUM
This is like watching people from LA & SF argue over who's worse.

From Oahu you all seem to be upstate. In fact as far as I can tell you're north of the Arctic circle...
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Re: Mortgage rates jumping in July/August?
Old 08-02-2005, 07:25 AM   #10
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Re: Mortgage rates jumping in July/August?

To those of us from Tx, y'all are all Yankees!!
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Re: Mortgage rates jumping in July/August?
Old 08-07-2005, 09:41 PM   #11
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Re: Mortgage rates jumping in July/August?

Quote:
Originally Posted by Nords

From Oahu you all seem to be upstate. In fact as far as I can tell you're north of the Arctic circle...
To those of us that really are above the Arctic Circle (Kotzebue, Alaska), you are all "lower 48ers" Oahu.....well, maybe lower 49ers....

8)
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Re: Mortgage rates jumping in July/August?
Old 08-07-2005, 10:22 PM   #12
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Re: Mortgage rates jumping in July/August?

Quote:
Originally Posted by Have Funds, Will Retire
To those of us from Tx, y'all are all Yankees!!* *
This reminds me of when I was living in North Carolina. I knew a lot of people who had this view of the country with only two parts -- the South and the North. The North was anything that wasn't the South. So, for example, they considered New Mexico, Arizona, California and Hawaii all to be part of "the North". The South seemed to be south of the Mason-Dixon line and east or contiguous to the Mississippi River. I think Texas and Oklahoma were considered border states.
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Re: Mortgage rates jumping in July/August?
Old 08-08-2005, 05:15 AM   #13
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Re: Mortgage rates jumping in July/August?

Quote:
Originally Posted by BUM
Upstate New York (UNY) means different things to different people:

Generally UNY is north of NYC
I consider UNY north of Yonkers. There are some rural places in Westchester but things really get green in Putnam and above.
To those in TRIBECA upstate is anywhere north of 34th Street!
That's for sure. Lived in Westchester and went to college way up north. Like two different countries, but I get your point. And then there is always planet Long Island. Still remember JAP's from college days. Sorry for goin off topic.
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Re: Mortgage rates jumping in July/August?
Old 08-08-2005, 07:07 AM   #14
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Re: Mortgage rates jumping in July/August?

Quote:
Originally Posted by ((^+^)) SG
This reminds me of when I was living in North Carolina.* I knew a lot of people who had this view of the country with only two parts -- the South and the North.* The North was anything that wasn't the South.* So, for example, they considered New Mexico, Arizona, California and Hawaii all to be part of "the North".* The South seemed to be south of the Mason-Dixon line and east or contiguous to the Mississippi River.* I think Texas and Oklahoma were considered border states.* *
Yeah, have noticed this. Like Texas is mostly thought of as west, when
I think of it as straight south of Iowa, which ain't "west" in my book,
at least not any more. I am also amused when out of state people
automatically assume I am from "Chicago" because I live in Illinois,
like Chicago is the whole state or something. I used to think it
was just ignorant people who did this, but have found it is pretty
widespread.

JG
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Re: Mortgage rates jumping in July/August?
Old 08-08-2005, 07:12 AM   #15
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Re: Mortgage rates jumping in July/August?

Southerner's started at The Oregon state line, Easterner's were from Yakima and Spokane, Notherner's were Canadian. Calfifornia was the deep south - alternately - the land of fruits and nuts. Moving from Seattle to Denver - I remember a waitress looking at me funny when I ordered a beer 'in one of those Montana bottles(longneck aka not a stubby). She asked how I like Colorado - and almost dropped her tray when I said -'don't know yet, I've never been back East before.' She asked where are YOU! from - Washington says I. State or D.C. she asks? What's a D.C. says I?

So it goes. Where you're at is where you're at. Or YAT - How's yer Momma en dem - when you want to put on fer Tourist's 'in da City.'

Heh, heh.
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Re: Mortgage rates jumping in July/August?
Old 08-08-2005, 09:07 AM   #16
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Re: Mortgage rates jumping in July/August?

These Brits over here call all of you "Yanks". I tried to explain it to them once and quit half way when the Mason-Dixon line thing just got lost in translation.

Funny, the Australians have a term for Yanks that isn't very polite. They call us "Septics" and yes, that type of septic.

And unclemick2, in Australia a Darwin stubby is what you want for beer.

http://www.overlanders.com.au/bar.shtml

I had many a stubby at this place.

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