Yet another mortgate rate question...

[al_bundy]

Why on earth would an employer place a filter on USAA?

Anyway, my CU recently dropped their no-points 30-year FRM from 6.25% to 5.375%.

Hopefully mortgage rates this low will convince some people on the sidelines waiting for a housing bottom to get in now while rates are very low...

i used to manage websense and it's probably just a blanket block on all financial websites. you can customize the blocking, but it's too much trouble

 

[Bimmerbill]

Bah, up to 5.375 today. I had to transfer some funds into my CU account to pay for the application. Took over night to get there.

 

[al_bundy]

there is a story on cnbc.com that bill gross is predicting 4.5% mortgage rates soon. i think the 10 year has more downside on the yield, but i don't know if the spreads will stay the same.

 

[calmloki]

Wonder how the appraisal will turn out?

 

[Notmuchlonger]

Wow rates are getting good. Makes me almost wish I had a mortgage. Maybe Ill buy a house and flip it..

 

[brewer12345]

I have been tempted by the PenFed 5/5 ARM as a refi loan, since they seem to price it extremely attractively. But after whipping out ye olde spreadsheete, I am wondering if refinancing will ever be attractive. With a 4.99% current note rate, just under 10 years to go, and $167k balance, it is hard to get a significant benefit when you tack on the thousand bucks or so it would require to refi.

 

[Gotadimple]

From the Washington Post: Trade groups are asking the Treasury Dept to intervene to drive mortgage rates lower.
New Treasury Plan May Lower Mortgage Rates - washingtonpost.com

-- Rita

 

[al_bundy]

I have been tempted by the PenFed 5/5 ARM as a refi loan, since they seem to price it extremely attractively. But after whipping out ye olde spreadsheete, I am wondering if refinancing will ever be attractive. With a 4.99% current note rate, just under 10 years to go, and $167k balance, it is hard to get a significant benefit when you tack on the thousand bucks or so it would require to refi.

aren't you worried about rates going up in the future? how long do you think central banks will hold rates at these low levels?

when i looked at countrywide's rates a few days ago, the 30 year fixed was a lower rate than the ARM

 

[Bimmerbill]

Yeah I heard discussion about 4.5% as well. Maybe I'll wait a bit...

 

[Nords]

Well, now the ballgame's starting fo' real. For a minute this morning I thought my browser was malfunctioning.

NFCU has a 5.00% 30-year fixed mortgage for two points and a 5.125% loan for one point. According to the fine print their latter loan is the equivalent of the mortgage we got four years ago.

USAA claims to be offering 5.125% for 0.875 points and 5.25% for 0.5 points. Their quoted closing costs are much higher, although we could probably beat that locally.

With rumors of 4.5% in the air, we're paralyzed by analysis & indecision. Jump now or wait until February?

 

[brewer12345]

Well, now the ballgame's starting fo' real. For a minute this morning I thought my browser was malfunctioning.

NFCU has a 5.00% 30-year fixed mortgage for two points and a 5.125% loan for one point. According to the fine print their latter loan is the equivalent of the mortgage we got four years ago.

USAA claims to be offering 5.125% for 0.875 points and 5.25% for 0.5 points. Their quoted closing costs are much higher, although we could probably beat that locally.

With rumors of 4.5% in the air, we're paralyzed by analysis & indecision. Jump now or wait until February?

What's special about February? Personally, I am content to wait as I think the gummint will do everything it can to drop rates.

 

[Nords]

What's special about February?

After the inauguration. And I don't expect rates to go zooming back up anytime soon.

But I'm happy to be proven wrong. A few years ago we refinanced twice in a year and we've more than earned back the difference.

 

[Bimmerbill]

I'm in the same boat as you Nords. Local CU rates beat USAA, 5.25 with no points. Not sure if I should wait a bit or not. I just saw a special with them to close before 15DEC and get $500 towards heating oil, but don't think I can close that soon.

Maybe I'll wait until 15DEC to see if they extend their special. Bankrate mortgage rate watch section shows most thinking rates will drop further.

Please, I need to borrow somebodys crystal ball!