WTF: Mortgage rates increase 0.25 % today

[JoeyM]

I was planning on locking in a jumbo mortgage tomorrow when I'm off from work. The rate increased a quarter point today. Damn!

It looks like the fed is going to drop the rates again next week. I realize that mortgage rates and the fed rate don't necessarily follow but should I wait, try to negotiate, or just take the present rate which is still pretty awesome. What I need is a really bad day on Wall street so the masses buy bonds pushing long term rates down.

Joe

 

[Vic]

No, they went up more than 0.5% today. There was about an hour yesterday morning when I could have locked at 30 fixed conforming at 4.75%. Then it all went to hell in a handbasket so fast that most investors stopped allowing rate locks in the afternoon. Snooze, you lose, I guess.

 

[Demon-Xanth]

<-- locked in last Friday

 

[Vic]

Originally posted by: Demon-Xanth
<-- locked in last Friday

Well, actually we're about back today to where we were last week. Maybe just a touch higher. Tuesday and especially yesterday was just this odd anomaly caused by panicking investors looking for safe refuge in the bond markets from the tumbling stock markets.

 

[amdskip]

I'm at 6.25%

<--needs to look into refinancing

 

[Aharami]

what? what's the 30-yr fixed rate at right now?

 

[Queasy]

Originally posted by: Aharami
what? what's the 30-yr fixed rate at right now?

Bankrate.com has the national average at 5.25%.

 

[Epic Fail]

http://blogs.wsj.com/marketbea...4/was-the-fed-tricked/

the next expected rate cut could be in jeopardy.

 

[Tifababy]

I went to the bank yesterday hoping to refinance at 4.875%, left my name and number and said I'd get a call in about 30 min. I called and sent an email and heard nothing. Finally got a call back (there was a line outside the mortgage consultant's door most of the morning), but rates had jumped to 5.125%. Unfortunately, rates change 3 times daily and yesterday and today my banks rates looked like this:

1/23 8:30am 4.875%
1/23 11:30am 5.125%
1/23 3:30pm 5.325%
1/24 8:30am 5.500%
1/24 11:30am 5.625%
1/24 3:30pm 5.625%

It seems like ever since the market started taking off on its 600 point swing mortgage rates have been following suit. Hopefully, there is a small scare and the fed cuts rates again on 1/30 and rates drop for a couple hours and I can lock in.

 

[JoeyM]

A 15 year fixed at my bank with 2 points was 4.25%. I can invest the money conservatively and do better than that.

 

[nonameo]

LOL, funny funny. So many puns available in this thread and none that are useable!

 

[markgm]

Originally posted by: Queasy

Originally posted by: Aharami
what? what's the 30-yr fixed rate at right now?

Bankrate.com has the national average at 5.25%.

I love when they post that crap. Show me a rate at 5.25%. Even in their own articles they list it at what it really is.

Lock in now, rates are 5%*




*With $20,000 in closing fees.

 

[HomeBrewerDude]

Originally posted by: amdskip
I'm at 6.25%

<--needs to look into refinancing

me too

 

[mugs]

Originally posted by: Queasy

Originally posted by: Aharami
what? what's the 30-yr fixed rate at right now?

Bankrate.com has the national average at 5.25%.

"Rates may include points"

I will be applying for a mortgage next week but won't be closing on the house for another 3 months. I'm really not sure what I should do.

 

[Aharami]

and here I was getting happy because Im going to be buying my first condo soon and I thought rates are going down

 

[PingSpike]

Rates are all over the place it seems. I just refinanced and was thinking about doing it again. The trend seems to be that if wallstreet is in the shitter, mortgage rates go down.

 

[senseamp]

Fed drops short term rates, but that drop increases inflation concerns, which means people want a higher return for long term loans, so long term rates go up.
So not much surprise here. Fed is helping people with ARMs in the short term, but hurting those with fixed rate mortgages.

 

[SampSon]

The national rate average is not 5.25%, never has been. 15 FRM dipped that low back in summer 03 and summer 04 and that's about it.

 

[D1gger]

I'm floating at 5.25% right now, but I plan to pay it out when it is due in June, so I'm not going to fix it at this point.

 

[JoeyM]

So who has a good sense of what the rates are going to do next? My closing is on March 17th. Lock now or wait. I was going to borrow way more than I need but now I'm not so sure.

 

[Kindjal]

<--- locked 15-year mortgage (actually 13 years left) at 5.25%. Plus my bank only charged $100 for refi.

 

[cjchaps]

So what is up next with the rates? They appear to currently be at 5.5

 

[fLum0x]

where do you guys/gals monitor this so much? Bankrate doesn't seem to be that accurate.

 

[Tifababy]

Originally posted by: fLum0x
where do you guys/gals monitor this so much? Bankrate doesn't seem to be that accurate.

I go to my bank's website since that's who I'll be refinancing with. You can also check out other bank's websites. Most of them list it in the lending section of their website.

 

[Jgtdragon]

Guess have to wait couple weeks for long term loans to drop.