Rate/Market updates
- Thread starter El_flasko
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Anything for HELOC or HEL?
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Got some CC debt that I swore I would never carry again that needs consolidated?
Thanks !
Are you trying to Refi just a heloc, take out a new one, or wrap one into a refinance? Pm or email me directly
VA rates plunged to 3-3.125 in the last few days. FHA isn’t far behind and even conventional rates are back in the mid 3’s again. Of course credit scores, equity position and cash out options can tweak things, but still worth looking. I’m a fan of cutting term when it makes sense, so there’s another option.
We are seeing the purchase market pick up early as well fueled by low rates and decent weather imho. If inventory increases this could be a great year for Realestate.
Ryan
RLowry at southerntrust dot com
We are seeing the purchase market pick up early as well fueled by low rates and decent weather imho. If inventory increases this could be a great year for Realestate.
Ryan
RLowry at southerntrust dot com
The interest rates are just stupid good. I’m seeing folks cut term and new buyers jumping off the fence. What a crazy market!
Following
Bertfish
Throw bread on me
Just signed the documents to finalize my refi. 3% on a 15 year. I bet they've even gone down since I started the process a month ago.
I think I heard Feds lowered rates today ... Not 100% sure
Yep. Lowered to 0%
There were margin calls last week. The decline in overnight rates is affecting mortgage backed securities pipelines. The brokers are expecting potential losses and calling margin which pushes retail rates up if the lender can even cover the margin. Otherwise they have to stop lending.
FrankOceanXray
Ultimate Member
- Oct 29, 2008
- 12,036
So the feds go to 0%, but the banks stop offering loans?
Mortgage benefits are not gonna be there....?
Mortgage benefits are not gonna be there....?
fabsroman
Ultimate Member
The fed discount rate was at 0% from 2008 to 2015. Where were mortgage rates during that time frame?
Here is a graph to help people understand that this is not the first time the fed has been at this level. Scary part is that over 64 years, the fed has only been at zero from 2008 to 2015, and then now.
https://www.macrotrends.net/2015/fed-funds-rate-historical-chart
If mortgages were not guaranteed by the federal government, I am pretty sure that a lot of institutions would not be in a hurry to loan money out in these times.
By no means and I "in the know" about these things, but I can just give my recent experience.
Wife called our credit union, 2.62%, 15 year fixed (dropping 2 years, 9 months of payments) and less than $5000 in closing costs. We've used this particular mortgage guy before and he's done us right. He did call us either Wednesday or Thursday (can't remember) and told us that rates actually were raised. I think my wife said it was to provide some relief for banks due to heavy refinance activity. His advice was to not panic, he anticipates the rates coming back down and possibly going a little lower when things settle down.
Again, I didn't talk to him, I'm getting info 2nd hand and I am not the finance person in my marriage! We're going to follow up with him later this week and see what he says.
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