Mortgage rates
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Thread: Mortgage rates

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    Mortgage rates

    At one point on Wednesday, the 30 yr fixed was down to 5.0%. Today Wells Fargo is reporting 5.75 and yesterday they were 5.625. WTF?! How can rates jump around almost a full point in a couple days?


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    Re: Mortgage rates

    Wells fargo is always the highest, I am not sure why anyone gets a loan through them. But that should be good news for the housing market, prices are down, and rates are very low again. Good time to buy, of course you cannot sell your current house :)


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    Re: Mortgage rates

    Northwest Bank is offering 30 yr. fixed under 5%. A partner here sent out an email about it but I wasn't interested in refinancing so I deleted it.



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    Re: Mortgage rates

    Really glad I got locked in at 6.625 in August.


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    Re: Mortgage rates

    Quote Originally Posted by isufbcurt View Post
    Northwest Bank is offering 30 yr. fixed under 5%. A partner here sent out an email about it but I wasn't interested in refinancing so I deleted it.
    I'd be surprised if that is still the rate. Like I say, the rates have been all over the place.


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    Re: Mortgage rates

    Quote Originally Posted by CyinCo View Post
    I'd be surprised if that is still the rate. Like I say, the rates have been all over the place.
    Found the email, it actually came out on Wednesday. Here is an piece of it. I guess if anyone is interested I can give you the guy's name and number:

    The newspaper and media are full of bad financial news which has helped drive down interest rates. If you could benefit from the following mortgage rates by refinancing your first mortgage or combining your home equity loan and first mortgage into a new mortgage please let me know. Rates may not stay this low for very long.

    30 year fixed rate under 5%

    15 year fixed rate under 4.50%




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    Re: Mortgage rates

    I locked into a 7 year ARM back in 2004 at 4.5% so no way I'd refinance that right now. My home equity loan thought is another story, its a floating rate, interest only payment that I really ought to find a place to refinance at a reasonable fixed rate.


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    Re: Mortgage rates

    I have read in a few places that banks are running short on funds to loan to poeple. This will drive the intrest rates up and force to banks to make smart loans.


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    Re: Mortgage rates

    Quote Originally Posted by cyfan964 View Post
    Really glad I got locked in at 6.625 in August.
    I take it you are kidding. If you have a big mortgage, even though you just did it, it might be worth refinancing. I start at 7.5 went down to 6.0 2 years later and then 4.5 6 months after that. Sure it sucked to pay closing costs, but it was worth it in the long run.


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    Re: Mortgage rates

    Quote Originally Posted by travman23 View Post
    I locked into a 7 year ARM back in 2004 at 4.5% so no way I'd refinance that right now. My home equity loan thought is another story, its a floating rate, interest only payment that I really ought to find a place to refinance at a reasonable fixed rate.
    Maybe you should refi them both into a 5% 30 year fixed? Might be worth looking into.


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    Re: Mortgage rates

    Some banks have burned through most of their capital and therefore don't have the ability to add many new loans, so they may not be offering competitive interest rates


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    Re: Mortgage rates

    Quote Originally Posted by brianhos View Post
    Wells fargo is always the highest, I am not sure why anyone gets a loan through them. But that should be good news for the housing market, prices are down, and rates are very low again. Good time to buy, of course you cannot sell your current house :)
    Wells Fargo is conservative and certainly not always the lowest, but not the highest either. I work for WF, although not in first mortgage, and WF is the only AAA rated bank in the country, so there is a premium. Also a reason you see WF not struggling like some other companies right now. Variable rates are still coming down, might not be a good idea to lock in a second until this spring or summer.
    30 year rates are based on the bond market, they were down below 5 briefly then shot up within 2 hours, probably more like 5.625% today or so.



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    Re: Mortgage rates

    I could care less that Wells Fargo is a AAA bank. It means nothing when it comes to me paying my mortgage payment. There is a decent chance that they'll sell your loan to someone else.

    I used to work at WF and have nothing against them besides the way they service some of their loans.



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    Re: Mortgage rates

    Quote Originally Posted by brianhos View Post
    Maybe you should refi them both into a 5% 30 year fixed? Might be worth looking into.
    Not when I'm getting married in 2009 and will likely move into a bigger house at some point. Loan rate is locked in until 2011 and the goal is to pay down the other loan which is 20% of the price I bought the house at so all I really want is to just get a better rate on the equity loan for now. If that gets paid down plus the principal paid on the main mortgage plus added value to the house we'll hopefully be able to put 20% down on the next house from the equity and just go with one 30 year fixed loan to avoid PMI. That's the only reason I have 2 loans now is to avoid PMI.


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    Re: Mortgage rates

    Quote Originally Posted by dmclone View Post
    I could care less that Wells Fargo is a AAA bank. It means nothing when it comes to me paying my mortgage payment. There is a decent chance that they'll sell your loan to someone else.

    I used to work at WF and have nothing against them besides the way they service some of their loans.
    That's funny because I know of people that have had the opposite and Wells Fargo bought their loan from someone else. Wells Fargo Home Mortgage at the time I was looking was very competitive in the rates, it's Wells Fargo Bank (same company but different division) that seemed to be on the higher side but they are more into the home equity loans not primary home mortgages.


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