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October 29, 2008
What Mortgage rates are you seeing?
Our mortgage broker quoted us 6-3/8 yesterday.
I walked by a Countrywide office today. There was a sign on every associate's desk, "Today's Rate 3.9%."
Can it really be?
Perhaps its not for mortgages but a different kind of loan? I guess I could go back and ask about the details ...
Comments
That's the teaser rate for a HELOC or Home Equity Line of Credit and that rate is probably for a low LTV HELOC.
Rates are btwn 6.125%-6.375% today on 30yr fixed rates. I wouldn't lock today as bonds have been selling off ahead of the Fed decision you will most likely see better rates in the upcoming days. They have really popped in the past few days but will trickle back down to around 6% over the next few weeks.
Don't hesitate to give me a call to talk further about rates and locking strategies.
-Adam
Posted by: Adam Dahill at October 29, 2008 12:44 PM
Adam you are a lying piece of shit! What are the guidelines for those rates? Is that Jumbo or FHA, HUH? Government loans are the only thing moving right now. Why don't you go scam some old lady into a reverse mortgage!
The What (Yeah I know, you do this for a living) (But not long, Asshat)
Someday this war is gonna end...
Posted by: what at October 29, 2008 2:26 PM
Are you F'ing kidding me what?
720+ fico 20% down loan amount under 417k.
Vanilla 30 yr Conforming Fannie fixed rates.
6.125% 1pt
6.375% no points.
I never get involved in your BS on this site. What's your beef with me ASSHAT?
I don't do reverse mortgages. I work for a bank that has been in business for 20 years. We were not a subprime bank so what's your problem?
What- My number is online give me a call a let's talk man to man.
Posted by: Adam Dahill at October 29, 2008 2:44 PM
Nice one, Adam.
Posted by: jawbreaker at October 29, 2008 3:17 PM
Generally Fed rate cuts have the opposite effect to mortgage rates because of backwardization of the yield curve (less flight to treasuries) driving the ten year yield up a bit. Thus, best time to lock short term was yesterday or two days ago...
Astoria Federal posts all different product types and their going rates online and they have pretty decent rates...
http://www.astoriafederal.com/cgi-bin/nymort.pl
Posted by: justinm at October 29, 2008 3:19 PM
Exactly justinm, rates are up because of the Fed decision.
It's very difficult to explain to Joe the Homeowner why rates are higher when all he sees online and the news is that rates are lower.
Rates POP and trickle, POP and trickle. The name of the game is volatility.
Posted by: Adam Dahill at October 29, 2008 3:25 PM
720+ fico 20% down loan amount under 417k.
Vanilla 30 yr Conforming Fannie fixed rates.
How in the fuck FHA mortgage are going to help people in NEW FUCKING YORK?????!!
"6.125% 1pt
6.375% no points."
RRRIIIGGGHHTTTTTT!!!!!!!!!!!
Hey Adam show me a Good Faith Estimate on some one mortgage you did with their name and info crossed out!
Yeah fucking right!!! You are trying to "bait and switch' the Asshats Adam. I'm a Broker and a loan processor! Most of the Mutant mortgage companies are out of business. GMAC, Chevy chase, Wachovia, WAMU and so fucking on!
"What- My number is online give me a call a let's talk man to man. "
I wouldn't be talking to a man...
Stop fucking lying Adam and stop acting like a pussy because I called you out on you're bullshit!!!
The What
Someday this war is gonna end...
Posted by: what at October 29, 2008 3:36 PM
Hey Adam if you got such good rates! Why not post your Matrix and rates sheet on the forum and let everyone see it! And you know why you wont Adam? Because you are a lying Motherfucker!! Thats why! You got OWNED!!!!!!
The What
Someday this war is gonna end...
Posted by: what at October 29, 2008 3:38 PM
Justin is it me but doesn't backwardation mean a inverted yield curve. Right now we have a steep yield curve.And the fed is aiming for more of a steep yield curve to encourage lending. The rate cut today really has no effect on the long term 30 yr fixed because it is meant more for credit cards and the like. The 30 yr fixed is based on mortgage backed securities and what companies like pimco are willing to pay for those bonds.
Posted by: HOBOKENROCKS at October 29, 2008 3:48 PM
Right.. steepening. Too deep in futures land right now I guess (no pun intended) ...
Point is that rate cuts to the discount are usually backwards from mortgage rates.
Posted by: justinm at October 29, 2008 4:03 PM
The what -- look at my post above with Astoria's rates. Those are the rates you can get today with them (a major bank).
Posted by: justinm at October 29, 2008 4:05 PM
I would have to say that the rates adam is posting look like rates I could get at some banks. They look legit to me.
Posted by: HOBOKENROCKS at October 29, 2008 4:08 PM
What-Just because you a mortgage broker and you have no products since brokers are getting pushed out of the business doesn’t mean you can get nasty with me. I don't hide behind anything and have done loans for a few brownstoners already. I have testimonials online that you can look up to prove.
I didn't say anything about FHA loans. You did loser.
I don't bait and switch anyone. If I did I'm sure that someone from the brownstoner community would step up and call me on it as I clearly don't hide behind pseudonyms such as "the what." If I were to bait someone I wouldn't be able to post on this site as my reputation would be worthless. I have met many of the brownstoners in person. I think that lends to my credibility but what would you know about credibility since you are obliviously someone that sold subprime loans and spends their day spewing hate and garbage.
We don't make rate sheets since we don't deal with loser brokers like yourself. Everything is built into our operating system. I will be happy to send you a GFE what.
This is a standard Fannie Mae guideline product. And I already said that I was quoting off a 720+ fico and 80% LTV under 417k.
LIKE I SAID MY NUMBER IS ONLINE, CALL ME. I'm not the one that is hiding.
Posted by: Adam Dahill at October 29, 2008 4:12 PM
To provide a little perspective, when I bought my house in 2000, 30 year mortgages were about 8%. When the NYC market declined in the late 1980s 30 year rates were over 10%.
Posted by: Boerum Hill at October 29, 2008 4:13 PM
Thank you. I feel like this guy is taking crazy pills. I try to steer clear of his rants but I guess that's not good enough for him.
I guess it was a matter of time. I above it.
-signing off for the rest of the day.
Posted by: Adam Dahill at October 29, 2008 4:15 PM
I just don't understand how all this rate cutting is helping - isn't this what got us in this mess in the first place? Cutting rates seems to be pretty useless (of course it's nice for my heloc payments...) - now if they could get mortgage rates down, that would be helpful.
Posted by: gkw at October 29, 2008 4:20 PM
By the way -- as far as those low 3.9% loans. They're not teaser rates, they're just HELOCs. They have no fixed period, so they're much more risky in terms of interest rate exposure (watch for the prime rate to go up substantially after the recession is over) than say a 5/1 hybrid ARM. Plus, you need home equity to back them. If you have a short horizon, it's a good way to get some money for cheap.
Might not be a bad time to take a small HELOC out to pay down other debt or your mortgage though since you can sort of average down your interest rate with it if you have a bit of risk appetite.
Posted by: justinm at October 29, 2008 4:24 PM
I am soo confused. Whilst Adam first mentioned that bond sell off will yield better rates in the future, JustinM says something to the opposite effect and Adam agrees with him.
So which is it? Should I have locked in my rate yesterday or wait a month? I'm sooo confused!
Posted by: helppls at October 29, 2008 9:42 PM
I am a co-op owner in Brooklyn and just got a card from ING Direct--the Orange Mortgage has a 5.25% rate/ 6.03 APR/0.00 points.
Posted by: Crumpler at October 29, 2008 10:11 PM
ING doesn't do mortgages on co-ops. Too bad.
Posted by: Ringo at October 29, 2008 10:17 PM
Check this out! The reason I called bullshit on Adam was because most of the insane mortgage products are GONE! Now Adam works for a "Mortgage Banker" huh? Why can you post some of your products here and tell us what you have Adam?
Now Lookie here
"720+ fico 20% down loan amount under 417k.
Vanilla 30 yr Conforming Fannie fixed rates."
What the fuck is this going to buy here Adam??!!!! I tell what, NOTHING, NADA, ZERO.
Most of "Brownstoner Brooklyn" needs Non-conforming Mortgages or Jumbo's.
The only way you are going to get get rates is
1. The Government is making Banks loan money to fucking Asshats to buy over priced real estate.
2. To make sure Josh and Megan can keep that 700k 1 bedroom Condo.
3. Make sure that Asshats like Wasder can stay on the Habitrail and make mortgage payments. Still being a debt slave!
4. Lying scam Assfuck Mortgage Broker, Loan Officers, Real Estate Brokers and Agents can keep the insanity going.
You see Adam if I was you I would've post a rate spread to the forms in a heartbeat but since you have NOTHING, that makes you a scumo fucking asshat.
You got POOWED!
Tell us what you got ADAM!!!!!!
The What
Someday this war is gonna end...
Here why you are at it please read this story. This the most insane period in history!
We Can Keep People in Their Homes
Let lenders profit later for easing terms now.
http://online.wsj.com/article/SB122523972217878309.html?mod=googlenews_wsj
"The world's turned upside down. For generations of Americans, family homes were assets to be bequeathed to our children. Today, instead, we are proposing to leave them billions of dollars in long-term debt issued by the federal government to prop up a housing market gone bad. This is unfair."
By the time this shit is over the United States of America will be fucking Bankrupt!!!
Posted by: what at October 30, 2008 2:42 AM
Hey Adam, I still waiting!!!! You know for that answer... About your "products"? Yeah after you take the harpoon out your neck, give me a call. Latter hommie...
The What (Yes it's your boy!)
Someday this war is gonna end...
Posted by: Return of The What at October 30, 2008 12:09 PM
OK. this is my lat post on this topic as you are a troll and this will just keep going on an on.
I quoted a conforming loan amount ala 417k or less because that is what the OP wa clearly asking about. She said that she got quoted 6.375% yesterday and I agreed with her. I told her that rates were 6.125%-6.375% which is accurate. I don't have the ability to post rate sheet because we do not make rate sheets. We don't have a use for them.
I get other bank's rate sheets every day and I assume that your fowl mouth ass does as well. So Mr. smarty pants why don't you take a look at Bank United's rate sheets. 6.125% at par.
So why don't you take this a shove it up your fowl mouth asshat?
Loser
There are plently of people in brownstone brooklyn that have conforming loan amounts. I closed 3 loans in Brooklyn last month with loan amounts less than 417k and I have another 2 in contract currrently. People buying a 500k condo or coop putting 20% down are at 400k. What don't you get What?
Posted by: Adam Dahill at October 30, 2008 1:13 PM
"I get other bank's rate sheets every day and I assume that your fowl mouth ass does as well. "
Whoa Homeboy, did you write this? "I work for a bank that has been in business for 20 years. We were not a subprime bank so what's your problem?"
What are you doing with another bank rate sheet if you are a "direct lender"?
Plus why don't you post some of your products here so maybe you can help someone?
I think this is a great question Adam. If you have these thing and making money (NOT), then share some of it with us.
"There are plently of people in brownstone brooklyn that have conforming loan amounts. I closed 3 loans in Brooklyn last month with loan amounts less than 417k and I have another 2 in contract currrently. People buying a 500k condo or coop putting 20% down are at 400k. What don't you get What?"
I'm talking about buying a 1.5 million dollar Brownstoner Adam. Not that rinky-dink Co-op or Condo. Big ticket items homeslice!
Let's what rates you have on Jumbo's and Non- Conforming products Adam! Lets see you finance Brownstoner HOTD!
The What (You still didn't answer my question, ADAM!)
Someday this war is gonna end...
Posted by: Return of The What at October 30, 2008 2:16 PM
HOTD 2 million purchase price
2 FAMILY
1.5 million loan amount
75% LTV
FULL DOC
5/1 ARM 7.125% par
30yr fixed 7.875% par
I would charge 1pt in the front for these.
The OP was asking about conforming rates so that is why I posted what they were and others confirmed that they were accurate.
I have proven you wrong on all your misguided posts so can we end this now. I have more important things to do than feed the trolls.
This is my final post on this topic.
Posted by: Adam Dahill at October 30, 2008 3:15 PM
2 FAMILY
1.5 million loan amount
75% LTV
FULL DOC
5/1 ARM 7.125% par
30yr fixed 7.875% par
Any Ape with LP/UD can Process this crap Adam. In fact this damn near Hard Money Guidelines. Plus you did not post the FICO! What can you do that is DIFFERENT that any other Mortgage Asshat??!! Thanks Adam! You just prove that you are worthless...
The What (75 LTV Give me a fucking break)
Someday this war is gonna end..
Posted by: Return of The What at October 30, 2008 3:32 PM
3. Make sure that Asshats like Wasder can stay on the Habitrail and make mortgage payments. Still being a debt slave!
Hey What--my habitrail is feeling pretty good right about now. In re this conversation our loan is for 800G at 6.00%. Don't know if it is still a possibility to get such a loan at this point but we didn't take this out that long ago.
Posted by: wasder at October 30, 2008 4:41 PM
Adam is right. people are still getting loans. the world hasn't ended. the sky didn't fall. get over it. still not seeing the predicted massive forclosures and people huddled in masses in the streets. Although if you believe the Obama infomercial we are the walking dead. the hyperbole detracts from a serious examination of the facts. it only serves to aggrandize the vacuous space between the ears of some posters here.
Posted by: Legion at October 30, 2008 7:30 PM
Hay What, who are are you voting for and why?
Posted by: IronBalls at October 31, 2008 1:32 AM
What- You just shot yourself in the foot on this one.
DU/LP does not handle loans that are non-conforming. DU is Fannie Mae's underwriting engine and LP is Freddie Mac's. loan of 1.5 million is not Fannie/Freddie elligible so why would you run it through either underwriting engine?
75% LTV is agressive for a loan of this size in this climate. This is what LTV's should have been all along. Once you go into the million dollar range you should be able to put more than 20% down as a hedge against risk. This is responsible lending.
Hard Money? Are you an idiot? or do you just play on on the internet? Hard money rates start at 13% and cost anywher from 2-3pts at no more than a 65% LTV.
You should know this if you are really a mortgage broker. But I guess all you did was sell subprime 100% loans to minorities.
People like you are the real reason that we are in this mess.
Posted by: Adam Dahill at October 31, 2008 12:45 PM
Oh that fico was 720 for the 1.5 million loan you dolt.
Posted by: Adam Dahill at October 31, 2008 12:46 PM
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