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November 12, 2008
mortgage rates
Anyone know whethere the "rate sheets" that mortgage borkers look at are public somewhere?
What's the rate today on a 30 yr fixed?
Comments
every bank wesite has the up to date mtg rates daily. they can also lock a rate for you for a specific time, of course for a fee. I suggest you find a broker and work with him/her to establish the best rate and mtg for yourself.
Ask your friend or maybe someone here has a hook
Posted by: karo25 at November 12, 2008 2:52 PM
Rates are much better today than a few days ago. If you email me I can give you a quote. I no longer post rates on open forums because I have to then spend the rest of the day dealing with the what's profanities, acquisitions and insults. I rather spend my time doing other things. adahill@approvedfunding.com
Posted by: Adam Dahill at November 12, 2008 2:59 PM
Sorry I meant "accusations" My spell check is off today.
Posted by: Adam Dahill at November 12, 2008 3:00 PM
you can check all best bank rates daily on bankrate.com.
Posted by: diego at November 12, 2008 3:19 PM
Can someone tell me what a "Agency Jumbo" is exactly? How is this different from a regular conforming loan?
Also, I've been reading that the conforming limit will change (increase) come Jan 2009 and that this April's temporary rise to 712/729K will be gone. Is this true?
Posted by: helppls at November 12, 2008 3:28 PM
A conforming loan basically means that it falls within Fannie/Freddie's guideline, thus considered less risky for lenders. You will get better rates and application process is not quite so harsh. The opposite of this is non-conforming loan or Jumbo loan. The Jumbo term probably came from the idea that non conforming begins at anything higher than $417k.
Conforming loan is $417K and below. There are other requirements that you need to check with your lender.
Posted by: crimsonson at November 12, 2008 3:42 PM
The Conforming Jumbo or Agency Jumbo is basically gone already. Fannie Mae had it set to expire Dec 31st which means that they have to have the file by then. Lenders have decided to cut the program earlier so they have time to do post closing reviews and package these loans to sell to Fannie. Most lenders need to have the loan closed Dec 1st some Dec 15th and the last day for locking these loans is this Friday.
That said they are going to have new limits coming out within the next week that are slightly stepped down from the 729k amount. On 1 unit properties in the 5 Boroughs, North Jersey and Westchester we are "expecting" the amount to be around 650k for 1 unit and 800k for 2 units and larger amounts for 3 & 4 units.
-Adam
Posted by: Adam Dahill at November 12, 2008 3:56 PM
This friday for an Agency Jumbo? this is not good news... Does this means our contract is signed and all the loan info plugged into the system?
If I am looking at a mortgage for around 570k, do you know what the rates will be? Does this mean they are starting the new program EARLY as a result of closing the Conforming/Agency Jumbo EARLY?
Posted by: helppls at November 12, 2008 4:07 PM
I'm getting a bulletin forwarded to me from Fannie Mae any minute now and I'll translate and post for all to see.
No details on what the rates will be but we are "expecting" them to be actually more attractive than the 729k rates that we currently have.
Give me about 15 mins.
Posted by: Adam Dahill at November 12, 2008 4:15 PM
Ok. These are the new limits.
1 unit - $625,500
2 unit - $800,775
3 unit - $967,950
4 unit - $1,202,925
Still to be determined how the institutions/banks/lenders are going to digest this but I'll do my best to keep everyone updated as it comes down the pipe.
Posted by: Adam Dahill at November 12, 2008 4:21 PM
Adam, much appreciated! I wonder what the rationale is to splitting the limits according to unit-size... Since I am no where near contract, nothing I can do about chasing a agency jumbo now... Will there be changes to debt-to-earnings or any other qualification issues, you think for these new limits?
Posted by: helppls at November 12, 2008 4:26 PM
Well, the conforming jumbo loans aka 729k (to make it easier) had a strict 45% DTI (debt to income) requirement. Regular Fannie conforming loans aka 417k would approve loans as high as 60% DTI, even higher in certain circumstances. Freddie Mac regardless if the loan is approved through their underwriting engine just changed their guidelines to 45% as well. I'm not sure exactly how we will be underwriting these new limits just yet, if they will be automated underwrites and allow for higher DTI or if they will be manual underwritten and held to 45%.
Send me an email if you want set up a time to talk further as I can probably explain all the details in half the time.
adahill@approvedfunding.com
Posted by: Adam Dahill at November 12, 2008 6:24 PM
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