Mortgage Rates
Is there any way to “predict” whether mortgage rates will go up or down in the next couple of months? When do you know when to lock in?
Is there any way to “predict” whether mortgage rates will go up or down in the next couple of months? When do you know when to lock in?
Adam, How low do you see this going? Should one have jumped on 5.875 yesterday or keep floating?
I think what you are referring to is a CRA product. CRA for Community Renewal Act. There are different ways to qualify for this product. If you live in a low to moderate Cenus tract you can qualify for it. It was orginaly designed to spur activity in lower income areas. Some banks still offer this program but some have already phased it out.
rates are going lower and lower IMO. Flight to quality is driving down interest rates. You should be able to get 5.875% with no points on a Vanilla conforming loan and par pricing is down around 5.5%
I’m busy as hell these past few weeks. Ton of refinances are coming across my desk.
Susan,
I too am super curious about the 5.5% rate you were quoted for “developing communities like BedStuy.” I am purchasing a home in Crown Heights and my mortgage expires Monday – they are still sorting out title issues. aarggh. I was locked in at 5.875% and thought that was good! The next best rate I can find is 6.2%. My email is queenie78@rocketmail.com
Cheers + thanks!
Queenie
PS. Thanks also for posting the info on how to find tax photos and for posting the Elkins House pic. stunning.
You are fucked! Fuckey fuck fucked!!!!!
The What
Someday this war is gonna end…
It’s impossible to know. The last time the rate on the 10 year treasury was this low – in 2003 – the rate on the 30 year fixed conforming loan was 5.25% vs 6% today. Forget about the jumbos – the rate is so high it’s clear that nobody wants to lend that money. So, history suggests that something has to give, that either the spread was too narrow in 2003 or it’s too wide now. Longer term, all the money that’s being pumped into the system will most likely drive rates up, but that’s longer term. Before that however, I would not be at all surprised to see the rate on the 30 year fixed conforming under 5%. And of course I wouldn’t be surprised to see it stay stuck where it is. How’s that for clarity?
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bklynsocialclub@yahoo.com
Thanks.
He says the new rates don’t get posted til 10 am so we can wait until tomorrow morning to see what’s happening and we can still get the 5.5 if we decide.
Dave how can I contact you? I don’t want to post his info.
5.5%!!!! LOCK IT IN.
Would you tell me who they are and the contact numbers?
Thanks
Dave