Refi Wave on the Way?
While mortgage rates haven’t kept pace with the plummeting Fed Funds Rate, the 30-Year Fixed rate has come down almost 75 basis points in recent weeks to a national average of around 5.7% yesterday. The recent trend got a boost last week from comments by Ben Bernanke that the Fed, which doesn’t have much fire…
While mortgage rates haven’t kept pace with the plummeting Fed Funds Rate, the 30-Year Fixed rate has come down almost 75 basis points in recent weeks to a national average of around 5.7% yesterday. The recent trend got a boost last week from comments by Ben Bernanke that the Fed, which doesn’t have much fire power left with its signature rate (how much lower than 1% can you go) may start trying to impact the long end of the curve by purchasing U.S. Treasurys. According to Bloomberg, refinancing can already make sense for home owners with existing mortgages of 5.5% or higher. Presumably a wave of refinancings would help both the real estate market and the overall economy, generating fees for banks a lowering carrying costs for owners. Have any readers been looking into refinancing? Excuse us while we go have a look at the fine print on our mortgage now.
Long Bond Returns Most Since 1995 [Bloomberg]
30-year Fixed Mortgage Rates Down Tuesday [Bankrate]
Graph from Seeking Alpha
“No that’s not the truth!!!”
It’s hard to win an argument while unknowingly using double negatives.
Do you even understand the difference between treasuries and other forms of “US Debt stupid” Treasuries have in fact, risen in price over the past two years.
STUPID, STUPID, STUPID
What do you do for a living What???
It seems many people are living in a Downtown Brooklyn bubble life. If you believe that falling prices and a high foreclosures outside of your Downtown Brooklyn bubble life will not eventually affect your property value then you really have no understand of economics and lack commonsense. Almost every zip code in Brooklyn has been labeled as a “declining market” in the lenders calculations. Which means they will subtract like a previous poster noted a 5-10% cushion lower on any potential loan.
“”The reason of this Bubble into US Tresuies is because no one is not loaning Asshats any money” Pathetic.”
No that’s not the truth!!! How many Money Market Funds, Pension Funds, School Boards, SWF, China, Japan, Opec Countries and Iceland got burned buying US Debt stupid!!! There is no trust in this system! Citibank is hiding 100’s Billions in loses in Level 3 Assets off their books!!! Yeah OK, If you are trading without this information,, I feel very sorry for you.
The What
Someday this war is gonna end…
No, there is no way around the mortgage recording tax. I also forgot that a refi might also entail paying a point or a percentage of a point along with various fees. I only refinanced because my rate was somewhere in the mid sevens which was pretty good at the time. When I bought my rate was 11 3/4 so for awhile I thought any mortgage rate in the single digits was pretty good.
DIBS,
Adam will know the term, but it is something like “consolidation, [something, something], and spreader agreement.” There are some costs, but it is less than the tax on a new mortgage.
what —
I’ve done my research and I am not worried about comps. Unless the appraiser starts using Phoenix or Las Vegas comps instead of the strong comps around the corner from me, I do not expect a problem.
Or Amtrak. Or maybe MTA conductor.
“Hey What…for the seventh time I ask you in what line of work you are currently employed?”
I’m guessing Customer Service Representative at the USPS.
Hey What…for the seventh time I ask you in what line of work you are currently employed?
“The reason of this Bubble into US Tresuies is because no one is not loaning Asshats any money” Pathetic.