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Willytown
10-25-2007, 11:29 AM
Anybody bought a house lately? What kind of 30 year fixed rate did you get? I am preapproved but am going to shop around a little bit. FYI..im in the midwest.

Roonie's
10-25-2007, 11:30 AM
You local Sunday paper might have all the rates listed from all the different companies locally. Ours did.

RK@UST
10-25-2007, 11:31 AM
I got 5.75 in June, probably, 6.25 to 6.35 now

Willytown
10-25-2007, 11:34 AM
Thats about what im finding....unfortunately so many people are getting burnt with ARM's right now so they arent much better.

east tx skier
10-25-2007, 11:37 AM
Local credit union has 6.3% for a 30 year fixed with no origination fee and 20% down.

I used lendingtree.com to shop rates when I bought my house and when I refinanced. Went from a 30 year fixed to a 15 year fixed at 4.75% on the refi'.

Monte
10-25-2007, 11:46 AM
I got 5.75 in June, probably, 6.25 to 6.35 now

I think rates just came down.. I am doing a refi right now for 5.25..

Jorski
10-25-2007, 11:59 AM
In the current environment, it is going to be highly dependant upon your credit rating.

If one has strong credit, and are looking for low ratio mortgage (loan to value) youy should be able to negotiate a pretty good rate. In this case I would consider going variable and/or short term. The fed will be cutting for some time and this will affect the rates someone can get who is in this position.

If one has weak credit, it will a completely different story. High ratio loans and the sreads on riskier loans will be getting bigger and certain folks just won't find acceptable terms. The mess in the subprime market are the result of loans made to those who can't pay it back. If you find yourself in this group, get whatever locked in terms you can get for as long an amortization and term as you can find.

RK@UST
10-25-2007, 12:03 PM
I think rates just came down.. I am doing a refi right now for 5.25..
they did as of the report this morning.
the average 30 year fixed was down to 6.33 from 6.40 last week.
That's national of course.
New home sales for Sept were up 4.1 percent. Still a low number in terms of volume, but hey, I am looking for positives at this point in regards to the housing mess.
Unemployment numbers were up, this impacts some ot the inflation fears, I think they will cut the Fed rate again, next session.
I am not saying that is a good thing or bad, I am just saying .

Willytown
10-25-2007, 12:06 PM
I believe they will cut rates also, Im looking at a 3 year (at most) house, basically buying a pre-foreclosure, fix up, live there for a couple years and move into something else. This is why I wish 5/1 ARM's were better. It looks like most lenders, even the ones I have dealt with before on real estate property have 30 year fixed at 6.3 and the 5 year arm at 6.1 (not much better)

sand2snow22
10-25-2007, 01:46 PM
Willy,

ARM's are more tied to the Fed cutting rates. 30 year fixed rates are more based on the 10 year treasury yield.

Willytown
10-25-2007, 02:36 PM
The Fed Funds Rate will directly affect treasury yields. So your saying a rate cut would directly affect ARM's more than 30 year fixed?

NatesGr8
10-25-2007, 03:06 PM
i just got a rate of 6.0 for 30 years fixed with 20% down. I'm in CT.

sand2snow22
10-25-2007, 04:26 PM
The Fed Funds Rate will directly affect treasury yields. So your saying a rate cut would directly affect ARM's more than 30 year fixed?

Pretty much. Remember when the Fed funds rate was 0, heloc's were running 3.75% to 4%, subprime loans & ARM's were taking off, money was cheap to borrow. 10 year treasury yield was also at historic lows. Little different scenario today.

I have found that 15 & 30 year fixed rates follow the 10 year treasury yield. Take a look at this chart, lowest it has been in a year, fixed rates should also be the lowest they've been in a year:

http://finance.yahoo.com/q/bc?s=%5ETNX&t=1y

Workin' 4 Toys
10-26-2007, 12:35 AM
6.125.............

6ballsisall
10-26-2007, 01:01 AM
I got a 15 yr fixed for 5.55 in April of this year. New neighbor who moved in last month said he got a 30 yr fixed for 5.9

Someone else said it, today more than ever, your credit, debt:income, and LTV will play a huge role in what rate you end up with.

TX.X-30 fan
10-26-2007, 03:07 AM
No reason to do ARM's right now there is no real difference in the spread. I have seen 6.25 this week seems to be average for the market now. rate is not the only factor to look at, closing costs, fee's all add to the APR.

mrprostar
10-30-2007, 05:35 PM
Fha- 5.54%

dapicatti
10-30-2007, 10:51 PM
Depends on how the financial institution funds their mortgages. If they are in house, keeping their own, they can make up a price. 5.75 today for 30 year fixed at local credit union.

badams
10-30-2007, 11:00 PM
Anybody bought a house lately? What kind of 30 year fixed rate did you get? I am preapproved but am going to shop around a little bit. FYI..im in the midwest.

Willytown, I'm a mortgage loan consultant. Rates today on a 30 year fixed were 6.0% w/ loan loan discount or loan origination fees. Let me know if I can help you with a loan. I'd be glad to help a fellow MC owner.

badams
10-30-2007, 11:04 PM
I believe they will cut rates also, Im looking at a 3 year (at most) house, basically buying a pre-foreclosure, fix up, live there for a couple years and move into something else. This is why I wish 5/1 ARM's were better. It looks like most lenders, even the ones I have dealt with before on real estate property have 30 year fixed at 6.3 and the 5 year arm at 6.1 (not much better) In the recent months ARM products have not been beneficial due to the overall volitility of the market and the fact that so many home owners are defaulting on ARM products after the rates adjust. Lenders just don't want that product on their books right now.