rate roller coaster

By
Real Estate Mortgage Broker

While friends are bemoaning their losses in the investment market, I am smiling and watching the mortgage rates drop to the lowest they have been in many years.

 I remember, in a former life, hiring young engineers right out of college and they were buying condos and paying 16 & 18% interest.  I was agast and listened to the economists saying we would never see rates in the single digits again.  I also rememeber a professor saying "never" is a long time.  He was right.

And the past couple of weeks with all the FED movement have been very volatile.  Many days have had with rate corrections mid day.  But the rates have come down enough and stayed low that we are getting into a fairly busy refinance wave.

Still people sitting on the fence though waiting for just a little more drop.  Don't wait too long :-)

 

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Anonymous #1
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Looks like the stimulus package has been signed and that opens up a whole lot of opportunities for people with or looking for a jumbo mortgage.

The limit for conforming loans as been $417,000.  Any loan amount over that is considered a "jumbo" mortgage and with the melt-down in the secondary market, there is little interest in Jumbo loans.  Hence they are very expensive.  Prior to this, jumbos ran about 1/2 percent higher than the conforming loans.  They originally jumped up to the 7%plus range and required a point or more.  While they have become more available and reasonable lately they are still a challange.

By raising the limits for the conforming loans, this opens up much more reasonable financing for people who need larger loan amounts.

In order to establish those higher limits, HUD has to revise their Medium housing prices.  This should be coming in the next few weeks.

All good news for the spring market

 

February 20, 2008 02:12 PM
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Rainer
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lynn christensen

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