Comments on: Interest Rate Watch APB http://seattlebubble.com/blog/2008/09/09/interest-rate-watch-apb/ local real estate news, statistics, and commentary without the sales spin. Mon, 22 Mar 2010 07:05:02 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: 30 yr fixed around 5% | Seattle Bubble — News & discussion about real estate & the housing bubble in the Seattle area.http://seattlebubble.com/blog/2008/09/09/interest-rate-watch-apb/#comment-61628 30 yr fixed around 5% | Seattle Bubble — News & discussion about real estate & the housing bubble in the Seattle area. Tue, 25 Nov 2008 20:47:27 +0000 http://seattlebubble.com/blog/?p=2617#comment-61628 [...] rates for purchases and refi’s are anywhere from 5.25% to 5.125% at par. Earlier this year, I sent out an APB for people who are waiting for super rates.  Here they are again.  Let me know off-line if you [...]<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('61628','30 yr fixed around 5% | Seattle Bubble — News & discussion about real estate & the housing bubble in the Seattle area.',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('61628','30 yr fixed around 5% | Seattle Bubble — News & discussion about real estate & the housing bubble in the Seattle area.','[...] rates for purchases and refi’s are anywhere from 5.25% to 5.125% at par. Earlier this year, I sent out an APB for people who are waiting for super rates.  Here they are again.  Let me know off-line if you [...]',''); return false;">Quote</a></div> [...] rates for purchases and refi’s are anywhere from 5.25% to 5.125% at par. Earlier this year, I sent out an APB for people who are waiting for super rates.  Here they are again.  Let me know off-line if you [...]
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]]> By: Seekerhttp://seattlebubble.com/blog/2008/09/09/interest-rate-watch-apb/#comment-56509 Seeker Sat, 13 Sep 2008 08:03:36 +0000 http://seattlebubble.com/blog/?p=2617#comment-56509 Did anyone try that loan company? They are proposing 5.6% for 30 y fixed.http://www.expressloanamerica.com/<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('56509','Seeker',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('56509','Seeker','Did anyone try that loan company? They are proposing 5.6% for 30 y fixed. \r\n\r\nhttp:\/\/www.expressloanamerica.com\/',''); return false;">Quote</a></div> Did anyone try that loan company? They are proposing 5.6% for 30 y fixed.

http://www.expressloanamerica.com/

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]]> By: Rhonda Porterhttp://seattlebubble.com/blog/2008/09/09/interest-rate-watch-apb/#comment-56158 Rhonda Porter Wed, 10 Sep 2008 00:36:29 +0000 http://seattlebubble.com/blog/?p=2617#comment-56158 If you're interested in refinancing, I strongly recommend that you be ready to lock. I've had many sitting on the sidelines who think they're going to get the lowest rate and with how quickly rates can change (we're averaging 2-3 intra day rate changes w/most the lenders we work with); rates can go up as quickly as they came down.Today I was able to lock conforming jumbos at the rate S-Crow is quoting.With how the DOW closed today, I'm anticipating that rates should stay low tomorrow...however, with this market, things you could once predict no longer hold true!I would ask your LO what their policy is if rates improve after you lock. I know this is a savvy group....but please do get a good faith estimate to accompany your rate quote...and last bit of advice is that rates are highly credit score sensitive. The lowest mid score (if you have two borrowers) is what your rate will be priced on. If you're working with a LO who just shoots off a rate without asking for an estimate of your credit score, run away!<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('56158','Rhonda Porter',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('56158','Rhonda Porter','If you\'re interested in refinancing, I strongly recommend that you be ready to lock. I\'ve had many sitting on the sidelines who think they\'re going to get the lowest rate and with how quickly rates can change (we\'re averaging 2-3 intra day rate changes w\/most the lenders we work with); rates can go up as quickly as they came down. \r\n\r\nToday I was able to lock conforming jumbos at the rate S-Crow is quoting.\r\n\r\nWith how the DOW closed today, I\'m anticipating that rates should stay low tomorrow...however, with this market, things you could once predict no longer hold true!\r\n\r\nI would ask your LO what their policy is if rates improve after you lock. I know this is a savvy group....but please do get a good faith estimate to accompany your rate quote...and last bit of advice is that rates are highly credit score sensitive. The lowest mid score (if you have two borrowers) is what your rate will be priced on. If you\'re working with a LO who just shoots off a rate without asking for an estimate of your credit score, run away!',''); return false;">Quote</a></div> If you’re interested in refinancing, I strongly recommend that you be ready to lock. I’ve had many sitting on the sidelines who think they’re going to get the lowest rate and with how quickly rates can change (we’re averaging 2-3 intra day rate changes w/most the lenders we work with); rates can go up as quickly as they came down.

Today I was able to lock conforming jumbos at the rate S-Crow is quoting.

With how the DOW closed today, I’m anticipating that rates should stay low tomorrow…however, with this market, things you could once predict no longer hold true!

I would ask your LO what their policy is if rates improve after you lock. I know this is a savvy group….but please do get a good faith estimate to accompany your rate quote…and last bit of advice is that rates are highly credit score sensitive. The lowest mid score (if you have two borrowers) is what your rate will be priced on. If you’re working with a LO who just shoots off a rate without asking for an estimate of your credit score, run away!

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]]> By: Mike2http://seattlebubble.com/blog/2008/09/09/interest-rate-watch-apb/#comment-56116 Mike2 Tue, 09 Sep 2008 19:04:06 +0000 http://seattlebubble.com/blog/?p=2617#comment-56116 <i>And I just find it amusing that a bank would offer me a better rate to buy a new car (typically rapid depreciation!) </i>I'd wager that if you tried to finance a car that cost 3 times your annual income the rate would be very unattractive compared to a home loan for the same amount.That, and the typical car loan has a 72 month duration, so principal is paid down much faster than a 30 year fixed mortgage.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('56116','Mike2',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('56116','Mike2','<i>And I just find it amusing that a bank would offer me a better rate to buy a new car (typically rapid depreciation!) \r\n<\/i>\r\n\r\nI\'d wager that if you tried to finance a car that cost 3 times your annual income the rate would be very unattractive compared to a home loan for the same amount. \r\n\r\nThat, and the typical car loan has a 72 month duration, so principal is paid down much faster than a 30 year fixed mortgage.',''); return false;">Quote</a></div> And I just find it amusing that a bank would offer me a better rate to buy a new car (typically rapid depreciation!)

I’d wager that if you tried to finance a car that cost 3 times your annual income the rate would be very unattractive compared to a home loan for the same amount.

That, and the typical car loan has a 72 month duration, so principal is paid down much faster than a 30 year fixed mortgage.

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]]> By: cmhttp://seattlebubble.com/blog/2008/09/09/interest-rate-watch-apb/#comment-56115 cm Tue, 09 Sep 2008 19:02:00 +0000 http://seattlebubble.com/blog/?p=2617#comment-56115 The auto loan has much shorter term than the 30 year mortgage, much less interest rate risk for the bank, therefor they can offer a lower rate.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('56115','cm',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('56115','cm','The auto loan has much shorter term than the 30 year mortgage, much less interest rate risk for the bank, therefor they can offer a lower rate.',''); return false;">Quote</a></div> The auto loan has much shorter term than the 30 year mortgage, much less interest rate risk for the bank, therefor they can offer a lower rate.
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]]> By: kbro2699http://seattlebubble.com/blog/2008/09/09/interest-rate-watch-apb/#comment-56114 kbro2699 Tue, 09 Sep 2008 18:45:04 +0000 http://seattlebubble.com/blog/?p=2617#comment-56114 Yeah, I understand that they aren't connected and are tied to different bonds, etc. I don't know if I ever remember seeing auto rates from banks (not mfg. financing) lower than their own mortgage rates.Just curious if others have seen this very often.And I just find it amusing that a bank would offer me a better rate to buy a new car (typically rapid depreciation!) than to buy a house (always goes up!).<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('56114','kbro2699',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('56114','kbro2699','Yeah, I understand that they aren\'t connected and are tied to different bonds, etc. I don\'t know if I ever remember seeing auto rates from banks (not mfg. financing) lower than their own mortgage rates.\r\n\r\nJust curious if others have seen this very often.\r\n\r\nAnd I just find it amusing that a bank would offer me a better rate to buy a new car (typically rapid depreciation!) than to buy a house (always goes up!).',''); return false;">Quote</a></div> Yeah, I understand that they aren’t connected and are tied to different bonds, etc. I don’t know if I ever remember seeing auto rates from banks (not mfg. financing) lower than their own mortgage rates.

Just curious if others have seen this very often.

And I just find it amusing that a bank would offer me a better rate to buy a new car (typically rapid depreciation!) than to buy a house (always goes up!).

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]]> By: mukohhttp://seattlebubble.com/blog/2008/09/09/interest-rate-watch-apb/#comment-56113 mukoh Tue, 09 Sep 2008 18:40:24 +0000 http://seattlebubble.com/blog/?p=2617#comment-56113 BECU is awesome just refied my expiring rentals with with them, got a great deal<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('56113','mukoh',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('56113','mukoh','BECU is awesome just refied my expiring rentals with with them, got a great deal',''); return false;">Quote</a></div> BECU is awesome just refied my expiring rentals with with them, got a great deal
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]]> By: Ubersalad, Ph.Dhttp://seattlebubble.com/blog/2008/09/09/interest-rate-watch-apb/#comment-56112 Ubersalad, Ph.D Tue, 09 Sep 2008 18:19:12 +0000 http://seattlebubble.com/blog/?p=2617#comment-56112 Auto and RE rate are completely separate and in no way directly connected.As for the rate, as much as it benefits on some personal level, overall it is meaningless to the overall market and economy.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('56112','Ubersalad, Ph.D',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('56112','Ubersalad, Ph.D','Auto and RE rate are completely separate and in no way directly connected. \r\n\r\nAs for the rate, as much as it benefits on some personal level, overall it is meaningless to the overall market and economy.',''); return false;">Quote</a></div> Auto and RE rate are completely separate and in no way directly connected.

As for the rate, as much as it benefits on some personal level, overall it is meaningless to the overall market and economy.

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]]> By: kbro2699http://seattlebubble.com/blog/2008/09/09/interest-rate-watch-apb/#comment-56110 kbro2699 Tue, 09 Sep 2008 18:15:13 +0000 http://seattlebubble.com/blog/?p=2617#comment-56110 I looked at rates at BECU's webpage after I read this and noticed something interesting to me. Their new auto APR is 5.24 while their 30 year fixed mortgage is 5.6.Is this typical? Granted I don't have the specific terms for the auto loan.Seems like a house should have a better rate than a new car.Can I infer that houses will depreciate more than new cars from this information?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('56110','kbro2699',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('56110','kbro2699','I looked at rates at BECU\'s webpage after I read this and noticed something interesting to me. Their new auto APR is 5.24 while their 30 year fixed mortgage is 5.6.\r\n\r\nIs this typical? Granted I don\'t have the specific terms for the auto loan.\r\n\r\nSeems like a house should have a better rate than a new car.\r\n\r\nCan I infer that houses will depreciate more than new cars from this information?',''); return false;">Quote</a></div> I looked at rates at BECU’s webpage after I read this and noticed something interesting to me. Their new auto APR is 5.24 while their 30 year fixed mortgage is 5.6.

Is this typical? Granted I don’t have the specific terms for the auto loan.

Seems like a house should have a better rate than a new car.

Can I infer that houses will depreciate more than new cars from this information?

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]]> By: Sniglethttp://seattlebubble.com/blog/2008/09/09/interest-rate-watch-apb/#comment-56109 Sniglet Tue, 09 Sep 2008 18:12:50 +0000 http://seattlebubble.com/blog/?p=2617#comment-56109 There will be plenty of GEMs in a few years when median prices have dropped over 50%. Even better, interest rates will still be low, and probably even <i>lower</i>!! Of course, lending requirements will likely be even tighter than they are today, so if you have concerns about being able to make a large down-payment or proving a good income then maybe it is better to buy now and just let your place go under-water.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('56109','Sniglet',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('56109','Sniglet','There will be plenty of GEMs in a few years when median prices have dropped over 50%. Even better, interest rates will still be low, and probably even <i>lower<\/i>!! Of course, lending requirements will likely be even tighter than they are today, so if you have concerns about being able to make a large down-payment or proving a good income then maybe it is better to buy now and just let your place go under-water.',''); return false;">Quote</a></div> There will be plenty of GEMs in a few years when median prices have dropped over 50%. Even better, interest rates will still be low, and probably even lower!! Of course, lending requirements will likely be even tighter than they are today, so if you have concerns about being able to make a large down-payment or proving a good income then maybe it is better to buy now and just let your place go under-water.
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]]> By: Ray Pepperhttp://seattlebubble.com/blog/2008/09/09/interest-rate-watch-apb/#comment-56105 Ray Pepper Tue, 09 Sep 2008 17:35:25 +0000 http://seattlebubble.com/blog/?p=2617#comment-56105 FHA 30 year Fixed 5.50 Nat City. 1% orig fee. they will waive the .5 dis. not bad...but first you must FIND THE GEM!<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('56105','Ray Pepper',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('56105','Ray Pepper','FHA 30 year Fixed 5.50 Nat City. 1% orig fee. they will waive the .5 dis. not bad...but first you must FIND THE GEM!',''); return false;">Quote</a></div> FHA 30 year Fixed 5.50 Nat City. 1% orig fee. they will waive the .5 dis. not bad…but first you must FIND THE GEM!
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]]> By: rentalblisshttp://seattlebubble.com/blog/2008/09/09/interest-rate-watch-apb/#comment-56103 rentalbliss Tue, 09 Sep 2008 17:12:31 +0000 http://seattlebubble.com/blog/?p=2617#comment-56103 I locked yesterday at 6.125 and used my one rate change today to get 5.875, when we started the process we were qouted 6.5. This is much better rate than I thaught we would ever get, so yeah for us.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('56103','rentalbliss',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('56103','rentalbliss','I locked yesterday at 6.125 and used my one rate change today to get 5.875, when we started the process we were qouted 6.5. This is much better rate than I thaught we would ever get, so yeah for us.',''); return false;">Quote</a></div> I locked yesterday at 6.125 and used my one rate change today to get 5.875, when we started the process we were qouted 6.5. This is much better rate than I thaught we would ever get, so yeah for us.
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]]> By: S-Crowhttp://seattlebubble.com/blog/2008/09/09/interest-rate-watch-apb/#comment-56098 S-Crow Tue, 09 Sep 2008 16:53:56 +0000 http://seattlebubble.com/blog/?p=2617#comment-56098 High interest rate vs. low price issue:Food for thought.......You have the very best of both worlds when you have low rates AND declining prices.In some markets across the country, people are buying at severe discounts WHILE doing so obtaining excellent financing. Not everyone is in this pool of buyers but those that are are taking advantage of the opportunity and have a long-term horizon.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('56098','S-Crow',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('56098','S-Crow','High interest rate vs. low price issue:\r\n\r\nFood for thought.......You have the very best of both worlds when you have low rates AND declining prices.\r\n\r\nIn some markets across the country, people are buying at severe discounts WHILE doing so obtaining excellent financing. Not everyone is in this pool of buyers but those that are are taking advantage of the opportunity and have a long-term horizon.',''); return false;">Quote</a></div> High interest rate vs. low price issue:

Food for thought…….You have the very best of both worlds when you have low rates AND declining prices.

In some markets across the country, people are buying at severe discounts WHILE doing so obtaining excellent financing. Not everyone is in this pool of buyers but those that are are taking advantage of the opportunity and have a long-term horizon.

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]]> By: robroyhttp://seattlebubble.com/blog/2008/09/09/interest-rate-watch-apb/#comment-56093 robroy Tue, 09 Sep 2008 16:43:01 +0000 http://seattlebubble.com/blog/?p=2617#comment-56093 Low rates are a good reason to refinance, but a bad reason to purchase. I like to purchase when rates are high for two reasons. First, it depresses prices. Second, you can probably refinance later when rates drop. If they are already low, you sort of eliminate that option.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('56093','robroy',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('56093','robroy','Low rates are a good reason to refinance, but a bad reason to purchase. I like to purchase when rates are high for two reasons. First, it depresses prices. Second, you can probably refinance later when rates drop. If they are already low, you sort of eliminate that option.',''); return false;">Quote</a></div> Low rates are a good reason to refinance, but a bad reason to purchase. I like to purchase when rates are high for two reasons. First, it depresses prices. Second, you can probably refinance later when rates drop. If they are already low, you sort of eliminate that option.
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]]> By: S-Crowhttp://seattlebubble.com/blog/2008/09/09/interest-rate-watch-apb/#comment-56091 S-Crow Tue, 09 Sep 2008 16:39:06 +0000 http://seattlebubble.com/blog/?p=2617#comment-56091 Alex,I have no idea how often JLS updates their rates. That could have been the rate for a week ago. Rates will change during the day. They bounce around. Further, with conventional loans, if I have a FICO score of 680, and you have a 765, you will be receiving a better rate than I.The emphasis on my post is that those who are refinancing or in the market to buy, should really be watching intensely.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('56091','S-Crow',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('56091','S-Crow','Alex, \r\n\r\nI have no idea how often JLS updates their rates. That could have been the rate for a week ago. Rates will change during the day. They bounce around. Further, with conventional loans, if I have a FICO score of 680, and you have a 765, you will be receiving a better rate than I. \r\n\r\nThe emphasis on my post is that those who are refinancing or in the market to buy, should really be watching intensely.',''); return false;">Quote</a></div> Alex,

I have no idea how often JLS updates their rates. That could have been the rate for a week ago. Rates will change during the day. They bounce around. Further, with conventional loans, if I have a FICO score of 680, and you have a 765, you will be receiving a better rate than I.

The emphasis on my post is that those who are refinancing or in the market to buy, should really be watching intensely.

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]]> By: vboringhttp://seattlebubble.com/blog/2008/09/09/interest-rate-watch-apb/#comment-56090 vboring Tue, 09 Sep 2008 16:38:18 +0000 http://seattlebubble.com/blog/?p=2617#comment-56090 http://www.bankrate.com/provides a survey of rates and a chart where you can compare different types of rates<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('56090','vboring',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('56090','vboring','http:\/\/www.bankrate.com\/\r\n\r\nprovides a survey of rates and a chart where you can compare different types of rates',''); return false;">Quote</a></div> http://www.bankrate.com/

provides a survey of rates and a chart where you can compare different types of rates

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]]> By: alexhttp://seattlebubble.com/blog/2008/09/09/interest-rate-watch-apb/#comment-56087 alex Tue, 09 Sep 2008 16:25:26 +0000 http://seattlebubble.com/blog/?p=2617#comment-56087 I always used johnlscott's "default" rate as an indication of what the market is like for interest rates - and that's showing 6.125% today... are they way off, or is S-Crow?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('56087','alex',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('56087','alex','I always used johnlscott\'s \"default\" rate as an indication of what the market is like for interest rates - and that\'s showing 6.125% today... are they way off, or is S-Crow?',''); return false;">Quote</a></div> I always used johnlscott’s “default” rate as an indication of what the market is like for interest rates – and that’s showing 6.125% today… are they way off, or is S-Crow?
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]]> By: Shaqhttp://seattlebubble.com/blog/2008/09/09/interest-rate-watch-apb/#comment-56085 Shaq Tue, 09 Sep 2008 16:14:16 +0000 http://seattlebubble.com/blog/?p=2617#comment-56085 Hard to believe many people will be in an equity situation to take advantage of this.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('56085','Shaq',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('56085','Shaq','Hard to believe many people will be in an equity situation to take advantage of this.',''); return false;">Quote</a></div> Hard to believe many people will be in an equity situation to take advantage of this.
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