Posted by David Rubalcava on 3/19/09 6:15pm
Msg #281419

Rates took a HUGE drop today

Get ready guys - you'll see a big surge in Refi and purchase loans. Rates are now in the mid - high 4%'s for borrowers with good/excellent credit.

Mid - high 5%'s for credit from 660-700.

All this equals business for notaries.

Get your stamps ready.

Reply by PAW on 3/19/09 7:09pm
Msg #281423

Read about it at Bankrate.com

Mortgage rates slid to near all-time lows in Bankrate's weekly survey, and may fall further as you read this sentence.

http://www.bankrate.com/brm/static/mortgage-analysis.asp

Reply by parkerc/ME on 3/19/09 7:13pm
Msg #281424

Seeing 4.625% advertised for 30-year.

Reply by Linda_H/FL on 3/19/09 7:15pm
Msg #281425

Yep - that's what my bank told me today they could give me n/m

Reply by Teddog/CO on 3/20/09 7:03am
Msg #281449

How right you are! Last night I had a refi with Note rate 4.99%. I could hardly believe it , had to re-read that one. That is the lowest rate I've ever seen on a refi. WOW! David I think you're correct "time to saddle-up" those notary ponies.

Everyone have a great weekend

Reply by Linda_H/FL on 3/20/09 7:03am
Msg #281450

I had a 4.5% the other day... n/m

Reply by Teddog/CO on 3/20/09 7:11am
Msg #281451

Re: I had a 4.5% the other day...

PAW is right they will just keep getting lower. 4.5% is really lowww Linda bet you can't wait to see just how low these rates will go. The financial situation is so bad the government has to do something and everything to try and get the country moving. Hope the lower rates help to boost it a bit. Time will tell.

Have a great weekend and don't forget to fill that gas tank

Reply by trnsa_IL on 3/20/09 9:05am
Msg #281457

I had a loan mod yesterday, 3.6!! My jaw almost dropped! n/m

Reply by LynnNC on 3/20/09 9:13am
Msg #281458

I have been seeing below 5% here for some time for borrowers with good credit, but there is always at least 1 discount point. I have seen FHA loans at 5% and VA loans at 4.65%.

Reply by CaliNotary on 3/20/09 1:07pm
Msg #281488

Same here

Since January, practically every loan I've done has been between 4.5% and 5%. Why are these rates just now surfacing for some of us when others have been seeing them for months?

The lowest I've seen was a few days ago, 4.375%.

Reply by Bob_Chicago on 3/20/09 9:38am
Msg #281460

Agree that it should be a big help for NSAs. Problem is all

folks without jobs and/or sufficient equity in their homes.
Lenders are swamped with apps and have let a lot of their
experienced processors go. You might get sometone whose job last
week involved an inquiry of "Do you want fries with that order??"
Also a lot of appraisers have left the biz and appraisal requirements are much tougher.

Reply by janCA on 3/20/09 10:49am
Msg #281469

People still have to qualify.

And that's not going to happen real soon. Too many upside down loans and people out of work. I went to Wells Fargo the other day to see about refi'ing an investment property. The loan officer said he was embarrassed to show me the fees as he felt that good investors were being punished. Our rate stands at 7.375, the rate he could give me was 5.125 with 1.75 in points. The fees would have been over $8,000 on a $168,000 refi, the property is worth at least $100,000 more than the balance. That's with credit scores of 750 and up. My jaw dropped. Everywhere else I went to the interest rate was 6.125 with at least a point. Fees were 4-5 thousand dollars. The last time we refi'd our fees were less than $3,000. And as I stated, this is an investment property and because so many people just walked away from such properties, the lending companies are skittish, to say the least. I think I got off subject, sorry, guess I needed to purge.

Reply by David Rubalcava on 3/21/09 1:28pm
Msg #281611

Re: People still have to qualify.

The main difference is that now the rates are 4.99% or so with no discount points - (for great credit and bigger loan amounts). For months you could get here with a buy down. Now the same buy down takes you to the mid 4%'s.

Take a look at the 10 year T bond on Thursday - amazing.

On Thursday Lending Tree had one of it's biggest day EVER.

These are qualifying borrowers.