Posted by Lisa Prestegard on 12/21/07 1:14pm
Msg #227248
Noticed a HUGE increase in fixed rates...
The last three closings I've completed have had rates in excess of 8.75%.
The last two Borrowers had an equity base of nearly 50%; one's rate was 9.875%.
What say you, oh wise, notary sages?
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Reply by CF on 12/21/07 1:22pm
Msg #227250
Are you talking 1st's at 8.75% or 2nd's? I have been seeing 1st's at 5.85%-6.375% (of course, some higher) for the past month. 2nd's have been what you quoted.
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Reply by Rachel/ORWA on 12/21/07 1:25pm
Msg #227251
Re: Had a 1st yesterday, at 9.75. n/m
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Reply by C. Wayne Moore on 12/21/07 1:30pm
Msg #227253
Had a 1st this week 5.9% n/m
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Reply by Vince/KS on 12/21/07 1:33pm
Msg #227254
Most between 5.75% and 6.5% for 1st's n/m
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Reply by DebbieT on 12/21/07 1:38pm
Msg #227256
Re: 8.75 Just yesterday. n/m
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Reply by Lisa Prestegard on 12/21/07 4:43pm
Msg #227290
Must be a Florida thing due to declining values?
Lenders running scared in FL, perhaps? Knowing that a 50% equity base today could mean nothing? Declining values not bottomed out here, yet.
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Reply by RickinVA on 12/21/07 6:56pm
Msg #227299
Re: Had a 1st yesterday, at 9.75.
FWIW, I had a refi at 6.375 today. Their FICO was between 640 and 660; their income was 2400 mo. and payment was 1090 plus escrow. I don't see how they qualified, except the YSP was 1600! I wanted to say No No No, except they shouldn't have had that interest rate, so I said sign, sign, sign! (Actually, I just shook my head and showed then the line on which their sig should appear.)
Rick
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Reply by RickinVA on 12/21/07 6:56pm
Msg #227300
Re: Had a 1st yesterday, at 9.75.
FWIW, I had a refi at 6.375 today. Their FICO was between 640 and 660; their income was 2400 mo. and payment was 1090 plus escrow. I don't see how they qualified, except the YSP was 1600! I wanted to say No No No, except they shouldn't have had that interest rate, so I said sign, sign, sign! (Actually, I just shook my head and showed then the line on which their sig should appear.)
Rick
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Reply by Lisa Prestegard on 12/21/07 4:40pm
Msg #227289
1st's...not 2nd's n/m
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Reply by Elizabeth Soliday on 12/21/07 10:20pm
Msg #227325
Must just be FL
On the contrary, I have seen quite low rates, mid 5% to 6% on good credit, good LTV ratios. Yesterdays was 5 point something, and they had PMI.
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Reply by Joan Bergstrom on 12/22/07 12:43am
Msg #227342
The best rate I have seen is 5.87% in CA
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Reply by Becca_FL on 12/22/07 3:32am
Msg #227353
I did a 5.85 here in Florida just this week.
I also did a 1st position HELOC @ a margin of -1.00% of prime.
We get all kinds.
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Reply by DonR_NYC on 12/21/07 1:52pm
Msg #227258
Just did a 1st at 6.5% 30 year fixed with a FICO score of 630. I haven't seen anything above 7% for a 1st in the last few months.
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Reply by ME/NJ on 12/21/07 1:57pm
Msg #227259
good credit, 30% equity or more 6.14-6.75 fixed rate
Any interest rate hgher then 7% there are other factors, equity, debt level and income.
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Reply by Charles_Ca on 12/21/07 1:59pm
Msg #227260
Depends on where you look, I've got several in the pipe-
line that are from about 5.375% to about 5.8% but these are all "A" paper, my favorite kind.
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Reply by ssqu/ky on 12/21/07 2:56pm
Msg #227277
Re: Depends on where you look, I've got several in the pipe-
"I've got several in the pipe-line that are from about 5.375% to about 5.8% but these are all "A" paper, my favorite kind".
Isn't "A" paper the best. I know it's MY favorite to underwrite!
Stephanie Stull
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Reply by Charles_Ca on 12/21/07 6:33pm
Msg #227297
In my opinion its the best. I may not make the big bucks on
it but I sleep well at ight and I can look at myself in the mirror without wincing. "A" paper works for me, good ol' fixed 30s at low interest rates, it just doesn't get better than that.
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Reply by Charm_AL on 12/21/07 2:42pm
Msg #227272
I've had a busy two weeks and just got back from one with a 9.2%. Big beautiful house with all the fixins, paying off 37k in CC debt. People are living way beyond their means.
I've seen mostly 5-8 here.
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Reply by WDMD on 12/21/07 3:49pm
Msg #227285
I'm seeing mostly in the 6%-7.5% range. As an aside, last one I did had a copy of the signature page of their tax return they needed to sign. The borrowers, who are self-employed, owed $40,200 last year. I'd die seeing a tax bill that high.
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Reply by Glenn Strickler on 12/21/07 3:17pm
Msg #227280
What was their credit score? n/m
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Reply by Susan Fischer on 12/21/07 8:14pm
Msg #227306
4 out of 5 this week: 6-6.75. Our area, not so depressed. n/m
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Reply by Stamper_WI on 12/21/07 8:21pm
Msg #227308
10yr fixed 5.0%
Credit score 720. Around 50% equity left in the house
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Reply by Charles_Ca on 12/21/07 9:23pm
Msg #227317
Re: 10yr fixed 5.0%~Was there a buydown on the rate? n/m
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Reply by Stamper_WI on 12/21/07 9:48pm
Msg #227321
Re: 10yr fixed 5.0%~Was there a buydown on the rate?
He indicated that it cost him. 1.85% of 109,500. This was a last minute print and run (was supposed to close last week) and their car was warming up in the driveway for the trip to Grandma's as soon as they signed. Young couple doing well for around here. Plan to have the house paid off before the kids graduate HS. Refreshing.
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Reply by Pat/IL on 12/21/07 9:42pm
Msg #227318
Re: Fannie Mae's New Scheme
Many of the rates and credit scores are in line with Fannie's new memo one of my (broker) customers showed me yesterday. It basically applies a point or two to borrowers with credit scores under 680. I just glanced at it and expressed my empathy. But I believe that a higher interest rate might be an option in place of points.
Keep a look out also for the "Adverse Market Fee". I don't know if it will be charge to brokers or borrowers or whether or not it will show on the HUD. Comment from the broker: "They didn't give us a bonus when the market was humming".
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Reply by janie/vt on 12/21/07 11:28pm
Msg #227333
Re: Fannie Mae's New Scheme
Doing a refi next week for me and the rate I got was 5.375. This is a 15 year fixed.
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Reply by Becca_FL on 12/22/07 12:51am
Msg #227345
I'm doing fixed rates at 5.95+++. I did a HELOC last week w/ a -1.0% margin. This week, the winner has been Flagstar Bank w/fixed ranging from 6.25-8.125.
Could Flagstar be the next BIG lender?
I like their nice, neat, under 80 page packages.
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Reply by Becca_FL on 12/22/07 3:24am
Msg #227352
I've had three fx Flagstar's this week, all from dif sources n/m
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Reply by MikeC/NY on 12/22/07 6:09pm
Msg #227456
Most I've seen recently are within reason, and less than 7%. It may be a function of where you are. I had a refi yesterday - 15 year fixed at 5.75%.
The only question I've heard consistently is "This is a fixed rate loan, right?" I just show them the note and the TIL, and point out the relevant portions. Unlike about 6 to 8 months ago, when they would sign anything you put in front of them (even if you cringed while they did so), borrowers seem to be really wary about loan terms. Which is a good thing...
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