Posted by 101livescan on 7/9/09 2:18pm
Msg #295193

Interest Rates Slightly Lower Today

Not at 4.5 or 4.875, but still low. Every borrower I've signed up since December 2008 has told me that the process has been harrowing, long and frustrating. Some have lost a lower rate due to snags in underwriting and the appraisal process. Here is an article that talks about the new appraisal code which is giving the lenders so much angst and delays in getting to drawing loan documents. I'll be glad when we get through this retrofitting and the rules don't change every time we turn around.

http://www.bankrate.com/finance/mortgages/new-appraisal-code-causes-chaos-1.aspx

Been very quiet this week, but I'm ready and long overdue for a rest/break.

Reply by Shoshana Roller on 7/9/09 2:28pm
Msg #295194

Actually, it has already risen slightly since my 8 AM email

At 8 AM I could have gotten 4.875 from my A Paper lender (Provident). As always, rates fluctuate frequently during the day. They are down to 24-48 hours for the HVCC appraisal issue. So, that's good too. Most lenders will not lock rates any more until the appraisal has been submitted.

Reply by John/CT on 7/9/09 3:49pm
Msg #295207

I've seen two today @ 4.25 (USAA and Met Life Home Loans). But, I'm inclined to agree we'll be seeing rates start inching upwards.

Reply by Shoshana Roller on 7/9/09 6:25pm
Msg #295217

I could get 4.25 too.

The borrower will have to pay a discount fee.

Reply by John/CT on 7/9/09 7:31pm
Msg #295225

Yeah, at the end of the day ...

it's the APR that really counts. Low interest rate, lower payments ===> higher cost. Hmmmmm!

Reply by Shoshana Roller on 7/9/09 9:19pm
Msg #295231

Re: Yeah, at the end of the day ...

I try to be really fair with people. However, if it's a young person or couple buyingb their first home, I will bend over backwards to help them get into the house.

Reply by Philip Johnson on 7/9/09 10:55pm
Msg #295243

Doesn't your renumeration depend on helping everyone

get into a house? To bend over backwards just for the young, seems counter intuitive, for it's the middle aged and better who have the money.