Posted by LynnNC on 6/10/09 3:54pm
Msg #291835
The Bloom is Off the Rose
I had a closing this morning at a B of A Mortgage office and he said that rates have gone up to 5.5%!
|
Reply by Glenn Strickler on 6/10/09 4:15pm
Msg #291838
The past week or so, unless someone is paying a lot of points, it's been 5.7% here. Wells Fargo is 5.875 on the website ..
|
Reply by Marian_in_CA on 6/10/09 9:57pm
Msg #291899
I had a BofA closing tonight at 4.875%
I had a BofA closing tonight at 4.875%
|
Reply by LynnNC on 6/11/09 8:41am
Msg #291938
Re: I had a BofA closing tonight at 4.875%
That rate was probably locked weeks ago...any newly-quoted rate will be closer to 5.5%
|
Reply by Jessc098 on 6/11/09 12:28pm
Msg #291982
I did one for VA that was still at 4.5 last night. Haven't seen them trending up lately in my area.
|
Reply by jba/fl on 6/10/09 4:19pm
Msg #291841
Roses will still bloom, some will smell nice, some will stink, but that is ma nature for you. Sometimes you can attribute it to being an 'off year' but I'm sure it is cyclical. My horticultural representative, after consulting him daily, says that this happens from time to time, but if the plant doesn't die or rot, it might be hardier next year. Just keep fertilizing and spraying for black spot and you should see it rebound or worst case, die. Good luck to all
|
Reply by davidK/CA on 6/10/09 5:26pm
Msg #291851
What else can you expect. Some banks decided that the virtually zero interest that they would owe to the Federal Government was just to much to keep those nasty TARP funds, so they are sending the money back to Washington, DC and then they can increase their executive salaries and bonuses which of course will have to be paid for by Joe Six Pack through his mortgage, his credit cards and his ATM fees.
GOD bless the USA!
|
Reply by MW/VA on 6/10/09 5:56pm
Msg #291856
IMO I don't know how long anyone thought these rates would last. 5.5% is still fantastic.
Some of us remember the 12%, 13%, and more in the 90's. If I were on the investor side of things I don't think I'd be happy loaning long term money at these rates.
|
Reply by John/CT on 6/10/09 6:54pm
Msg #291865
How about 18% in the early 80's?!?!
That's what we had to pay for our HELOC. Smell the roses while you can! :>
|
Reply by Lee/AR on 6/10/09 6:57pm
Msg #291866
I remember... also remember that nobody was buying/refi-ing n/m
|
Reply by sue_pa on 6/10/09 7:44pm
Msg #291877
Re: I remember... also remember that nobody was buying/refi-ing
I bought ... 17.??% and we were happy to get it.
|
Reply by Linda_H/FL on 6/10/09 6:58pm
Msg #291867
Yep..and I also remember getting Certificates of Deposit
for our kids paying 16%.....
|
Reply by LynnNC on 6/11/09 8:44am
Msg #291939
5.5% would be a good rate for a purchase, but nearly all the business I have had this year was for refis to a lower rate... I closed very few refis for cash out.
|
Reply by sue_pa on 6/10/09 7:44pm
Msg #291878
so you're saying you don't think 5.5% is a great deal? n/m
|
Reply by SReis on 6/10/09 8:05pm
Msg #291883
Great deal but.....
mayeb not enough motivation to keep people refi'ing. Def not good timing for me since my hubby has been laid off for almost a year ;-(
|
Reply by jba/fl on 6/10/09 8:48pm
Msg #291890
Re: so you're saying you don't think 5.5% is a great deal?
It still is IF one is in an ARM, hasn't lost job, has enough equity, etc. The biggest problem I see is that these conditions aren't being met by the masses. Too many are upside down according to current appraisals, which to my way of thinking are more accurate than previously.
Yes, I bought at 9.5 late 70's, happy to get it then also.
|
Reply by jojo_MN on 6/10/09 10:18pm
Msg #291901
Bought my house in Sept. 1981
Signed the documents in August 1981 for my house at 21%. Probably the highest interest rate in history. My husband (ex) and I had very good credit at the time, also. I don't know how we ever did it back then!
Too bad they couldn't stay at 4.5 like a month ago.
|
