Posted by Hugh Nations Signing Agents of Austin on 7/30/10 10:34am
Msg #346994

Love those interest rates

Had my lowest interest rate yet last night: 3.875 fixed on a 15-year, $120,000 loan. Of course, the house was valued at $450,000 and both husband and wife had credit ratings over 800, so the lender risk was minimal. They were upside down on their P&I payments vs the escrow payment: $880 for P&I, almost $1,100 for escrow.

When I bought my first house almost 50 years ago, the interest rate was 4 percent. This must be the best buyer's market ever. Been trying to get my daughter, who makes a whopping salary, all subject to taxation, to invest in residential rentals. No luck so far.

Reply by Michelle/AL on 7/30/10 9:54pm
Msg #347104

Hugh, for a moment there I thought we closed the same loan

today. The terms were exactly the same. I didn't pay attention to their credit rating though. The rate, loan amount and loan period were all the same!

Reply by Philip Johnson on 7/30/10 10:14pm
Msg #347106

As someone who divested the rentals.

Your daughter is smarter than you think. What a pain in the tuukus renters are.

Reply by JanetK_CA on 7/31/10 4:22am
Msg #347124

Yep, I got a promo piece from a LO client of mine today with a graph showing that interest rates are at an all time low! And I signed one couple today for the third time - because of the low rates. (It was a no-cost loan, and they figured, "what the heck?!") I hope they stay low for a very long time, but I'm not holding my breath. I don't expect to see any drastic increases for a while, though.

Reply by Jayhawk/KS on 7/31/10 11:28pm
Msg #347199

I had one 3.75% for 15 years at a little over $400,000. I don't want to be to specific.