Interest rates have dropped quite a bit
Rates for conventional loans, FHA and VA have been at 6.25 to 6.50 for a while
Today they dropped to 5.75 %
WOW
If you’ve been thinking about buying or refi now’s a good time
.
“My wife ran away with my best friend and I miss him”
Edited 11/25/2008 3:23 pm by mrfixitusa
Replies
Mortgage rates are tied to the 30 year government bond. With the stock market in the basement, all the money is going to the safe government bonds which results in yields being lowered. This will probably go on for some time or until the stock market begins to climb again. I am waiting for the 5% 15 year mortgage before I refinance. But now is a good time as any.
You get out of life what you put into it......minus taxes.
Marv
Any idea how soon rates will hit 5% for 15 year loan?
Soon as OH-Bama lets loss his Birth Certificate!
I'm not sure, but I will apply for a mortgage today and when it drops, I'll be ready to lock in a rate.You get out of life what you put into it......minus taxes.
Marv
i saw where the rates had dropped.it surprise's me that were headed down right now.
now don't get me wrong when i'm borrowing i want it as cheap as i can get.but i think intrest rates are to low. there are people that have money to invest,they don't want any wall street b.s so they put it in banks,money markets etc. they aren't worth messing with right now.if i had a bunch of cash,i'd just put it under the mattress for extra padding than put it in a bank at 1.5% and worry about if they are insured. not really a problem right now................
i'd personally be real comfortable with 8.5 mortagages and 5 money market rates.
if a man speaks in the forest,and there's not a woman to hear him,is he still wrong?
Larry, did you know they are auctioning 901 N Litchfield in riverside on Sat Dec 6th at 3:30 PM?Auctioneer is Pat Dreiling.Is that close to your rental?It's a 2 bedroom, 1 ba, 1104 sq ft, partial basementHas oversized two car garage with heat and air.What do you think it will sell for
i have a duplex on litchfield,but the one i bought this spring is on woodrow. mine's the same specs2brm,1 bath,old basement, gave 82 for it and shouldn't of. it needed complete redecorating,bad.
so without seeing it i if it was like mine i would guess mid 70's
unless theres another idoit like me there.drive by mine for a comp,753 woodrow. if a man speaks in the forest,and there's not a woman to hear him,is he still wrong?
saw the litchfield house today,a drive by. looks pretty good ,has a nice 2 car detached.
my guess at auction 93,000.thats not seeing the inside,how is it inside?open market i would guess 104k.how far off am i?
whats yours?
i have heard that the realestate auctions are pretty slow right now. i had a neighbor next door to a rental of mine auction. i heard 2 people showed up. high bid and it sold for 22k needing lots of work. if i was looking i would of given that but not much more,a flipper bought it,good luck to him.
i don't know if were headed to these times or not but mid 80 to late 80's there was some real steals at auctions.you just have to be ready to pull the trigger on the right one.if a man speaks in the forest,and there's not a woman to hear him,is he still wrong?
Larry, the lowest priced home in riverside today is bungalow priced at $82,900 - 952 N PorterI just looked at the 16-17 houses that are currently for sale and there are 2-3 bank reposInterestingly the house coming up for auction (901 N Litchfield) is on the market right now and it's priced at $85,900 It's been on the market for 100 days now.I'll guess the house sells for $70 K on Saturday. You never know whats going to happen. Seems like they sell for less at auction.Here's the foreclosure properties in riverside:839 N Woodrow $96 K1345 N River Blvd $100 K (does that one ring a bell?) It's the one on the corner we talked about a couple of months ago916 N Buffum $102 KWow I see 920 N Litchfield is for sale right now for $152 K
my sil had a contract 2 months ago for 280k over in the 900 buffem. she decided not to sell!!!i think she really missed the boat.
so it's on the market for 86k,man now i know i paid to much.
your probably closaer than i was on auction price,3 times i have ever seen auction bring more than asking price. it's pretty unusal .if a man speaks in the forest,and there's not a woman to hear him,is he still wrong?
What are you hearing about qualifying for new first mortgages?
I've heard that 20% down is one common denominator.
I also heard that Fanny and Freddie are loosening the purse strings a bit, on both distressed re-fi's and first mortgages. Also that Treasury is putting together something to stimulate the sale of homes for first timers.
Apparently our government economists recognize that in order to stabilize the real estate market, they must curtail foreclosures while making first mortgages more readily available. I sure hope that's true.
it frustrates me to no end to here congress chewing the banks out for not loosening up the credit. do they not understand that's problem one of how we got here.
when I bought my first house in late 70's you had 10% down or you couldn't even get a loan app. if you had 20% they would at least give you a chair to sit in while you applied. and you better bet the appraisal was going to be detailed and reflect what it was worth,not a drive by and"yea that's ok" if a man speaks in the forest,and there's not a woman to hear him,is he still wrong?
it frustrates me to no end to here congress chewing the banks out for not loosening up the credit. do they not understand that's problem one of how we got here.
Yet the problem we legititmate borrowers now face is that, instead of a gradual tightening, the door to credit has been slammed shut by the bankers who got chewed out by congress, not for extending credit to worthy clients with plenty of equity, but for speculating on questionable paper written by poorly regulated mortgage companies.
The banks have been given a great deal of our money, $300 billion dollars but they haven't shown any indication of moderating their very tight restrictions on consumer credit. That's one thousand dollars of our money for every man, woman and child in the USA.
I don't know about you, but if the banks aren't going to loan that money to legitimate borrowers, I want it back in the US Treasury.
Edited 12/11/2008 2:44 am by Hudson Valley Carpenter
Larry I didn't go to the auction on saturday. The house apparently sold as it's listed as "pending" in the MLS systemClosing is set to occur on or before Jan 7thI just looked at the pictures of the house at 901 N Litchfield and the house looks REALLY good.I didn't realize someone has re-done the house. It looks like a new kitchen and bath in the pictures.The exterior looks really good in the picsAnyway, I looked at the history of the house.The house sold at auction in Aug 2007 for $58,000It went back on the market in March of 2008 for $109,000Nothing happened and they dropped the price to $97 and then took it off the market. They had tried to sell it for 3-4 months.It went off the market for a month or two and then back up for sale in august or septthey put it on the market for $89,900.Apparently nothing happened and then it sold last saturday.Larry this is an interesting house because the pictures look really good.It should have sold for $89It doesn't make sense, considering the location and neighborhoodI don't know what the house sold for but I'm going to find out.Earlier I guessed it was going to sell for $70 and I really hadn't looked at the house.I'm guessing it sold for $80 or $90's and I'll find out and get back to you.
did ya go to the auction? i was over working 2 blks away.had to nail my shoes down so "i didn't just go to see how much" and get myself in trouble.lol
seems the auction prices are down, a guy might pick up a good buy if you just showed up at a few.if a man speaks in the forest,and there's not a woman to hear him,is he still wrong?
My lender told me yesterday that we'll likely see 30yr fixed mort in the low 4's and prime rate at zero in the next 6 months.
??!!
i won'tborrow until the pay me 1% to take,will that stimulate the economy?
how low can it go.if a man speaks in the forest,and there's not a woman to hear him,is he still wrong?