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  #1 (permalink)  
Old 06-08-2009, 12:52 AM
maldorf's Avatar
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What's up with these mortgage rates going back up?

Anyone have a clue as to why the 30 year rates are going back up so fast now? Less than 2 weeks ago it was down to 4.80%. Look at it now:
30 Year Fixed Rate
5.55% with 0.0 discount points - 5.592% APR

Damn, I wish I had locked in that lower rate when it was here. I figured it would continue to go down some more. Such a gamble it is figuring out what to do. right now our rate is 5.25%. Could have locked in 5.05% with third federal by paying a $500 fee to adjust the rate. They take the latest rate and add .25% to it to arrive at the new rate. This way you avoid all of the refi charges and dont need an appraisal. Do a lot of the companies offer that rate adjust service?
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Old 06-08-2009, 04:11 AM
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Quote:
Originally Posted by maldorf View Post
Anyone have a clue as to why the 30 year rates are going back up so fast now? Less than 2 weeks ago it was down to 4.80%. Look at it now:
30 Year Fixed Rate
5.55% with 0.0 discount points - 5.592% APR

Damn, I wish I had locked in that lower rate when it was here. I figured it would continue to go down some more. Such a gamble it is figuring out what to do. right now our rate is 5.25%. Could have locked in 5.05% with third federal by paying a $500 fee to adjust the rate. They take the latest rate and add .25% to it to arrive at the new rate. This way you avoid all of the refi charges and dont need an appraisal. Do a lot of the companies offer that rate adjust service?
you are not alone..thats for damn sure..i waited too...it was as low as 4.175 over here..shit
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Old 06-08-2009, 06:55 AM
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yes

Investors have been demanding a return......we knew it was coming eventually....it has to happen...money has to be re-paid...

Has anyone noticed the gas prices lately? No media is talking about it.
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Old 06-08-2009, 07:29 AM
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luckily, i dont see much signs of rates going much higher anytime soon, but another 1/4 % is still possible, but so is going down that much. Part of it was that home sales are slowly starting to go up again
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Old 06-08-2009, 09:34 AM
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Maldorf, in my area (Bakersfield CA) housing pirces for the month of May went up 8%. There are now multiple offers on houses, we were the first to crash and now we are starting to rebound. I would suggest to do re-finacing or buying a home right now.
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Old 06-08-2009, 09:41 AM
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hmmm

heres some more explanation, makes more sense

Quote:
Yields on 10-year Treasury notes, a benchmark for home mortgages and other consumers loans, jumped from 2.5 percent in March around the time of the Fed announcement to as high as 3.7 percent in recent days as signs that efforts to stabilize the financial system and economy were starting to pay off. And 30-year mortgage rates jumped more than a quarter-point this week to 5.29 percent, the highest level since December, Freddie Mac reported.
"If the meltdown continues in the bond market, then mortgage yields will soon be at levels that choke off refinancing activity," said economist Ed Yardeni, who runs his own investment firm. "Even worse, they could abort any necessary recovery in home sales and prices."
Yardeni coined the term "bond vigilantes" in 1983 to describe how traders took matters into their own hands when they felt the Fed wasn't doing enough to fight inflation, which was running at an annual rate of more than 3 percent at that time.
So what has set off the vigilantes this spring, at a time when the consumer price index is down at an annual rate of 0.7 percent?
One explanation is that bond investors anticipate a greater supply of government debt being sold to fund federal spending. Investors are also increasingly fearful that the trillions of dollars the government will need to borrow in the coming years to finance the various stimulus programs will lead to a new bout of inflation.
The White House estimates that the government will rack up an unprecedented $1.8 trillion budget deficit this year — more than four times last year's all-time high.
"The bond market is calling the Federal Reserve out," said Mike Larson, a real estate analyst at Weiss Research Inc. in Jupiter, Fla. "Investors are saying that the Fed can't just print money out of thin air to finance a massive deficit."
Fed Chairman Ben Bernanke acknowledged Wednesday in congressional testimony that large budget deficits could threaten financial stability by eventually eroding investor confidence and endangering the economy's prospects for long-term health.
"Even as we take steps to address the recession and threats to financial stability, maintaining the confidence of the financial markets requires that we, as a nation, begin planning now for the restoration of fiscal balance," Bernanke told the House Budget Committee.
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Old 06-08-2009, 10:00 AM
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i got luckY i locked in 4.5%
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Old 06-17-2009, 06:57 PM
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Also as people/institutions pull their money out of treasuries the price of the actual note goes down which makes their yield % increase thus the percentage rate goes up.
Banks generally allow you to pay something extra allowing you to have a percent or so lower interest rate.
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Old 06-18-2009, 04:54 PM
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i would have had 4.75 if my loan officer said we should wait. fing idiot i think ill hold off
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Old 07-01-2009, 10:44 PM
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Quote:
Originally Posted by maldorf View Post
Anyone have a clue as to why the 30 year rates are going back up so fast now? Less than 2 weeks ago it was down to 4.80%. Look at it now:
30 Year Fixed Rate
5.55% with 0.0 discount points - 5.592% APR

Damn, I wish I had locked in that lower rate when it was here. I figured it would continue to go down some more. Such a gamble it is figuring out what to do. right now our rate is 5.25%. Could have locked in 5.05% with third federal by paying a $500 fee to adjust the rate. They take the latest rate and add .25% to it to arrive at the new rate. This way you avoid all of the refi charges and dont need an appraisal. Do a lot of the companies offer that rate adjust service?
The mortgage rates are tied to the 10-year treasury note, so as governments, hedge funds and big banks like Goldman Sachs and JP Morgan sell the notes and drop the price, the yield increases. It's the market's way of telling Ben Bernanke to go screw himself (the Fed is doing everything it can to keep rates low and hopefully put a stop to dropping housing prices since people are more willing to buy a house when the rates are low).

In the end, I think the Fed will win this fight and rates will settle at historical lows, but the market is one mean sonnaofbitch, so you never know. At the very least, expect mortgage rate volatility and eventually higher mortgage rates once the economy fully recovers.
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Old 07-02-2009, 11:25 AM
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In canada we are seeing the same trend....We locked in at a 40 yr low rate a couple of months ago, and just bought a brand- new home last week with our new rate....Just 2 days before a price increase on new home builds....We also got lucky and the builder had a few homes built as spec homes, 1 was exactly what we were looking for and we purchased and were able to get some good negotiating power because the home was built and they were paying for it already, so we got lucky....
Now we own 2 homes, hopefully cash in , in a few years.....
prices are up, interest is up, and the builders had their best month in 3 yrs in mid May/ mid june...Looks positive right now...
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