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These wacky Mortgage Rates


Westbrook36

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Everyone keeps saying they are going up going up. I have to wait until January 15th until I can lock my rate (closing February 15th) or I'll have to pay a 1/8 fee to lock early.

About a month ago, the rate for my loan was 6.25

The last few weeks, it was 6.125

Today, it is 6.0

I really hope this rate can hold the next two weeks before they inevitably go up......way up.

http://money.cnn.com/2005/12/29/real_estate/weekly_rates/

30-year mortgage: lowest in 2 months

Rates edge lower in the latest week but remain up considerably from a year earlier.

December 29, 2005: 11:44 AM EST

NEW YORK (CNNMoney.com) - Mortgage rates fell slightly in the latest week on tame inflation readings as well as the seasonal slowdown in the housing market.

The average rate on 30-year fixed-rate mortgages dropped to 6.22 percent, from last week's 6.26 percent, a Freddie Mac survey said.

In the year-ago period, the 30-year mortgage averaged 5.81 percent.

The average rate on 15-year fixed-rate mortgages decreased to 5.76 percent, down from last week's 5.79 percent. A year ago, the loan averaged 5.23 percent.

Five-year adjustable-rate mortgages averaged 5.79 percent, compared to 5.82 percent the previous week. There is no data available for a year-to-year comparison because Freddie Mac only began tracking the 5-year loans this year.

One-year adjustable-rate mortgages averaged 5.15 percent, down from 5.22 percent from the week before. At this time last year, the one-year loan averaged 4.19 percent.

"Lower figures for the recently released producer price index and consumer price index and lower, but still strong gross domestic product combined with the seasonal slowdown in the housing market led to another decline in mortgage rates this week," said Amy Crews Cutts, Freddie Mac deputy chief economist, in a statement.

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6.0 is a good rate. Is there a loan origination fee involved? Usually that is a full point, and they slip that by you.

Depending on how long you plan on living there, it might be a good idea of you to ask them to wave the origination fee in favor of a slightly higher rate.

...

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6.0 is a good rate. Is there a loan origination fee involved? Usually that is a full point, and they slip that by you.

Depending on how long you plan on living there, it might be a good idea of you to ask them to wave the origination fee in favor of a slightly higher rate.

...

VA loan baby. No bullcrap fees, no money down, etc. :applause:

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Rates are going up, but they dont travel in straight lines. Rates 1 year ago were much lower, but during the past 2 months, a lot of economic indicators have coming out saying the housing boom is slowing which has caused rates to dip slightly in the short term. Also, the Fed said last month that it plans to stop raising rates like it has been doing consistently for the past 1 1/2 years.

A lot of variables go into what rate you get charged. Credit score, doc level, loan amount, points, and Loan-to-value, to name a few. What counts is if you are comfortable with the payment and if you were ok with it at 6.25, im sure you are good at 6%.

You should be fine until Jan 15th, but I wouldnt expect it to go down anymore.

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I locked every mortage customer I had "floating" this week that is settling in January. Lowest rates I have seen in several months.

Federal Reserve will most likely raise the Fed. Funds rates another .25% in January. This sometimes has a trickle down effect on mortgage rates.

The Market and rates have leveled off since the beginning of the week. They have been steady the last two days.

For your sake (and my customers sake), I hope they hold steady for a little while. Loan activity has been nice this week. :)

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