Mortgage Rates Drop Again

[fisherdog19]

Some program rates dropped up to .5% at the opening of the market today on the news that the Fed's were going to buy up 200 billion in Securities, many of which are backed by mortgages, to free up the illiquidity in the credit markets. Some programs saw a rate drop of up to .5%, and the FHA 30 year fixed was at 5.25% while the Conforming 30 year touched 5.375% on certain scenario's. With the volatility of the market, we have no idea how long they will stay this way so if any of you have been contemplating a refinance or purchase, now may be the time. Contact me for a quick, easy rate quote.

[Powerstroke]

Are you FHA certified now?

[fisherdog19]

Yes, we offer almost every loan program available. Government or conventional products, we've got them all covered.

[BoxMN]

Peter has been working a refi for me, and he found better rates than I even hoped, and he has been very good at answering my many questions. I have gone through the mortgage process many times now, and so far Peter seems to have the answer that make the most sense, and he has worked to ensure I get best rates, I know that.

For those who are questioning whether to refi or not, give him a call. I am glad I did. I will be saving lots of $$ per month...

[fisherdog19]

Thanks for the kind words Box, it's been a pleasure working with you. On a side note, I was able to get 5% on an FHA 30 year fixed mortgage today which is unbelievable. This is a straight up rate with no discount points to buy the rate down

If anyone has any questions on what the difference between FHA, VA, USDA, and Conventional programs are, please shoot me an email or call me. You may be surprised in what you are eligible for.

[fisherdog19]

Just a quick update, 30 year rates are now at 5% on certain programs, and 4.875% for the 15 year. If you are contemplating a purchase or refinance, now is the time as the rates are the lowest they have ever been.

[Deitz Dittrich]

F-dog, I sent you an e-mail.

[BoxMN]

FYI - Deitz, I think he is out of town right now, so his reply might take a bit

[Deitz Dittrich]

Thanks for the heads up Box.. I am in no real hurry!

[fisherdog19]

I'm back and hard at work. Rates are touching 4.5% on a 30 year fixed on certain scenario's and loan sizes. Don't know if they will go down more, but we have seen a negative change in rates from this morning with the mortgage backed securities giving up some gains and dropping in price.

If anyone wants a scenario run, just shoot me an email and I'll let you know what I think.

[fisherdog19]

All lock desks are currently closed. Mortgage backed securities prices are taking a big hit right now. When the dust settles, I would imagine rates will increase by at least .25%.

[fisherdog19]

Rates have taken a turn for the worse and we have lost .375% in the rate from this morning. We are still historically low and near 5% so it's all relative. We may see an improvement tomorrow morning but who knows.

[fisherdog19]

Jump on the roller coaster, rates have dipped again. With the drop today in the stock market, Mortgage Backed Securities have seen an increase in price which drives rates down. Best case scenario on a conventional 30 year is 4.75% and 4.5% on the 15 year. The FHA 15 and 30 year are at 5% with no origination fee. The window may be short (again) so if you're contemplating, give me a call. If you are looking to lower your payment or rate, on average it makes sense if you have $150,000 or greater loan amount and can drop your rate at least 1%, other scenario's can work but smaller loan amounts require larger decreases in rate to make them worth it.

[Deitz Dittrich]

I'm in the middle of working with Peter... Great dude to work with!!!! I think my wife and I are going to save a little over 100K because of our little talk with Valesco..

[Craigums]

If you are looking to lower your payment or rate, on average it makes sense if you have $150,000 or greater loan amount and can drop your rate at least 1%,

How does it work when you refinance, is there a flat rate or does it depend on the loan?

[Ralph Wiggum]

E-mail sent!

[fisherdog19]

Thanks for the kind words DD, right back at ya. As far as a rate on refinancing, it depends on a number of factors such as credit score, loan to value, loan product, and type of transaction (purchase, rate or term refinance, or cash out refinance). There can be a large variance in rates depending on these factors.

Email recieved Wiggums, I look forward to helping you.