30 year fixed mortgage rates down to 4.25% today

[The_Tick]

Hey, if anyone is looking, I have a house you can buy....

Your place still hasn't sold?

[jay santos]

Junkie, what's the highest amount of points they publish on a standard rate sheet these days? Used to go up to 4 like 15 years ago, then last I checked five years ago or so they capped out usually at 3. i.e. if 4.25% is par, then maybe at 5% the lender pays 3 points, something like that.

[ewth8tr]

Your place still hasn't sold?

Nope, and it is causing a lot of stress in my house right now. I am now repaiting the whole interior of the house, and next week will be having brand new carpet put in throughout the house. Hopefully it helps...

[The_Tick]

Nope, and it is causing a lot of stress in my house right now. I am now repaiting the whole interior of the house, and next week will be having brand new carpet put in throughout the house. Hopefully it helps...

Anyone even looking at it? And if so, what are you hearing? I am assuming your are doing FSBO?

I don't imagine that you are the one that is stressing.

[ewth8tr]

Anyone even looking at it? And if so, what are you hearing? I am assuming your are doing FSBO?

I don't imagine that you are the one that is stressing.

We had a lot of people look at it up until the end of april when the tax credit expired. Now we have had 3 showings since the start of May. The most common complaint has been the area I live (South Salt Lake with a business close by) and the cosmetic work needed on the home (5 kids in 1K square feet creates some wear and tear). We had just been offering cash back for paint/carpet in the sale, but it didn't seem to work, so now just having it down will hopefully work.

We have it listed through a RE Agent that is in our ward, as we figured we could sell it quicker like that. And no, it is not me that is stressing. My wife moved around a lot as a child and spent most of her childhood with toys being packed up and stored, so she hates to be doing that to our kids. It's also stressful to try and keep everything in order with the possibilities of a showing with limited notice when we have so many kids in such a small space. Because of this, we have lowered the price by quite a bit, so with having the lowest priced house in the area and new carpet/paint, I am hoping to get this sold soon. If anyone is looking for a rental property, my house is certainly priced right to make some money renting out...

[RobinFinderson]

I don't get it. We have great credit (well above 720) and decent debt:income ratio. We have lots of equity in the house. Here is the offer we get from Quicken Loans:

10 – 4.5-4.75 880-1000

15 – 4.75-4.99 710-730

20 – 5.125-5.375 640-660

30 – 5.25.5.5 560-580

I always hear about these incredible rates, but when we look into it, the rates are always higher. Did the rate really swing up .5 % since this morning? Geesh!

[wuapinmon]

So, if I have $129k at 5.875% with 27 years left (with BofA), maybe $20k in equity, and some census moderate-income tract program is paying the mortgage insurance, and my wife and I, when we bought the house, had credit scores around 790 each, is it worth my time? I wish I knew more about this.

Any help would be appreciated.

[beelzebabette]

So, if I have $129k at 5.875% with 27 years left (with BofA), maybe $20k in equity, and some census moderate-income tract program is paying the mortgage insurance, and my wife and I, when we bought the house, had credit scores around 790 each, is it worth my time? I wish I knew more about this.

Any help would be appreciated.

If you're relatively certain you'd be in your house more than a year, I'd look into it. Depending on what mortgage brokers/bankers are doing in your area, it may take up to two years to pay off the additional costs incurred (obviously less if you have an FHA loan).

CJ's your man, but I just thought I'd mention that you need to add your time horizon for staying in your current home to your calculation.

[Mormon Red Death]

So, if I have $129k at 5.875% with 27 years left (with BofA), maybe $20k in equity, and some census moderate-income tract program is paying the mortgage insurance, and my wife and I, when we bought the house, had credit scores around 790 each, is it worth my time? I wish I knew more about this.

Any help would be appreciated.

Lowering your interest rate to 4.25% over 30 years would lower your payment ~150 a month. Lowering you interest rate to 3.88% over 15 years would raise your your ~120 a month but would shorten the loan 12 years. If you are looking at the 30 year option figure closing costs at $2,500 It would take you living in the house almost two more years to make it worth it.

[Solon]

Lowering your interest rate to 4.25% over 30 years would lower your payment ~150 a month. Lowering you interest rate to 3.88% over 15 years would raise your your ~120 a month but would shorten the loan 12 years. If you are looking at the 30 year option figure closing costs at $2,500 It would take you living in the house almost two more years to make it worth it.

We just locked down 4.625% for 30 years. I'd like to thank the American public for subsidizing Bank of America (a.k.a. Countrywide), making them more willing to approve the short-sale that is allowing my wife and me to buy a place that would normally be far beyond our income-level.

[beelzebabette]

We just locked down 4.625% for 30 years. I'd like to thank the American public for subsidizing Bank of America (a.k.a. Countrywide), making them more willing to approve the short-sale that is allowing my wife and me to buy a place that would normally be far beyond our income-level.

That's great! Great area, great price. Sounds like you could be there for a long, long time.

[wuapinmon]

Thanks, everyone. This has been very useful.

[ewth8tr]

Just curious, how long did it take to buy? We are selling our house right now and we can get a much better house if we go after a short sale, but we are hesitant because we don't want to be stuck in between houses too long since we don't have anyone we can stay with while waiting.

[cougjunkie]

I don't get it. We have great credit (well above 720) and decent debt:income ratio. We have lots of equity in the house. Here is the offer we get from Quicken Loans:




I always hear about these incredible rates, but when we look into it, the rates are always higher. Did the rate really swing up .5 % since this morning? Geesh!

Thats because you went to Quicken loans, they are horrible. They will charge you the lowest fees but the highest rates, which basically means they are paying the fees by giving you a higher rate. Go to Chase, GMAC, Bank of America etc.

[cougjunkie]

Junkie, what's the highest amount of points they publish on a standard rate sheet these days? Used to go up to 4 like 15 years ago, then last I checked five years ago or so they capped out usually at 3. i.e. if 4.25% is par, then maybe at 5% the lender pays 3 points, something like that.

Depends on the program ARMs I can make up to 5 points on them, Conventional loans the highest on the rate sheet right now is 5.75 and that pays 105.75 so 5.75 points. You just can not make more than 8% of the loan amount.

Also 4.25% is not even at par it is still paying a little but 4.125% is not on the rate sheet yet.