why haven't home mortgage rates dropped???

[rnch]

economy's in the dumpster, home sales plumeting....but a 30 year fixed rate home mortgage is slightly HIGHER than this time last year.

WTF???

 

[jnevin]

They have gone down. They went up to the high 6's for a while. You can get a rate in the 4's now. There aren't a bunch of people that hang out saying what rates are going to be and then it's so. They go up and down depending on demand, same as oil or anything else that's bought, sold, traded, etc. I'm looking at 4.75% on a 30 year as of yesterday.

 

[jnevin]

Unless you have a government loan. FHA & VA have slightly higher rates than conforming loans. Higher risk.

 

[rnch]

here in new orleans, the posted rates in the real estate section are slightly higher than a year ago.

 

[jnevin]

here in new orleans, the posted rates in the real estate section are slightly higher than a year ago.

Time's got nothing to do with it. It's what investors are willing to buy mortgage backed securities for. Just think stocks.

 

[walliwalibus]

over this way I don't know because I can't afford one, unless you wanna give me a loan

 

[jnevin]

over this way I don't know because I can't afford one, unless you wanna give me a loan

Just gimme an IOU and we're straight.

 

[walliwalibus]

Oh, uhm............................... dammit!

 

[rnch]

Time's got nothing to do with it. It's what investors are willing to buy mortgage backed securities for. Just think stocks.

no payback in the form of lower interest rates for all the taxpayer money these mortgage giants have swilled down?

 

[XBiker]

I secured a 5% just recently with no closing costs. The rates are fluctuating along with the market and the treasury bill. Hell, they change inter-day and often. The deals are out there you just have to shop around and put each lender against the other.

If you have all your ducks in a row you'll be able to pick and choose as you wish.