Reply to Refinance rate

Forum Index » Real Estate

Reply to "Refinance rate "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]Well if you locked in already at 3%+ they are not going to give you market rate.  They may cut a bit off your locked in rate but not give you what it is today.  The other thing is - and I am ACTIVELY shopping for rates on my refinancing as I'm OP with the ARM that resets in June - there's not a lot of banks that are actually doing no points 3%.  No big banks at all.  The ones I found that would do 3% add at least .25-.50 of a point.

I was told that mortgage backed securities are investments that counter stock market.  So while treasury rates and markets fall, the mortgage rates themselves aren't going to totally dive.  There has to be something that's keeping up investments.  They are tied closely with bond market but right now with volatility, the rates are changing multiple times daily.  I'm working with one lender who suggests waiting as he thinks the rates will fall a bit more. I personally do not see them falling below 3% (with no points) and the minute it's at 3% no points, I'm locking.

I think the markets are fluctuating because of the unknown.  Once there is a known - be it bad OR good news, the markets will recover.  The economy is doing ok beyond the virus impact.  This virus is going to go away even temp when the weather changes in the US.  A lot of panic and unknowns are driving market.  Once the virus becomes stable, see China, things will return.  Yes, there is damage that's done and yes, there is a lasting effect with respect to certain industries - hospitality, airline/travel, etc.  But there's also companies that will do better than expected too.  And again, the overall health of the econ except for a market correction, wasn't too bad.  Biden and not Sanders is also a big deal impacting market.  I think if Sanders had done better, I would have absolutely said that rates would drop.  I think by end March, as far as mortgage rates go, we will def see 3%+ again. They will continue to be low but not crazy low.

[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics