Reply to Trump orders fannie/fredde to buy mortgage bonds

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Reply to "Trump orders fannie/fredde to buy mortgage bonds - rates dropping"

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[quote=Anonymous]40 percent of people have no mortgage. And I work at a bank in 2020 and 2021 a lot of refinances on existing property holders were into 10 and 15 year mortgages.

For instance in spring 2020 I almost refinanced to a 10 year 1.99 mortgage. If I did by now it is already becoming mainly principal and 2020 gone.

Yea folks who put down 3-20 percent in an expensive home in 2020-2021 and got a 2.99 percent 30 year loan are locked in.

But today they announced there are more 6 percent mortgages outstanding than 3 percent mortgages. My block for instance the last home purchased was in 2018. Average owner on block has lived here 20-30 years. It is not like low rates will cause homes to sell. No home on my block has sold since 2018.

And you be suprised at amount of 5/5s and 7/1s out there. My bank even has a 10/1 and a few people in 2021 did the 10/1 even at lower rates than the 30 at all time lows. I say a 10/1 we did at 1.99 percent in 2021.

It is great news for Credit unions in particular they hold a boat load of non mark to market 30 year mortgages from spring 2020 to Spring 2022 that are way underwater. They will pop in value thank god or they can now sell them without taking a huge loss

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