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      10-09-2008, 10:47 PM   #1
bringsmewomen
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Time to refinance?

The fed dropped rates 1.5%.... Considering refinancing.

I currently have 6.25% on my mortgage. How much better do you think I can do? And what's the best way to negotiate?
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      10-09-2008, 10:57 PM   #2
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Quote:
Originally Posted by Laszlo View Post
LOL! Good luck getting a loan on Monday.
+1

getting a loan right now probably won't be that easy.
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      10-09-2008, 11:26 PM   #3
bringsmewomen
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who knows. maybe theyll cut again
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      10-09-2008, 11:35 PM   #4
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Quote:
Originally Posted by bringsmewomen View Post
The fed dropped rates 1.5%.... Considering refinancing.

I currently have 6.25% on my mortgage. How much better do you think I can do? And what's the best way to negotiate?
A drop in the fed rate doesn't necessarily translate to a drop in mortgage rates. Check with your bank and see what they're now charging.
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      10-10-2008, 12:31 AM   #5
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Quote:
Originally Posted by bringsmewomen View Post
The fed dropped rates 1.5%.... Considering refinancing.

I currently have 6.25% on my mortgage. How much better do you think I can do? And what's the best way to negotiate?
Rates for ARM will drop a little. Not so much for fixed programs. Check www.bankrate.com. Good luck.
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      10-10-2008, 12:18 PM   #6
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Rates i dont think will get better till credit situation calms down. Right now rates are not as good as they should be...
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      10-10-2008, 12:58 PM   #7
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Quote:
Originally Posted by Laszlo View Post
LOL! Good luck getting a loan on Monday.
Especially with the banks closed for Columbus Day.
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      10-10-2008, 01:05 PM   #8
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well i work for a mortgage bank and rate are not looking to drop untill
a week or so but not by that much...
any questions let me know .
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      10-10-2008, 03:08 PM   #9
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i gonna apply for a liar loan
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      10-10-2008, 03:58 PM   #10
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The 30-yr fixed rate hasn't moved much in the last several months...the banks can borrow money cheaper but they won't pass along the savings to the consumers
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      10-10-2008, 08:48 PM   #11
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it's like 6.125 for a 30 year fixed and 5,625 for a 15. What type of loan do have? If you want a 15 it might make sense.
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      10-12-2008, 10:06 AM   #12
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Good time to buy a home
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      10-12-2008, 10:59 AM   #13
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Quote:
Originally Posted by bringsmewomen View Post
who knows. maybe theyll cut again
I expect FF is going to 1%. Doesn't mean the mtg rate follows suit. In fact, private financing rates have gone up even as FF has gone down due to the dearth of liquidity in the funding markets. In other words the risk premium spread has gone up.

Whatever, anyone doing refi will need a good FICO under present conditions and a decent chunk of equity to get a fair rat
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      10-12-2008, 11:30 AM   #14
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so where did the $700 billion bailout money went?
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      10-12-2008, 12:59 PM   #15
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The Fed lowering it's overnight rate has little to nothing to do with the rate you get on a mortgage, since it's a short term rate. The difference you'll see is in credit cards, car loans, and shorter term debt.

Long term rates on mortgages are driven by the bond market, and specifically, the yields being returned on bonds. Bond price and yields move in opposite directions; when the price of a bond goes up, the yield goes down, and vice versa. So ideally, you want people to be buying bonds, which raises the price and lowers the yield.

However, since inflation decreases today's value of a dollar, and since bonds return a fixed income, inflation makes bonds less valuable. When something is less valuable, less people want to buy it, so the price goes down to attract buyers. When it's a bond, the low price makes the yield move higher, which makes the rate you'd likely get on a mortgage higher, too.

Like someone else said, watch Bankrate.com to keep an eye on rates. Although, with the credit mess we're in, expect stricter guidelines to qualify for a loan.
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      10-13-2008, 10:37 AM   #16
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Many people actually refinanced their house to the point of no equity. Many are actually negative at this point. So in that scenario your supposed to go for a loan modification right? or are there other alternatives?
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