HelloNewman Posted January 31, 2009 Share Posted January 31, 2009 4.875 % for 30 years.....our original APR back in 2001 was 7.375% We have to start over again for 30 years of payments and we lose 7 years of equity payments but our closing costs were rolled into our mortgage (approx $4000) because who the hell has that kind of money with a child to support? Anyway our mortgage payment went from 1019.00/ month to now 801.00/ mo. Now is the time to refinance if you can on your home. Just FYI Link to comment Share on other sites More sharing options...
VOR Posted January 31, 2009 Share Posted January 31, 2009 I'm waiting, for several reasons. The main reason is because I have an adjustable rate mortgage that I got 3 years ago, and my rate reset to 3.75% (from 5.375%) at the beginning of this year, and I'll save over $350 in payments for the next year. The other reasons are that I can't see rates going up with the housing markets and economy being so bad, and word is that Obama wants to lower mortgage rates further. Link to comment Share on other sites More sharing options...
The Poojer Posted January 31, 2009 Share Posted January 31, 2009 Obama's gonna do that? I thought the fed drove the movement of interest rates, and my friend that works at the Fed insists he is not part of the government.... I'm waiting, for several reasons. The main reason is because I have an adjustable rate mortgage that I got 3 years ago, and my rate reset to 3.75% (from 5.375%) at the beginning of this year, and I'll save over $350 in payments for the next year. The other reasons are that I can't see rates going up with the housing markets and economy being so bad, and word is that Obama wants to lower mortgage rates further. Link to comment Share on other sites More sharing options...
jeanbe Posted January 31, 2009 Share Posted January 31, 2009 Obama's gonna do that? I thought the fed drove the movement of interest rates, and my friend that works at the Fed insists he is not part of the government.... He's right. He isn't part of the government and the Federal Bank is a private bank. Google it. However, I agree to research if refinancing is right for you now. Just remember to do the research and don't give into pressure to refinance before you do your research. Obama can SAY he'd like lower rates but he has no control over it. Link to comment Share on other sites More sharing options...
Fezmid Posted January 31, 2009 Share Posted January 31, 2009 4.875 % for 30 years.....our original APR back in 2001 was 7.375% We have to start over again for 30 years of payments and we lose 7 years of equity payments but our closing costs were rolled into our mortgage (approx $4000) because who the hell has that kind of money with a child to support? Anyway our mortgage payment went from 1019.00/ month to now 801.00/ mo. Now is the time to refinance if you can on your home. Just FYI Where'd you get 4.875% from??? Bankrate is showing a 30 year fixed is 5.33%, and a 15 year fixed is 5.06%... Link to comment Share on other sites More sharing options...
VOR Posted January 31, 2009 Share Posted January 31, 2009 So you believe Obama has no control whatsoever over interest rates? Okay, go with that one. I'll still wait. Link to comment Share on other sites More sharing options...
/dev/null Posted January 31, 2009 Share Posted January 31, 2009 So you believe Obama has no control whatsoever over interest rates? Okay, go with that one. I'll still wait. Interest rates aren't the only thing driving mortgage rates. Bond market plays a big role in that Link to comment Share on other sites More sharing options...
Lurker Posted January 31, 2009 Share Posted January 31, 2009 He's right. He isn't part of the government and the Federal Bank is a private bank. Google it. Sigh.... "Created in 1913 by the enactment of the Federal Reserve Act, it is a quasi-public (government entity with private components) banking system." The Fed will soon be buying long-term Treasury bonds in an effort to drive mortgage rates dow to about 4.5%....plenty of time to catch the refi wave. Link to comment Share on other sites More sharing options...
Stussy109 Posted January 31, 2009 Share Posted January 31, 2009 Where'd you get 4.875% from??? Bankrate is showing a 30 year fixed is 5.33%, and a 15 year fixed is 5.06%... Individual mortgage broker companies. You usually get ripped if you go through the bank. WIth 4k in closing costs on a cheaper mortgage it looks as if he paid an extra point to get the better rate. Link to comment Share on other sites More sharing options...
HelloNewman Posted January 31, 2009 Author Share Posted January 31, 2009 Where'd you get 4.875% from??? Bankrate is showing a 30 year fixed is 5.33%, and a 15 year fixed is 5.06%... Pittsford Federal Credit Union......www.pittsfordfcu.org......we were told 5% and at closing we were down to 4.875 because the loan officer said if it goes lower between the time we applied and closing we would get the lower rate. We paid 0 points ......I know there was a 1/2 point origination fee but I live in NYS and to close on a house the taxes/interest/fees kill you which is why it came to 4k in closing costs. The county I live in (Wayne) charges a 795.00 tax because they can on any mortgages done or re-done (50 cents per 1000 assesed tax). Biggest joke in the world this county government if you ask me but that is NYS for you...there never is a tax we do not like. Link to comment Share on other sites More sharing options...
The Poojer Posted January 31, 2009 Share Posted January 31, 2009 not accusing you of this, but what gets me is when interest rates and mortgage rates fell over the last 8 years, it was greenspan and bernanke in spite of GWB, now it is BHO that is the 'driving force' behind interest rates et al.... ...i hope i dont get this sent over to the PPP board, sorry if i did...wasnt my intention "When a mirror speaks, the reflection lies." Link to comment Share on other sites More sharing options...
SDS Posted January 31, 2009 Share Posted January 31, 2009 We got 4.75%, no points through Met Life Mortgage. Close in 2 weeks. We SHOULD have had 4.625%, but the JACKASS at Comstar FCU decided that he couldn't spend the extra 90 seconds (literally) to finalize our application when he said he would and we missed out on that rate by one day. Their rates when up 1 full point, so they could "catch up". Maybe we miss out on the next wave if they push down to 4-4.5, but you never know what is going to happen. Link to comment Share on other sites More sharing options...
Stussy109 Posted January 31, 2009 Share Posted January 31, 2009 We got 4.75%, no points through Met Life Mortgage. Close in 2 weeks. We SHOULD have had 4.625%, but the JACKASS at Comstar FCU decided that he couldn't spend the extra 90 seconds (literally) to finalize our application when he said he would and we missed out on that rate by one day. Their rates when up 1 full point, so they could "catch up". Maybe we miss out on the next wave if they push down to 4-4.5, but you never know what is going to happen. If rates go to 4, watch the market take off. i would be looking to sell my house at a loss if i had to and upgrade to a bigger house for a smaller monthly payment. Link to comment Share on other sites More sharing options...
Acantha Posted February 1, 2009 Share Posted February 1, 2009 He's right. He isn't part of the government and the Federal Bank is a private bank. Google it. Obama can SAY he'd like lower rates but he has no control over it. Link to comment Share on other sites More sharing options...
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