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  • December 31, 2008 at 8:45 AM #14722
    Raybyrnes
    Participant

    WHile HLS will say this is bogus info because every borrower is different I hope we can agree that the general direction of interest rates on mortgages is down.

    30-year mortgage rate falls for the ninth week
    Benchmark mortgage sets third consecutive low in Freddie Mac survey
    By Amy Hoak, MarketWatch
    Last update: 10:45 a.m. EST Dec. 31, 2008Comments: 8CHICAGO (MarketWatch) — The average rate on 30-year fixed-rate mortgages fell for the ninth week in a row this week, setting another record low, according to Freddie Mac’s weekly survey released on Wednesday.
    The 30-year fixed-rate mortgage averaged 5.10% for the week ending Dec. 31, down from 5.14% last week and 6.07% a year ago. The mortgage rate hasn’t been lower since Freddie Mac started the Primary Mortgage Market Survey in 1971. The survey covers conventional, conforming mortgages.

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    Rates on 15-year fixed-rate mortgages also fell, averaging 4.83% this week, down from 4.91% last week and 5.68% a year ago. The mortgage hasn’t been lower since March 25, 2004, when it averaged 4.70%.
    Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.57%, up from 5.49% last week. The ARM averaged 5.78% a year ago. And 1-year Treasury-indexed ARMs averaged 4.85%, down from last week’s 4.95%. The ARM averaged 5.47% a year ago.
    To obtain the rates, the 30-year and 15-year fixed-rate mortgages and the 5-year ARM required payment of an average 0.7 point. The 1-year ARM required payment of an average 0.5 point. A point is 1% of the total mortgage amount, charged as prepaid interest.
    “Interest rates for 30-year fixed-rate mortgages fell for the ninth straight week and represented a third consecutive all time record low since Freddie Mac’s survey began in April 1971,” said Frank Nothaft, Freddie Mac chief economist, in a news release. “Since the end of October of this year, these rates have declined by about [1.33] percentage points, or payment savings of approximately $173 a month for a $200,000 loan,” he said.
    “As a result, the number of refinance applications for conventional mortgages jumped over 500% between the weeks ending on Oct. 31 and Dec. 26,” Nothaft said. According to MBA’s weekly survey, overall mortgage applications were up 155% last week, compared with the same week in 2007. See full story.
    Lower rates and falling home prices are making homeownership more affordable, Nothaft said.
    “For instance, house prices fell 18% over the 12-month period ending in October, according to the S&P/Case-Shiller 20-city composite index. Every city posted a second consecutive month of decline in October. From its peak set in July 2006, the composite index is down 23.4%,” he said. See full story.

    December 31, 2008 at 2:07 PM #322003
    HLS
    Participant

    It is bogus and it’s also misleading.
    It is MSM blabber, reported as news.

    Mortgage rates right now are higher than they were two weeks ago. Compared to two weeks ago, the general dirction ISN’T down.

    They were lower at the open this morning, but spiked up mid morning.

    For better than average borrowers, 30 YR are at 4.875% right now.
    The 10 YR Bond was up almost 16 basis points today.
    .. HLS

    December 31, 2008 at 2:07 PM #322346
    HLS
    Participant

    It is bogus and it’s also misleading.
    It is MSM blabber, reported as news.

    Mortgage rates right now are higher than they were two weeks ago. Compared to two weeks ago, the general dirction ISN’T down.

    They were lower at the open this morning, but spiked up mid morning.

    For better than average borrowers, 30 YR are at 4.875% right now.
    The 10 YR Bond was up almost 16 basis points today.
    .. HLS

    December 31, 2008 at 2:07 PM #322405
    HLS
    Participant

    It is bogus and it’s also misleading.
    It is MSM blabber, reported as news.

    Mortgage rates right now are higher than they were two weeks ago. Compared to two weeks ago, the general dirction ISN’T down.

    They were lower at the open this morning, but spiked up mid morning.

    For better than average borrowers, 30 YR are at 4.875% right now.
    The 10 YR Bond was up almost 16 basis points today.
    .. HLS

    December 31, 2008 at 2:07 PM #322423
    HLS
    Participant

    It is bogus and it’s also misleading.
    It is MSM blabber, reported as news.

    Mortgage rates right now are higher than they were two weeks ago. Compared to two weeks ago, the general dirction ISN’T down.

    They were lower at the open this morning, but spiked up mid morning.

    For better than average borrowers, 30 YR are at 4.875% right now.
    The 10 YR Bond was up almost 16 basis points today.
    .. HLS

    December 31, 2008 at 2:07 PM #322503
    HLS
    Participant

    It is bogus and it’s also misleading.
    It is MSM blabber, reported as news.

    Mortgage rates right now are higher than they were two weeks ago. Compared to two weeks ago, the general dirction ISN’T down.

    They were lower at the open this morning, but spiked up mid morning.

    For better than average borrowers, 30 YR are at 4.875% right now.
    The 10 YR Bond was up almost 16 basis points today.
    .. HLS

    January 2, 2009 at 5:36 PM #322786
    Raybyrnes
    Participant

    HLS
    Would you consider the following information bogus and misleading. I would read who the author before you answer.

    Mortgage Rates Forced Down by the Fed

    PRINT E-MAIL POST

    As I noted a couple weeks back, the Federal Reserve will be conjuring money out of thin air to buy “large quantities” (their words) of mortgage-backed securities. The mere anticipation of this flood of freshly-printed cash into the mortgage market has been enough to increase the demand for mortgages and thus lower rates.

    The accompanying graph shows that 30-year fixed mortgage rates, depicted in blue, have dropped to a level not seen in years. As a matter of fact, fixed mortgage rates have not been this low for three decades.

    Note that the Fed has not actually begun purchasing mortgages just yet, though it is set to begin doing so this month. The drop in rates appears to have taken place just in anticipation of the Fed’s artificial goosing of demand.

    The Fed intends to have purchased $500 billion worth of mortgage-backed securities by mid-2009. So once they really get going, they may push mortgage rates lower still.

    — RICH TOSCANO

    January 2, 2009 at 5:36 PM #323129
    Raybyrnes
    Participant

    HLS
    Would you consider the following information bogus and misleading. I would read who the author before you answer.

    Mortgage Rates Forced Down by the Fed

    PRINT E-MAIL POST

    As I noted a couple weeks back, the Federal Reserve will be conjuring money out of thin air to buy “large quantities” (their words) of mortgage-backed securities. The mere anticipation of this flood of freshly-printed cash into the mortgage market has been enough to increase the demand for mortgages and thus lower rates.

    The accompanying graph shows that 30-year fixed mortgage rates, depicted in blue, have dropped to a level not seen in years. As a matter of fact, fixed mortgage rates have not been this low for three decades.

    Note that the Fed has not actually begun purchasing mortgages just yet, though it is set to begin doing so this month. The drop in rates appears to have taken place just in anticipation of the Fed’s artificial goosing of demand.

    The Fed intends to have purchased $500 billion worth of mortgage-backed securities by mid-2009. So once they really get going, they may push mortgage rates lower still.

    — RICH TOSCANO

    January 2, 2009 at 5:36 PM #323190
    Raybyrnes
    Participant

    HLS
    Would you consider the following information bogus and misleading. I would read who the author before you answer.

    Mortgage Rates Forced Down by the Fed

    PRINT E-MAIL POST

    As I noted a couple weeks back, the Federal Reserve will be conjuring money out of thin air to buy “large quantities” (their words) of mortgage-backed securities. The mere anticipation of this flood of freshly-printed cash into the mortgage market has been enough to increase the demand for mortgages and thus lower rates.

    The accompanying graph shows that 30-year fixed mortgage rates, depicted in blue, have dropped to a level not seen in years. As a matter of fact, fixed mortgage rates have not been this low for three decades.

    Note that the Fed has not actually begun purchasing mortgages just yet, though it is set to begin doing so this month. The drop in rates appears to have taken place just in anticipation of the Fed’s artificial goosing of demand.

    The Fed intends to have purchased $500 billion worth of mortgage-backed securities by mid-2009. So once they really get going, they may push mortgage rates lower still.

    — RICH TOSCANO

    January 2, 2009 at 5:36 PM #323207
    Raybyrnes
    Participant

    HLS
    Would you consider the following information bogus and misleading. I would read who the author before you answer.

    Mortgage Rates Forced Down by the Fed

    PRINT E-MAIL POST

    As I noted a couple weeks back, the Federal Reserve will be conjuring money out of thin air to buy “large quantities” (their words) of mortgage-backed securities. The mere anticipation of this flood of freshly-printed cash into the mortgage market has been enough to increase the demand for mortgages and thus lower rates.

    The accompanying graph shows that 30-year fixed mortgage rates, depicted in blue, have dropped to a level not seen in years. As a matter of fact, fixed mortgage rates have not been this low for three decades.

    Note that the Fed has not actually begun purchasing mortgages just yet, though it is set to begin doing so this month. The drop in rates appears to have taken place just in anticipation of the Fed’s artificial goosing of demand.

    The Fed intends to have purchased $500 billion worth of mortgage-backed securities by mid-2009. So once they really get going, they may push mortgage rates lower still.

    — RICH TOSCANO

    January 2, 2009 at 5:36 PM #323286
    Raybyrnes
    Participant

    HLS
    Would you consider the following information bogus and misleading. I would read who the author before you answer.

    Mortgage Rates Forced Down by the Fed

    PRINT E-MAIL POST

    As I noted a couple weeks back, the Federal Reserve will be conjuring money out of thin air to buy “large quantities” (their words) of mortgage-backed securities. The mere anticipation of this flood of freshly-printed cash into the mortgage market has been enough to increase the demand for mortgages and thus lower rates.

    The accompanying graph shows that 30-year fixed mortgage rates, depicted in blue, have dropped to a level not seen in years. As a matter of fact, fixed mortgage rates have not been this low for three decades.

    Note that the Fed has not actually begun purchasing mortgages just yet, though it is set to begin doing so this month. The drop in rates appears to have taken place just in anticipation of the Fed’s artificial goosing of demand.

    The Fed intends to have purchased $500 billion worth of mortgage-backed securities by mid-2009. So once they really get going, they may push mortgage rates lower still.

    — RICH TOSCANO

    January 2, 2009 at 6:05 PM #322802
    HLS
    Participant

    Ray, I’m not sure what your problem is and I’m not intimidated by who said it.

    The comments above are factual and qualified.
    He didn’t state average rates or anything misleading or bogus. He clearly states that they MAY push rates lower.

    The FACT is that the 10 YR bond is up 16% since Tuesday (2 trading days) which is an indicator of mortgage rates. Rates closed higher this week, back near 5%.

    Therefore you can look forward to the report about average rates from average reporters geared to average people to show that the average rates will be well off their recent lows.

    January 2, 2009 at 6:05 PM #323144
    HLS
    Participant

    Ray, I’m not sure what your problem is and I’m not intimidated by who said it.

    The comments above are factual and qualified.
    He didn’t state average rates or anything misleading or bogus. He clearly states that they MAY push rates lower.

    The FACT is that the 10 YR bond is up 16% since Tuesday (2 trading days) which is an indicator of mortgage rates. Rates closed higher this week, back near 5%.

    Therefore you can look forward to the report about average rates from average reporters geared to average people to show that the average rates will be well off their recent lows.

    January 2, 2009 at 6:05 PM #323205
    HLS
    Participant

    Ray, I’m not sure what your problem is and I’m not intimidated by who said it.

    The comments above are factual and qualified.
    He didn’t state average rates or anything misleading or bogus. He clearly states that they MAY push rates lower.

    The FACT is that the 10 YR bond is up 16% since Tuesday (2 trading days) which is an indicator of mortgage rates. Rates closed higher this week, back near 5%.

    Therefore you can look forward to the report about average rates from average reporters geared to average people to show that the average rates will be well off their recent lows.

    January 2, 2009 at 6:05 PM #323222
    HLS
    Participant

    Ray, I’m not sure what your problem is and I’m not intimidated by who said it.

    The comments above are factual and qualified.
    He didn’t state average rates or anything misleading or bogus. He clearly states that they MAY push rates lower.

    The FACT is that the 10 YR bond is up 16% since Tuesday (2 trading days) which is an indicator of mortgage rates. Rates closed higher this week, back near 5%.

    Therefore you can look forward to the report about average rates from average reporters geared to average people to show that the average rates will be well off their recent lows.

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