Mortgage Rates

[poway_seller]

Blissful, don’t see how you could have been quoted the above rate TODAY. Although treasuries are as low as Wednesday, mortgages are not. A 30 year fixed which on Wednesday AM could be had for 4.5%, is now 5.375. Today the 15 Year you speak of was at 5.125% with no origination and no discount points. Getting to 4.75 would have FOR SURE cost you points.

HLS, the 4.625% I got Wednesday @ 10:30am was done by the bank I work for. I’m not in the mortgage business per se, but since our company’s mortgage officers are salaried, there are no commissions when they do loans for employees or clients, so that saves the mortgage broker fee (which is what, around 0.50%)?

The no-employee “client” rate would have likely been 4.75% or 4.875%.

On that note, I can do a loan for nearly anyone qualified to get a loan approved (good credit, assets, etc) for no broker fee, and typically closing costs are around 1% of the loan size (this is not a discount point, just escrow, title, appraisal, doc fees, etc). You could compare HUD to any other mortgage broker and it will 95% of the time be the best rate AND lowest fees. I’ve only done about half a dozen loans this year (by design, loans are incidental business to my main business), but since Wednesday I’ve locked in 6 additional clients. That’s how low rates got on Wednesday….

[Blissful Ignoramus]

[quote=poway_seller]Blissful, don’t see how you could have been quoted the above rate TODAY. Although treasuries are as low as Wednesday, mortgages are not. A 30 year fixed which on Wednesday AM could be had for 4.5%, is now 5.375. Today the 15 Year you speak of was at 5.125% with no origination and no discount points. Getting to 4.75 would have FOR SURE cost you points.[/quote]

Interesting. It was a first, theoretical discussion, so maybe he was talking out of his butt. I haven’t even put in an application yet.

I’ve just started this process and am not in a huge hurry, but I’ll be continuing to look into it.

[Blissful Ignoramus]

[quote=poway_seller]Blissful, don’t see how you could have been quoted the above rate TODAY. Although treasuries are as low as Wednesday, mortgages are not. A 30 year fixed which on Wednesday AM could be had for 4.5%, is now 5.375. Today the 15 Year you speak of was at 5.125% with no origination and no discount points. Getting to 4.75 would have FOR SURE cost you points.[/quote]

Interesting. It was a first, theoretical discussion, so maybe he was talking out of his butt. I haven’t even put in an application yet.

I’ve just started this process and am not in a huge hurry, but I’ll be continuing to look into it.

[Blissful Ignoramus]

[quote=poway_seller]Blissful, don’t see how you could have been quoted the above rate TODAY. Although treasuries are as low as Wednesday, mortgages are not. A 30 year fixed which on Wednesday AM could be had for 4.5%, is now 5.375. Today the 15 Year you speak of was at 5.125% with no origination and no discount points. Getting to 4.75 would have FOR SURE cost you points.[/quote]

Interesting. It was a first, theoretical discussion, so maybe he was talking out of his butt. I haven’t even put in an application yet.

I’ve just started this process and am not in a huge hurry, but I’ll be continuing to look into it.

[Blissful Ignoramus]

[quote=poway_seller]Blissful, don’t see how you could have been quoted the above rate TODAY. Although treasuries are as low as Wednesday, mortgages are not. A 30 year fixed which on Wednesday AM could be had for 4.5%, is now 5.375. Today the 15 Year you speak of was at 5.125% with no origination and no discount points. Getting to 4.75 would have FOR SURE cost you points.[/quote]

Interesting. It was a first, theoretical discussion, so maybe he was talking out of his butt. I haven’t even put in an application yet.

I’ve just started this process and am not in a huge hurry, but I’ll be continuing to look into it.

[Blissful Ignoramus]

[quote=poway_seller]Blissful, don’t see how you could have been quoted the above rate TODAY. Although treasuries are as low as Wednesday, mortgages are not. A 30 year fixed which on Wednesday AM could be had for 4.5%, is now 5.375. Today the 15 Year you speak of was at 5.125% with no origination and no discount points. Getting to 4.75 would have FOR SURE cost you points.[/quote]

Interesting. It was a first, theoretical discussion, so maybe he was talking out of his butt. I haven’t even put in an application yet.

I’ve just started this process and am not in a huge hurry, but I’ll be continuing to look into it.

[HLS]

Poway seller..
I must have missed your confession that you were a bank employee in your original post. I’ll put on my glasses the next time I read one of your posts so I can read between the lines…

Another 6 clueless victims… while you are quoting 5.375% today with your “incidental business” I was quoting 4.75% well worth it for most people to pay a point to save .625% for 30 years…

Your claim of having the best rates with no broker fee is just PURE CRAP.

Because you have no broker fee, your rates are much higher, in most cases screwing the clueless borrower who is giving up the opportunity to get a historically low rate because they fall for “no fee”

I cannot imagine what you tell people in your “main business”

You validate my belief that bank employees are clueless about options that are best for the borrower, and foolish people go to banks to get their loans.

[HLS]

Poway seller..
I must have missed your confession that you were a bank employee in your original post. I’ll put on my glasses the next time I read one of your posts so I can read between the lines…

Another 6 clueless victims… while you are quoting 5.375% today with your “incidental business” I was quoting 4.75% well worth it for most people to pay a point to save .625% for 30 years…

Your claim of having the best rates with no broker fee is just PURE CRAP.

Because you have no broker fee, your rates are much higher, in most cases screwing the clueless borrower who is giving up the opportunity to get a historically low rate because they fall for “no fee”

I cannot imagine what you tell people in your “main business”

You validate my belief that bank employees are clueless about options that are best for the borrower, and foolish people go to banks to get their loans.

[HLS]

Poway seller..
I must have missed your confession that you were a bank employee in your original post. I’ll put on my glasses the next time I read one of your posts so I can read between the lines…

Another 6 clueless victims… while you are quoting 5.375% today with your “incidental business” I was quoting 4.75% well worth it for most people to pay a point to save .625% for 30 years…

Your claim of having the best rates with no broker fee is just PURE CRAP.

Because you have no broker fee, your rates are much higher, in most cases screwing the clueless borrower who is giving up the opportunity to get a historically low rate because they fall for “no fee”

I cannot imagine what you tell people in your “main business”

You validate my belief that bank employees are clueless about options that are best for the borrower, and foolish people go to banks to get their loans.

[HLS]

Poway seller..
I must have missed your confession that you were a bank employee in your original post. I’ll put on my glasses the next time I read one of your posts so I can read between the lines…

Another 6 clueless victims… while you are quoting 5.375% today with your “incidental business” I was quoting 4.75% well worth it for most people to pay a point to save .625% for 30 years…

Your claim of having the best rates with no broker fee is just PURE CRAP.

Because you have no broker fee, your rates are much higher, in most cases screwing the clueless borrower who is giving up the opportunity to get a historically low rate because they fall for “no fee”

I cannot imagine what you tell people in your “main business”

You validate my belief that bank employees are clueless about options that are best for the borrower, and foolish people go to banks to get their loans.

[HLS]

Poway seller..
I must have missed your confession that you were a bank employee in your original post. I’ll put on my glasses the next time I read one of your posts so I can read between the lines…

Another 6 clueless victims… while you are quoting 5.375% today with your “incidental business” I was quoting 4.75% well worth it for most people to pay a point to save .625% for 30 years…

Your claim of having the best rates with no broker fee is just PURE CRAP.

Because you have no broker fee, your rates are much higher, in most cases screwing the clueless borrower who is giving up the opportunity to get a historically low rate because they fall for “no fee”

I cannot imagine what you tell people in your “main business”

You validate my belief that bank employees are clueless about options that are best for the borrower, and foolish people go to banks to get their loans.

[Chris Scoreboard Johnston]

HLS

What about my question I posed a page or so back to you? I also shot you an email on it.

[Chris Scoreboard Johnston]

HLS

What about my question I posed a page or so back to you? I also shot you an email on it.

[Chris Scoreboard Johnston]

HLS

What about my question I posed a page or so back to you? I also shot you an email on it.

[Chris Scoreboard Johnston]

HLS

What about my question I posed a page or so back to you? I also shot you an email on it.

[Author]

Posts