Oh my… Countrywide just set new rates (effective tomorrow)…

[Pasadena Broker]

”Not only do many hear sound like they have sour grapes, but also that they want constant reminder that their position (e.g. houses are not selling, interest rates are sky high, etc.) is the right position.”

Same sheeple…different herd.

[stop_the_bubble_hype]

Pasadena,

“Same sheeple…different herd”

Maybe, maybe not. Just interesting that people latch onto a thought without confirmation. That’s the essence of group think.

Not looking for validation of any of my decisions, especially not from a blog, but more interested in why we can take what one poster posts as fact.

Still, no factual responses to my post from yesterday — not even from the original poster.

[stop_the_bubble_hype]

Pasadena,

“Same sheeple…different herd”

Maybe, maybe not. Just interesting that people latch onto a thought without confirmation. That’s the essence of group think.

Not looking for validation of any of my decisions, especially not from a blog, but more interested in why we can take what one poster posts as fact.

Still, no factual responses to my post from yesterday — not even from the original poster.

[stop_the_bubble_hype]

Pasadena,

“Same sheeple…different herd”

Maybe, maybe not. Just interesting that people latch onto a thought without confirmation. That’s the essence of group think.

Not looking for validation of any of my decisions, especially not from a blog, but more interested in why we can take what one poster posts as fact.

Still, no factual responses to my post from yesterday — not even from the original poster.

[Bugs]

I searched online for mortgage rates (30yr jumbo fixed) and ran across a listing with 28 lenders, including BofA and Union Bank.

Of the 28, 7 were advertising rates in the high 6% – 7% ranges; 13 advertised between 7.0% – 7.5%; 5 advertised between 7.5% – 8.0%; and 3 advertised rates above 8.0%.

So, there are direct lenders ADVERTISING their best rates as being above 8.0% and well as lenders advertising their best rates above 7.5%.

Bank of America is quoting 8.375%
Union Bank is quoting 7.65%
GE Money is quoting 7.560%
Countrywide is quoting 7.5%
San Diego National Bank is quoting 7.25%

I don’t see a 6.5% program anywhere among those lenders.

As I’ve said before, it isn’t even the actual number that counts, but the trend that should be catching your attention.

It has been mentioned before from a couple of our loan originator posters that advertised rates are not always the same as what a specific borrower and property can qualify for. Based on that, it’s reasonable to assume that a few of the sub 7.5% programs are not that widely available to actual buyers in this market.

Again, it isn’t what the best qualified buyers can do in this market that will determine what happens, but what is typical. If you think a 1% increase in long term interest rates doesn’t significantly affect the affordability index, especially in light of the reduced availability of alternatives, then I’d like to see your explanation.

And as long as we’re throwing down challenges, I’d still like to see your comments addressing the reduced sales volume that is in fact ocurring as we speak. All the proof we need that financing options are cutting into sales is staring us in the face.

We ARE on track for the worst year in sales volumes since 1996. That is a fact that I would like to see you address.

[Bugs]

I searched online for mortgage rates (30yr jumbo fixed) and ran across a listing with 28 lenders, including BofA and Union Bank.

Of the 28, 7 were advertising rates in the high 6% – 7% ranges; 13 advertised between 7.0% – 7.5%; 5 advertised between 7.5% – 8.0%; and 3 advertised rates above 8.0%.

So, there are direct lenders ADVERTISING their best rates as being above 8.0% and well as lenders advertising their best rates above 7.5%.

Bank of America is quoting 8.375%
Union Bank is quoting 7.65%
GE Money is quoting 7.560%
Countrywide is quoting 7.5%
San Diego National Bank is quoting 7.25%

I don’t see a 6.5% program anywhere among those lenders.

As I’ve said before, it isn’t even the actual number that counts, but the trend that should be catching your attention.

It has been mentioned before from a couple of our loan originator posters that advertised rates are not always the same as what a specific borrower and property can qualify for. Based on that, it’s reasonable to assume that a few of the sub 7.5% programs are not that widely available to actual buyers in this market.

Again, it isn’t what the best qualified buyers can do in this market that will determine what happens, but what is typical. If you think a 1% increase in long term interest rates doesn’t significantly affect the affordability index, especially in light of the reduced availability of alternatives, then I’d like to see your explanation.

And as long as we’re throwing down challenges, I’d still like to see your comments addressing the reduced sales volume that is in fact ocurring as we speak. All the proof we need that financing options are cutting into sales is staring us in the face.

We ARE on track for the worst year in sales volumes since 1996. That is a fact that I would like to see you address.

[Bugs]

I searched online for mortgage rates (30yr jumbo fixed) and ran across a listing with 28 lenders, including BofA and Union Bank.

Of the 28, 7 were advertising rates in the high 6% – 7% ranges; 13 advertised between 7.0% – 7.5%; 5 advertised between 7.5% – 8.0%; and 3 advertised rates above 8.0%.

So, there are direct lenders ADVERTISING their best rates as being above 8.0% and well as lenders advertising their best rates above 7.5%.

Bank of America is quoting 8.375%
Union Bank is quoting 7.65%
GE Money is quoting 7.560%
Countrywide is quoting 7.5%
San Diego National Bank is quoting 7.25%

I don’t see a 6.5% program anywhere among those lenders.

As I’ve said before, it isn’t even the actual number that counts, but the trend that should be catching your attention.

It has been mentioned before from a couple of our loan originator posters that advertised rates are not always the same as what a specific borrower and property can qualify for. Based on that, it’s reasonable to assume that a few of the sub 7.5% programs are not that widely available to actual buyers in this market.

Again, it isn’t what the best qualified buyers can do in this market that will determine what happens, but what is typical. If you think a 1% increase in long term interest rates doesn’t significantly affect the affordability index, especially in light of the reduced availability of alternatives, then I’d like to see your explanation.

And as long as we’re throwing down challenges, I’d still like to see your comments addressing the reduced sales volume that is in fact ocurring as we speak. All the proof we need that financing options are cutting into sales is staring us in the face.

We ARE on track for the worst year in sales volumes since 1996. That is a fact that I would like to see you address.

[Ex-SD]

From the L.A. Times: “SoCal Home sales Slowest Since 1995”

Linked to this article: http://www.dqnews.com/RRSCA0807.shtm

[Ex-SD]

From the L.A. Times: “SoCal Home sales Slowest Since 1995”

Linked to this article: http://www.dqnews.com/RRSCA0807.shtm

[Ex-SD]

From the L.A. Times: “SoCal Home sales Slowest Since 1995”

Linked to this article: http://www.dqnews.com/RRSCA0807.shtm

[PerryChase]

Hype, congratulations on getting a great loan rate.

However, just because you got a good jumbo rate doesn’t mean that others will be able to do so. That’s the point that is being made here.

Unfortunately, your good rate might get quickly obviated by falling values.

Watch OCrenter’s website example of declining values.
http://bubbletracking.blogspot.com/
It’s good lunch time entertainment.

[PerryChase]

Hype, congratulations on getting a great loan rate.

However, just because you got a good jumbo rate doesn’t mean that others will be able to do so. That’s the point that is being made here.

Unfortunately, your good rate might get quickly obviated by falling values.

Watch OCrenter’s website example of declining values.
http://bubbletracking.blogspot.com/
It’s good lunch time entertainment.

[PerryChase]

Hype, congratulations on getting a great loan rate.

However, just because you got a good jumbo rate doesn’t mean that others will be able to do so. That’s the point that is being made here.

Unfortunately, your good rate might get quickly obviated by falling values.

Watch OCrenter’s website example of declining values.
http://bubbletracking.blogspot.com/
It’s good lunch time entertainment.

[stop_the_bubble_hype]

Perry and Bugs,

I appreciate your comments and the fact that you responded to the topic of the post. You are the only 2 to actually comment on what was posted.

Bugs, I don’t disagree that sales are falling and that this will be a horrible year for sales, price declines and that rising interest rates will be a catalyst.

What I take issue with is someone throwing out a comment and people jumping all over it before investigating validity. It does not take long for anyone to realize the tenor of the comments here and to drive the spirit with comments that may not be true. I just happened to be able to speak on the topic yesterday, but I wonder how many more pieces of information are being tossed around that just may not be the truth.

Perry, agreed that qualifying is 9/10ths of the story. I was able to use points to buy-down the rate and our high credit score helped, but keep in mind it’s still a reduced doc loan which by all accounts should be through the roof now.

Again, I appreciate watching the dialogue on this board and find most to be knowledgable — however, be careful to not just take what’s thrown out here as truth.

Perry, I’ll check out OC’s site.

Hype

[stop_the_bubble_hype]

Perry and Bugs,

I appreciate your comments and the fact that you responded to the topic of the post. You are the only 2 to actually comment on what was posted.

Bugs, I don’t disagree that sales are falling and that this will be a horrible year for sales, price declines and that rising interest rates will be a catalyst.

What I take issue with is someone throwing out a comment and people jumping all over it before investigating validity. It does not take long for anyone to realize the tenor of the comments here and to drive the spirit with comments that may not be true. I just happened to be able to speak on the topic yesterday, but I wonder how many more pieces of information are being tossed around that just may not be the truth.

Perry, agreed that qualifying is 9/10ths of the story. I was able to use points to buy-down the rate and our high credit score helped, but keep in mind it’s still a reduced doc loan which by all accounts should be through the roof now.

Again, I appreciate watching the dialogue on this board and find most to be knowledgable — however, be careful to not just take what’s thrown out here as truth.

Perry, I’ll check out OC’s site.

Hype

[Author]

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