Who has the best 10/1 or 30-year fixed I/O programs? (pls don’t laugh)

[AK]

Thanks for confirming my diagnosis SD R 🙂

I’ve actually been beat out when trying to submit no-look bids. I also saw a short sale with a possible foundation crack get six bids in three days, even though it wasn’t listed in Sandicor.

Whether or not the CIA really was behind crack cocaine … there’s no doubt that the government created this madness with the $8,000 tax credit. I’m hoping the sheer lunacy will subside to mere insanity in a month or so. If not I’ll just have to choose the best of the many crazy options at my disposal.

Wonder if I can still get an option ARM … just kidding 🙂

[Effective Demand]

[quote=SD Realtor]AK the one thing I can confirm for you is that it is SHEER LUNACY in the market right now. It is so far from where it was just 6 months ago that it is laughable. I am seeing no look offers, multiple offers, offers above bid. It makes no sense. [/quote]

I think its the foreclosure moratoriums constricting supply coinciding with sub-5% rates. Then with the rate spike of the last 2 weeks a lot of people are panicking that they will be priced out (through interest rate spikes) and are making offers on any marginal property they can instead of waiting. If rates keep around 5.75% there will be a lot of short sale contingents coming back to market and loan mods that won’t be able to be done. Rates are really driving peoples purchasing decisions right now.

[Effective Demand]

[quote=SD Realtor]AK the one thing I can confirm for you is that it is SHEER LUNACY in the market right now. It is so far from where it was just 6 months ago that it is laughable. I am seeing no look offers, multiple offers, offers above bid. It makes no sense. [/quote]

I think its the foreclosure moratoriums constricting supply coinciding with sub-5% rates. Then with the rate spike of the last 2 weeks a lot of people are panicking that they will be priced out (through interest rate spikes) and are making offers on any marginal property they can instead of waiting. If rates keep around 5.75% there will be a lot of short sale contingents coming back to market and loan mods that won’t be able to be done. Rates are really driving peoples purchasing decisions right now.

[Effective Demand]

[quote=SD Realtor]AK the one thing I can confirm for you is that it is SHEER LUNACY in the market right now. It is so far from where it was just 6 months ago that it is laughable. I am seeing no look offers, multiple offers, offers above bid. It makes no sense. [/quote]

I think its the foreclosure moratoriums constricting supply coinciding with sub-5% rates. Then with the rate spike of the last 2 weeks a lot of people are panicking that they will be priced out (through interest rate spikes) and are making offers on any marginal property they can instead of waiting. If rates keep around 5.75% there will be a lot of short sale contingents coming back to market and loan mods that won’t be able to be done. Rates are really driving peoples purchasing decisions right now.

[Effective Demand]

[quote=SD Realtor]AK the one thing I can confirm for you is that it is SHEER LUNACY in the market right now. It is so far from where it was just 6 months ago that it is laughable. I am seeing no look offers, multiple offers, offers above bid. It makes no sense. [/quote]

I think its the foreclosure moratoriums constricting supply coinciding with sub-5% rates. Then with the rate spike of the last 2 weeks a lot of people are panicking that they will be priced out (through interest rate spikes) and are making offers on any marginal property they can instead of waiting. If rates keep around 5.75% there will be a lot of short sale contingents coming back to market and loan mods that won’t be able to be done. Rates are really driving peoples purchasing decisions right now.

[Effective Demand]

[quote=SD Realtor]AK the one thing I can confirm for you is that it is SHEER LUNACY in the market right now. It is so far from where it was just 6 months ago that it is laughable. I am seeing no look offers, multiple offers, offers above bid. It makes no sense. [/quote]

I think its the foreclosure moratoriums constricting supply coinciding with sub-5% rates. Then with the rate spike of the last 2 weeks a lot of people are panicking that they will be priced out (through interest rate spikes) and are making offers on any marginal property they can instead of waiting. If rates keep around 5.75% there will be a lot of short sale contingents coming back to market and loan mods that won’t be able to be done. Rates are really driving peoples purchasing decisions right now.

[HLS]

The rates are still historically low..The monthly change in payment isn’t going to make a difference in qualifying for most people.

As of Friday, for a qualified borrower, I had 5.25% 30 YR Fixed.

For a $400K loan, the difference in payment between 5.25% and 4.75% is $123 month.

There is still an option to buy down to 5% or below. HLS

[HLS]

The rates are still historically low..The monthly change in payment isn’t going to make a difference in qualifying for most people.

As of Friday, for a qualified borrower, I had 5.25% 30 YR Fixed.

For a $400K loan, the difference in payment between 5.25% and 4.75% is $123 month.

There is still an option to buy down to 5% or below. HLS

[HLS]

The rates are still historically low..The monthly change in payment isn’t going to make a difference in qualifying for most people.

As of Friday, for a qualified borrower, I had 5.25% 30 YR Fixed.

For a $400K loan, the difference in payment between 5.25% and 4.75% is $123 month.

There is still an option to buy down to 5% or below. HLS

[HLS]

The rates are still historically low..The monthly change in payment isn’t going to make a difference in qualifying for most people.

As of Friday, for a qualified borrower, I had 5.25% 30 YR Fixed.

For a $400K loan, the difference in payment between 5.25% and 4.75% is $123 month.

There is still an option to buy down to 5% or below. HLS

[HLS]

The rates are still historically low..The monthly change in payment isn’t going to make a difference in qualifying for most people.

As of Friday, for a qualified borrower, I had 5.25% 30 YR Fixed.

For a $400K loan, the difference in payment between 5.25% and 4.75% is $123 month.

There is still an option to buy down to 5% or below. HLS

[Author]

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