[equalizer]

[quote=davelj][quote=equalizer][quote=davelj]I just re-financed (30-year fixed) at 4.25% + 2 points + $1200 in closing costs through BofA. So, the APR is 4.6%.

Yeah, maybe some combination of rate plus points/closing costs gets down to an APR of 4.25% on a 30-year fixed during this cycle, but I’m not taking that chance. I’m happy to leave a little on the table. But that’s just me.[/quote]

Did you lock today, or have you already closed?

I got ripped off at 4.7% APR refi few months ago. Should have waited for 4%. Now I have no choice but to walk away or ask for a bailout.

[/quote]

I locked yesterday. If rates go to 4%, so be it. Again, I’m not trying to bottom-tick anything. Anyone lending anyone else money for 4.6% fixed for 30 years is making a bad trade, although the degree to which the trade is bad for the lender may not be known for a few years.

If you feel ripped off because you didn’t bottom-tick your re-fi, would you turn around and pay a higher rate if fixed rates went to 6.5% in the future? Or does the “rip-off” only work in one direction? Just curious.[/quote]

That would be my signature firebrand satire in case anyone hasn’t picked that up in my 3 years of posting here. Mocking the savagery with 9 words is better than a tiring diatribe.

Who knew that “losers” walking away with a $200K loss for the lenders or the unbridled trading on these loans for instant commission would nearly bankrupt our society.

Agree that locking in 4.6% on 30 years is crazy for lender side.

[satire alert]
As you stated something like, “But we we have to live in the world that is, not the one we dream of.” So should we just learn to cheat like these losers and others at Goldman with their “insider trading” info?

[equalizer]

[quote=massey]

These are good rates, when you add in the First Time Buyers 10k tax credit its a good deal. Now its still a matter of finding the bottom of the housing market. A better price is better than a great rate.

That depends how much you’re expecting the prices to fall.

I did a rough calculation and came up with these equivalences in terms of total cash outflow (assuming 30yr fixed):

300k @ 6% = 355k @ 4.5%
536k @ 6% = 635k @ 4.5%

Those are fairly sizable discounts.

Hopefully what we will see is both a rate decrease AND these ultra low rates. Of course that might mean the world is about to end, though.[/quote]

Except sellers just read your post and will raise prices a little, maybe 5%.

[equalizer]

[quote=massey]

These are good rates, when you add in the First Time Buyers 10k tax credit its a good deal. Now its still a matter of finding the bottom of the housing market. A better price is better than a great rate.

That depends how much you’re expecting the prices to fall.

I did a rough calculation and came up with these equivalences in terms of total cash outflow (assuming 30yr fixed):

300k @ 6% = 355k @ 4.5%
536k @ 6% = 635k @ 4.5%

Those are fairly sizable discounts.

Hopefully what we will see is both a rate decrease AND these ultra low rates. Of course that might mean the world is about to end, though.[/quote]

Except sellers just read your post and will raise prices a little, maybe 5%.

[equalizer]

[quote=massey]

These are good rates, when you add in the First Time Buyers 10k tax credit its a good deal. Now its still a matter of finding the bottom of the housing market. A better price is better than a great rate.

That depends how much you’re expecting the prices to fall.

I did a rough calculation and came up with these equivalences in terms of total cash outflow (assuming 30yr fixed):

300k @ 6% = 355k @ 4.5%
536k @ 6% = 635k @ 4.5%

Those are fairly sizable discounts.

Hopefully what we will see is both a rate decrease AND these ultra low rates. Of course that might mean the world is about to end, though.[/quote]

Except sellers just read your post and will raise prices a little, maybe 5%.

[equalizer]

[quote=massey]

These are good rates, when you add in the First Time Buyers 10k tax credit its a good deal. Now its still a matter of finding the bottom of the housing market. A better price is better than a great rate.

That depends how much you’re expecting the prices to fall.

I did a rough calculation and came up with these equivalences in terms of total cash outflow (assuming 30yr fixed):

300k @ 6% = 355k @ 4.5%
536k @ 6% = 635k @ 4.5%

Those are fairly sizable discounts.

Hopefully what we will see is both a rate decrease AND these ultra low rates. Of course that might mean the world is about to end, though.[/quote]

Except sellers just read your post and will raise prices a little, maybe 5%.

[equalizer]

[quote=massey]

These are good rates, when you add in the First Time Buyers 10k tax credit its a good deal. Now its still a matter of finding the bottom of the housing market. A better price is better than a great rate.

That depends how much you’re expecting the prices to fall.

I did a rough calculation and came up with these equivalences in terms of total cash outflow (assuming 30yr fixed):

300k @ 6% = 355k @ 4.5%
536k @ 6% = 635k @ 4.5%

Those are fairly sizable discounts.

Hopefully what we will see is both a rate decrease AND these ultra low rates. Of course that might mean the world is about to end, though.[/quote]

Except sellers just read your post and will raise prices a little, maybe 5%.

[equalizer]

Consider thinkorswim, low prices and great service, free phone trades for now.

Check out Barrons review of 25 brokers this week.

http://online.barrons.com/article/SB123698734062425763.html

[equalizer]

Consider thinkorswim, low prices and great service, free phone trades for now.

Check out Barrons review of 25 brokers this week.

http://online.barrons.com/article/SB123698734062425763.html

[equalizer]

Consider thinkorswim, low prices and great service, free phone trades for now.

Check out Barrons review of 25 brokers this week.

http://online.barrons.com/article/SB123698734062425763.html

[equalizer]

Consider thinkorswim, low prices and great service, free phone trades for now.

Check out Barrons review of 25 brokers this week.

http://online.barrons.com/article/SB123698734062425763.html

[equalizer]

Consider thinkorswim, low prices and great service, free phone trades for now.

Check out Barrons review of 25 brokers this week.

http://online.barrons.com/article/SB123698734062425763.html

[equalizer]

[quote=davelj]I just re-financed (30-year fixed) at 4.25% + 2 points + $1200 in closing costs through BofA. So, the APR is 4.6%.

Yeah, maybe some combination of rate plus points/closing costs gets down to an APR of 4.25% on a 30-year fixed during this cycle, but I’m not taking that chance. I’m happy to leave a little on the table. But that’s just me.[/quote]

Did you lock today, or have you already closed?

I got ripped off at 4.7% APR refi few months ago. Should have waited for 4%. Now I have no choice but to walk away or ask for a bailout.

[equalizer]

[quote=davelj]I just re-financed (30-year fixed) at 4.25% + 2 points + $1200 in closing costs through BofA. So, the APR is 4.6%.

Yeah, maybe some combination of rate plus points/closing costs gets down to an APR of 4.25% on a 30-year fixed during this cycle, but I’m not taking that chance. I’m happy to leave a little on the table. But that’s just me.[/quote]

Did you lock today, or have you already closed?

I got ripped off at 4.7% APR refi few months ago. Should have waited for 4%. Now I have no choice but to walk away or ask for a bailout.

[equalizer]

[quote=davelj]I just re-financed (30-year fixed) at 4.25% + 2 points + $1200 in closing costs through BofA. So, the APR is 4.6%.

Yeah, maybe some combination of rate plus points/closing costs gets down to an APR of 4.25% on a 30-year fixed during this cycle, but I’m not taking that chance. I’m happy to leave a little on the table. But that’s just me.[/quote]

Did you lock today, or have you already closed?

I got ripped off at 4.7% APR refi few months ago. Should have waited for 4%. Now I have no choice but to walk away or ask for a bailout.

[equalizer]

[quote=davelj]I just re-financed (30-year fixed) at 4.25% + 2 points + $1200 in closing costs through BofA. So, the APR is 4.6%.

Yeah, maybe some combination of rate plus points/closing costs gets down to an APR of 4.25% on a 30-year fixed during this cycle, but I’m not taking that chance. I’m happy to leave a little on the table. But that’s just me.[/quote]

Did you lock today, or have you already closed?

I got ripped off at 4.7% APR refi few months ago. Should have waited for 4%. Now I have no choice but to walk away or ask for a bailout.

[Author]

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