Comments on: Predicting Rates: The Newest Vegas Tablegame

By: dutchx5

dutchx5 — Wed, 29 Apr 2009 22:21:44 +0000

i buy my poker supplies at www.pokerchipsnmore.com

By: Mortgage Rates Show Steep Decline This Week

Mortgage Rates Show Steep Decline This Week — Thu, 20 Mar 2008 15:13:06 +0000

[...] taken as a trend, as rates have been all over the board in recent weeks. As we learned in the past you definitely want to take your money off the table when you’re doing well with interest rate…. They can easily turn around and bite you with a poorly-timed spike. I say lock now, take your low [...]

By: Mortgage Refinance Applications Down 30%; Interest Rates Up.

Mortgage Refinance Applications Down 30%; Interest Rates Up. — Wed, 27 Feb 2008 16:10:52 +0000

[...] mortgage market. With rates headed decidedly higher coming off a 4-year low point. If you were gambling on mortgage interest rates going lower a couple of weeks ago when we were looking at that low and telling you to lock some extremely good [...]

By: Rhonda Porter

Rhonda Porter — Fri, 01 Feb 2008 16:32:33 +0000

To the consumers wondering why they couldn’t lock in their rates:

Many bank systems were inundated with all of us trying to lock…it was very frustrating…then factor this:

1) There are fewere Loan Originators remaining in this field by far…I’d say 50% less than this time last year.
2) Those of us remaining need to sort out who is serious and committed to working with us vs. who has multiple locks w/different different lenders, who’s a perinial rate shopper, who will drop you for an 0.125% better in rate.

Lenders cannot honor rates that are issued during the same day when rates are changing constantly. You need to be prepared and committed to locking. You might have better luck next time.

By: Mortgage Rates are…. UP!

Mortgage Rates are…. UP! — Thu, 31 Jan 2008 19:00:43 +0000

[...] to my RSS feed. Thanks for visiting!You heard it right folks. For those of you playing roulette trying to game the mortgage interest rate market in light of recent Fed activity let this be a good lesson. The Fed cuts and mortgage interest rates go higher. Don’t be [...]

By: Sensible Lender

Sensible Lender — Sun, 27 Jan 2008 18:31:32 +0000

By Friday, FNMA’s net yield for a 30 day delivery was 5.622. Add .125% for servicing and you get 5.747 or 5.75%. This is the rate lenders can sell to FNMA and get 100cents on the dollar. So, to make money, you charge the borrower a point, and 5.75% rate for a 30 year fixed conforming to $417,000..
According to the National Financial News Services, the average rate in so Calif last week was 5.63% at 1.12 point. You had to be quick to get any lower. Keep this in mind when you see advertised rates in the newspaper today for 5%…….

By: Jana S

Jana S — Sun, 27 Jan 2008 06:46:18 +0000

I also tried to lock down my rate Wednesday, and LO wouldn’t return phone calls or e-mails (more than one).

Well, guess it’s time for a new LO.

By: Toby

Toby — Sat, 26 Jan 2008 18:30:34 +0000

>>So why did people wait? Why did they not send in their application and lock their interest rates at 5%? Because Predicting Rates is the Newest Vegas Table Game.

By: Rhonda Porter

Rhonda Porter — Sat, 26 Jan 2008 17:56:38 +0000

Thank you for explaining what happened last week! What a funny post…I was really feeling quite frustrated that many of my clients did not put their chips in and refi.

By: Annie Lee

Annie Lee — Sat, 26 Jan 2008 03:06:02 +0000

Well, I was one of the few who tried, tried DESPARATELY, to have the rate locked on Wednesday morning, on two mortgages, where my apps were in. I was in the process of awaiting a counter offer on a small investment property . (I’m in Denver, one of the cities with the best prospects, not necessarily good, just better than most cities. When a new foreclosure on a condo became available at 30% less than its 2004 price after concessions, I was able to make the numbers work. I have been looking daily or atleast weekly for an investment for 4 years and this was the first one that I could find that worked for me in 2 decades. Plus it’s in a project where I once owned one for 19 years, so I am comfortable with it.

So, I wake up on Wed morning, see 10-year T-bills at 3.32%, can’t believe my eyes, put on my glasses, stand in front of the TV and wait to look again. I then call my mortgage broker/friend/neighbor who had quoted me 6 1/8% 30 yr fixed the day before for an 80,000 75% L/V (Yes, I am only paying $105,000 for a 1984 3bed,2 bath plus garage condo in a a better than average suburban neighborhood…that’s why the numbers work, with an $1100/m rent). So I call her up and ask, is it down again? She looks on her sheet, says how about 5 5/8%?. She then squeezes her numbers to get me a fixed 20 year fully amort. for my house at 5.125%. (Only 40% L/V and 800 Fico’s, and not a jumbo, so it is pretty slam dunk for her). I say I need to make a couple of calls . My house is at 5.25% , so I had never looked into it because it had never been close enough before. less. SO, I say, let me call and see what is up with my counter offer on the condo investment and and then check with my current lender just to see if he can beat your refi quote. I make 2 calls, I call her back 20 minutes later, leaving a message to go ahead on both and lock them. (She already had my app done). She was out to lunch and her cell phone wouldn’t pick up. I call back another hour later, after turning on CNBC and seeing that 10 yr t-bills had jumped to 3.53% and were still heading up. I leave another message saying LOCK! LOCK NOW!!! She calls me back another half hour or so when she returns to the office. She soon learns that all of the lender systems have been locked down for all of the potential lender matches. They fax in the apps and lock requests. Long story short, the quoted rates were not honored by any of the lenders she submitted it to by fax.

It ticks me off that I couldn’t even lock within a half hour of getting the quote.

DID anyone actually GET A LOAN LOCKED on Wednesday morning anywhere at those really low rates?

An article in the paper this morning quoted another area mortgage broker saying those low rates were only available for an hour on Wednesday morning.

Lenders should atleast honor their quotes for the same day.