Mortgage rates

[magster65]

What are y'all paying for mortgage rates? I went through a broker and the best was/is 4.75% (now, up from 3.75% a year ago) floating/2 year amortization. <br />The Bank of Canada has been raising the rates slightly in recent months and the trend is expected to continue. I may lock in next time around... this November it's due for renewal.<br />Is that similar to the lending rates in the U.S.?

 

[Limited-Time]

Re: Mortgage rates

Got my last one about 3 years ago, it's at 5.25% fixed for 30 years.

 

[DJ]

Re: Mortgage rates

I rememeber paying 21% (Thank you, Jimmy Carter-D, Tip Oneal-D).<br /><br />Anyhing under 10%is a godsend, to me.

 

[KeltonKrew]

Re: Mortgage rates

my lake house is at 5.875 fixed 30 years. Got it in December of 04.<br /><br />there up over 6.375 now for fixed 30 years (at least through WAMU)

 

[FSHKPR]

Re: Mortgage rates

Originally posted by DJ:<br /> I rememeber paying 21% (Thank you, Jimmy Carter-D, Tip Oneal-D).<br />

Oh BOY there goes dj again. i try to stay out of political post but with dj around he can turn any post political.

 

[Twidget]

Re: Mortgage rates

Mine is 4.5% VA.<br /><br />The first house I bought was a nonqualifying assumable that was origionally financed in the late 70's. It was 14%. I refinanced it pretty quickly.

 

[DJ]

Re: Mortgage rates

Oh BOY there goes dj again. i try to stay out of political post but with dj around he can turn any post political

Damned straight. I see history in 20/20. trouble is that that we are not allowed to see history-PUBLIC SCHOOLS.<br /><br />We are DOOMED to repeat it-blindly, because we don't know. But, WHO CARES!<br /><br />We will see 21% again, mark my words.<br /><br />BTW, I have several properties at 6%, or less.<br /><br />Praise God.

 

[Tyme2fish]

Re: Mortgage rates

My son just bought his first house at 6.5%/30 years fixed.

 

[magster65]

Re: Mortgage rates

My mistake, I just checked and it's lower than I thought... currently 4.25% (variable). I guess the rates are close to the same. I had another thread a while ago on house prices and they were similar too.

 

[SoulWinner]

Re: Mortgage rates

When we bought our house in 2000 the rates were averaging around 6% I think, but we qualified for some programs for first time home buyers and stuff that helped with the down payment, closing costs and we got 4.75% for 30 year fixed. At that rate we really should have tried for a 15 year mortgage, but that would have strapped us real bad at the time.

 

[magster65]

Re: Mortgage rates

4.75% locked in... where do I sign?!<br /><br />First time buyers... we're allowed to buy with 5% down but you have to buy this 'insurance' from the government. It costs $5000 and they so kindly just add it to your mortagage. I had to do this because I didn't have the minimum 10% down payment. One good thing is that there is a 1% real estate tax here and it's waived for first time buyers if they stay living in the residence for 1 year (or longer).

 

[eeboater]

Re: Mortgage rates

Magster... be wary of ARM's... adjustable rate mortgages can bit you in the a** in the end... They have nice and peachy low rates for the first two years... but then when they switch to adjustable, you can very easily get screwed..<br /><br />Believe me... I've been in the industry for 5 years now...<br /><br />Sean

 

[lakelover]

Re: Mortgage rates

First mortgage was 11%; refinanced to 8 7/8%. By the time rates really dropped, it wasn't worth refinancing. As usual, I was a day late & a dollar short!

 

[MudIsFun]

Re: Mortgage rates

I work in the business as well... Right now depending on the points you are willing to pay you can still get a 30yr fixed from +/- 5.625 up to 7+... depending on credit, loan to value and other itmes. This is for A-paper loans, non-prime is a diffrent story. <br /><br />Right now on A-paper the rates on the 3 year, 5 year 7 year and 10 year ARMS are not all that much better the the tried and true 30 year fixed so unless your not planning on being in the property long, I would look to the 20 or 30 year products.<br /><br />Watch out for the option arms also called negitave amoritazion loans. These have minimum payment requirements in the neighborhood of 1-3% but that payment does not cover the interest accumulated for that month. You end up adding to your existing balance since the unpaid interest has to go somewhere. Great product for someone who is self employeed or in sales where their income can change on a month to month basis. This type of loan allows you to choose one of 4 diffrent payments each month, 1%, interest only, 30 year payment or a 15 year payment. If all you can ever make is the 1% then your over your head!<br /><br />Goood luck with your loan!<br /><br />Kevin

 

[bootle]

Re: Mortgage rates

I've heard some analysts say that we should be thanking China and Japan for being the two largest purchasers of US securities, their reasoning for this is, it supresses our interest rates and sustains the strength of a weak dollar. <br />That may be true to a certain extent, if the Chinese and Japanese u-turns in favor purchasing the European Debt, they will no less be shooting themselves in the foot.

 

[magster65]

Re: Mortgage rates

Originally posted by eeboater:<br /> Magster... be wary of ARM's... adjustable rate mortgages can bit you in the a** in the end... They have nice and peachy low rates for the first two years... but then when they switch to adjustable, you can very easily get screwed..<br /><br />Believe me... I've been in the industry for 5 years now...<br /><br />Sean

Yeah thanks for the heads up. Mine is a variable for a 2 year term. I can lock it in at any time and at the end of the term (11 months from now) I don't have to renew with this lender. It also has no restrictions at all on pre/extra/principal payments. <br />I know a mortgage broker <br />He's saved me a lot of footwork and a bunch of money over the years.

 

[eeboater]

Re: Mortgage rates

OHhh good.. yeah, knowing someone on the "inside" of this industry is a VERY good thing. I do a lot of computer consulting in the industry (Needless to say, there aren't many Mortgage-Computer guys...) and the mortgage industry is the scum of the earth... (No offence Kevin -- there are some good guys)<br /><br />Sean

 

[Nos4r2]

Re: Mortgage rates

Originally posted by magster65:<br /> First time buyers... we're allowed to buy with 5% down but you have to buy this 'insurance' from the government. It costs $5000 and they so kindly just add it to your mortagage. I had to do this because I didn't have the minimum 10% down payment.

I had the same deal over here-we could only make 8%ish deposit-but the bank makes us buy it instead of the government and adds it to our mortgage.<br /> Can't work out where they expect people to come up with £12000 (about $20,000)cash to put down with house prices like they are over here.It was hard enough finding £9000 cash. We're just buying our 1st home and we're locked in at 4.99% for the next 5 years

 

[demsvmejm]

Re: Mortgage rates

Refi'd in '02(I think). Qualified for the best rate on a 15yr fixed at the time, 5 1/8, NO points.

 

[mattttt25]

Re: Mortgage rates

rates recently went up in the last 6-8 months, but just took a slight drop. just locked for my new house that closes on 27 jan. 5.25% 7 year balloon w/ refi option. zero points, 25% down, $310K loan amount. should work nicely for me as a 5-6 yr home.