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Mortgage Applications Fall as Rates Soar (ARMs Adjusting UP)
http://www.cnbc.com/id/22004610 ^
| 11-28-07
Posted on 11/28/2007 6:50:02 AM PST by Hydroshock
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To: Hydroshock; Calpernia; cbkaty; Nervous Tick; ex-Texan; RockinRight; NVDave; Neidermeyer; ...
Economy/Credit/Housing Issues Ping List
If you want on or off this list let me know.
2
posted on
11/28/2007 6:50:55 AM PST
by
Hydroshock
("The Constitution should be taken like mountain whiskey -- undiluted and untaxed." - Sam Ervin)
To: Hydroshock
3
posted on
11/28/2007 6:52:03 AM PST
by
444Flyer
(NEVER take a "mark" to "buy or sell"!Heb 9:27, Rev 22:17,John 3:1-36, Eph 6, Rev 12:11, Jer 29:13-14)
To: Hydroshock
30-year mortgage rates are based on the 10-year bond (not the 30-year bond because the average mortgage is closer to ten years). The 10-year bond yield hit 3.84% the other day and today is right around 4%. These are very nearly at the lowest rates in the past five years at least (except for an impossible-to-predict spike down that lasted about three months in 2003.) If you want a mortgage, go for the 30-year one.
4
posted on
11/28/2007 6:53:51 AM PST
by
jiggyboy
(Ten per cent of poll respondents are either lying or insane)
To: Hydroshock
But fixed 30-year mortgage rates declined 9 basis points to an average of 6.09 percent last week, the lowest level since the week ended March 23. This is doom'n'gloom/we need a democratic president stuff?/sar
5
posted on
11/28/2007 6:54:56 AM PST
by
BlabItGrabIt
(Anyone opposing rate cuts is in Hillery's or Rudy's camp)
Comment #6 Removed by Moderator
To: Hydroshock
6.24% is soaring? Does anyone remember the 70’s?
7
posted on
11/28/2007 6:57:10 AM PST
by
rhombus
To: Baynative
Media Hype, nothing more. Lots of doom and gloom threads on FR as well.
Media Hype often translates to Freeper Hype.
8
posted on
11/28/2007 6:59:25 AM PST
by
what's up
To: Hydroshock
Highest in two months??!! Holy Toledo!!
9
posted on
11/28/2007 7:00:42 AM PST
by
VeniVidiVici
(No buy China!!)
To: rhombus
“6.24% is soaring? Does anyone remember the 70s?”
________
A Democrat was president then, silly. That makes it okay.
10
posted on
11/28/2007 7:00:51 AM PST
by
rightinthemiddle
(Without the Media, the Left and Islamofacists are Nothing.)
To: rhombus
It’s soaring compared to the 4% rate they could only barely afford when they did the loan.
11
posted on
11/28/2007 7:01:14 AM PST
by
RockinRight
(Just because you're pro-life and talk about God a lot doesn't mean you're a conservative.)
To: what's up
Lot’s of Shorts, Goldbugs and Oil Barons.
12
posted on
11/28/2007 7:01:38 AM PST
by
rightinthemiddle
(Without the Media, the Left and Islamofacists are Nothing.)
To: rhombus
It seems like we had double-digit interest rates for quite awhile, IIRC. I was not paying a mortgage then, but payments must have been awful.
13
posted on
11/28/2007 7:02:47 AM PST
by
Sender
(You are the weapon. What you hold in your hand is just a tool.)
To: Baynative
With 30 year fixed rates as low as they've ever been why would people shun the market because of shaky ARMs? That's what I am wondering as well. Rates are low, prices are down, it's a perfect buyers market unless you are waiting for a big fallout to bargain hunt. We are moving up a little, and our house is on the market. No one is looking right now, the market is flat. The only reason for it is these stupid doom and gloom stories. If you have decent credit and can afford the payments, there is no reason to sit out right now.
14
posted on
11/28/2007 7:04:08 AM PST
by
cspackler
(There are 10 kinds of people in this world, those who understand binary and those who don't.)
To: Baynative
the banking community is pretty fickle and they have so constricted all of the sub-prime products to the point that they are either unattainable or unpalatable
the conditions change daily and they have so overreacted to the hype that virtually all but A paper full doc loans have gone fallow.
.
15
posted on
11/28/2007 7:04:17 AM PST
by
Elle Bee
To: RockinRight
I had to divert thru the old part of my home town yesterday to get around a wreck on the freeway. I when down 4 residential streets in this older, poorer area of town and saw at least 15 for sale signs and about 1/3 were fsbo’s.
16
posted on
11/28/2007 7:04:17 AM PST
by
Hydroshock
("The Constitution should be taken like mountain whiskey -- undiluted and untaxed." - Sam Ervin)
To: BlabItGrabIt
The fine print:
The “fixed 30, prime, conforming rate...”
If you ain’t prime, or your note isn’t conforming, your rate isn’t going to be quite so attractive.
17
posted on
11/28/2007 7:05:14 AM PST
by
NVDave
To: what's up
Lots of doom and gloom threads on FR as well. Media Hype often translates to Freeper Hype. How come no one calls them "trolls?"
18
posted on
11/28/2007 7:06:10 AM PST
by
BlabItGrabIt
(Anyone opposing rate cuts is in Hillery's or Rudy's camp)
To: Hydroshock
I just closed on my 1st home last Friday. It took many years of saving, scrimping, and sacrificing. I resisted the pressure to buy during the bubble. My wife and I bought a home that we liked, and one that we can afford. We look at our house as a place to live out our days, not a piggy-bank.
Our criteria for a house was to buy something that my monthly payments and my utility costs would be covered by my military pension check, and that we would only finance with a 30 year fixed rate mortgage. We were patient, stuck to our guns, and now we have the “American Dream”.
19
posted on
11/28/2007 7:12:09 AM PST
by
sean327
(God created all men equal, then some become Marines!)
To: BlabItGrabIt
You draw the most flak when you are on target.
20
posted on
11/28/2007 7:14:55 AM PST
by
Hydroshock
("The Constitution should be taken like mountain whiskey -- undiluted and untaxed." - Sam Ervin)
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