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45 rates: Interest Rates Are Coming Back Down - 07/20/09 04:56 PM
Mortgage rates fell to the lowest level since May as home-loan refinances surged. Rates had reached record lows of 4.5% for a 30yr fixed rate loan in April until the end of May where they spiked over 1½% in two days time.
Since then they've slowly edged back down - Today the average 30-year rate fell to 5.14 percent, down from 5.20 percent. The 15-year rate was 4.63 percent.
Some more technical data:     - Overall home loan applications rose 4.3 percent this week:            * Purchase applications fell 9.4 percent             * Refinance applications rose 18 percent     - The global mortgage crisis has cost the world's financial firms almost $1.5 trillion in losses so far.     - … (5 comments)

45 rates: I just quoted 4.5%!!!!! - 12/17/08 11:59 AM
In all my years as a mortgage broker I've never done this.
I just quoted 4.5% for a 30yr fixed loan.
A month ago they were at 6.5% & two weeks before that they were 7.5%!!
There has been a lot of speculation about the Fed lowering rates to 4.5%, but the market has done this on their own due to the current economic conditions.
We are seeing a lot of volatility right now & there's no telling how long these rates will last, so if there are any buyers on the fence now is the time to jump!!
… (13 comments)

45 rates: Rates are NOT 4.5% - 12/10/08 06:55 PM
I've had TONS of borrowers reference 4.5% interest rates recently - Rates that low aren't available right now!!
Everyone's acting disappointed when I quote 5.5%-5.75% for a 30yr fixed. There has been a lot of talk about the fed subsidizing rates (I even posted about it in my blog, http://activerain.com/blogsview/822492/Rates-may-get-to-45), but nothing has developed yet. People hear the media talking about the potential for these types of rates & all of the sudden it's gospel.
We MAY see 4.5% rates at some point, but for now let's be satisfied that they've come down 1 1/2% from where they were a month ago!!
… (15 comments)

 
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Dan Magstadt

Lake City, FL

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Main Street Financial

Address: 496 SW Ring Court, Lake City, FL, 32025

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Mortgage blog written by Dan Magstadt to help give some insight into the mortgage market as well as let everyone know what's going on at Meridian Financial & my personal life!
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