mortgage rates 4.5% ?
 

I heard on tv rates are 5.25% on a 30 year fixed and might get down to 4.5%. From what I see on the net rates are not currently 5.25%. Anyone else know whats up?

The Fed is talking about buying up Ginnie Mae's to drive rates down to that level....I don't think it'll help the overall problem in housing though....which is excess supply.

That's just going to take a long time to work through.

They're "talking" about it.

But its only for new mortgages, not refinancing.

If this works I see my few good renters buy homes, as 4.5% will allow them to pay less then what I'm chargeing.

ing direct 5/1 arm is 5.25% and their apy which takes into account the rate after it adjusts assuming you get the current rate for the next 25 years is 5.15%
Closing cost is also very low making it a really nice deal depending on how long you plan on staying in your home, your current rate, and your feel for the market.

My mortgage company is offering extremely good rates for home refinance in Canada.

http://www.canadianmortgagerelief.com/

This has yet to be passed. It may be for first time home buyers only. Won't be for refi

Look around. I have found credit unions in NY area as low as 5.25% currently, even on Jumbos. again they vary from lender to lender but they are out there. I read in the NY Times that mid 4s are not out of the question in weeks ahead. time will tell.

I'm in the middle of a refinance for 5 and 3/8 and hoping it hits the 4.x # soon fingers crossed.

Wish I could get some commercial rates at those rates.

Not allowing it for a refi is a HUGE fucking mistake and part of the problem. If they refi to that, they dont have to be foreclosed on.

if they lower the rate again, the dollar will plummet, and I will be soooooooooooo pissed!!!!!!!!!

The problem is not excess supply. The problem is that so many factors other than supply and demand have impacted home prices in recent years.

There was a bubble economy when everyone thought you couldn't lose in real estate. The bubble burst, because bubbles always burst. Only, for some reason, because it is homes, the government is all up in it. So nobody is lowering the prices on houses because they are all waiting for a bailout.

There are two houses on my block, which have been for sale for around $1.2 and $1.5 million for over a year. If I were charging $120 a month for a web site membership and nobody bought it for a year, I would lower the price. That is what the market would dictate. Only the market is not being permitted to operate normally, so these two houses remain the same price and unsold.

The house I just closed on last month, I received 5% interest rate.

But it was through my credit union not a mortgage broker, or bank. The rates, and terms, they offered me were laughable.

exactly what I have noticed thus far. Credit Unions have some great deals going. The banks even with bailout money are not even close to what I have found.