No mention of QE3 by Bernanke?

**Lucavi** · 2012-09-21 19:07

Originally Posted by Seraph

It's an upstate New York location thing. Houses around here are selling for more than they were during early 2008, and its the same crap houses with no difference in the last almost 5 years besides the fact that financing cost has gone down.

I'm terribly sorry, but I just can't pull myself to feel sorry for any New Yorker for anything save for 9/11. Houses are stupid cheap in my area, and with interest rates falling even lower, thanks to this, it just raises the chances that I'll be able to get an even better house than what I was originally gunning for.

Cheers to rural areas! Enjoy the city life!

**archibaldcrane** · 2012-09-22 02:07

Originally Posted by Hirokei Kiaza

Fucking this. Sitting at 4.5% right now.

What are you waiting for? I'm seeing a number of sub-3.25% quotes on zillow.com right now. Just contacted a few lenders.

**Kanriel** · 2012-09-22 09:43

I'm looking into buying a house via homepath. Would QE3 lower the interest I should be able to get on that loan? It qualifies for the homepath financing but the mortgage guy wanted to lock me in for 4.75%, nothing close to the 3 and change others are getting. I assume it's because it's a homepath loan and I'm only going to need 3-5% down and have no mortgage insurance, but should I be able to get a better rate anyway?

**archibaldcrane** · 2012-09-22 12:48

With only 3-5% down, I don't know if you could get a much better rate. Plug your situation into the zillow.com mortgage calculator and see if you get any hits.

**archibaldcrane** · 2012-09-22 13:25

With 5% down you should be able to get an FHA loan for under 3.75% APR with good credit. No idea why Homepath loans would be so much higher.

**Kanriel** · 2012-09-22 13:55

Originally Posted by archibaldcrane

With 5% down you should be able to get an FHA loan for under 3.75% APR with good credit. No idea why Homepath loans would be so much higher.

There is no mortgage insurance on homepath, but there is on FHA. That's the distinct difference. I'm pretty sure I still save with the higher rate and no mortgage insurance though. I already have a lender but the 4.75-4.625% rate is what I'm looking at to get the loan from them (and they work in the same office as my realtor). I'm not sure if it's worth shopping for separate title/insurance/mortgage/realtor/etc. or just sticking to it all in one office.

**archibaldcrane** · 2012-09-22 14:34

Ah gotcha. I'd shop your insurance for sure, but otherwise just stick to the office, assuming they are experienced with the Homepath process.

**Xno Kappa** · 2012-09-22 16:06

Originally Posted by archibaldcrane

What are you waiting for? I'm seeing a number of sub-3.25% quotes on zillow.com right now. Just contacted a few lenders.

I'm getting sub-3.5% quotes as well. Going to have to contact a few individuals to see how this works because my original was through the VA.

**popsiclestix** · 2012-09-26 11:40

You know, investors see how bad this is, that is why the 30 year yield went up! The teaser ARM will be lower but not fixed. And if you go for an ARM mortgage, then press BACK on the browser b/c this is too heavy for you.

**archibaldcrane** · 2012-09-26 14:35

Not talking about ARMs.

**chiyio** · 2012-09-27 13:56

Locked in my rate today on a 30 year loan. rate of 3.6 with 5% down, I'm happy.

**archibaldcrane** · 2012-09-27 17:29

Congrats! That's damn good for only 5% down. I'm talking with a couple places about a refi, looking at no-closing-cost 3.25%, or $1600 closing cost 3.125%. Probably do the former.

**archibaldcrane** · 2012-10-01 18:07

Just rate-locked a 30-year fixed no closing costs refi at 3.25%

It'll save us $110 a month compared to the 3.75% I had previously, feels good man.

**chiyio** · 2012-10-02 14:25

Thanks and congrats to you too.

Would have loved to have done 20% down and get a little bit better rate and not have to have mortgage insurance, but after we just paid for the wedding we couldn't come up with the full 20%

Going to try and pay down to that as fast as possible, plus the house appraised for about 15-20k more than our offer, so that will help us get there fast as well, heh.

Now if rates go down again this week I'll be annoyed, but after the sharp dip last week I doubt it.

**venikk** · 2012-10-22 15:40

Originally Posted by Hirokei Kiaza

Fucking this. Sitting at 4.5% right now.

You'll be sad when you go to refinance and your house is now worth more.

Interest rates going down from MBS purchases is going to affect everything but refinancers.

If interest rates went up on the other hand, everything would get cheaper and your wages would buy more.

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