May 2007 Weddings
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Wow - Interest Rates

Interest rates have SHOT back up on mortgages.  I had a BoA mortgage hit my desk this morning and the rate is 5.875% (as compared to my 4.375% rate from January and, more recently, a 4.5% rate two weeks ago).

So, now I have to ask, is this a good sign or a bad sign?  I'm hoping good but I'm cautiously optimistic.... 

Re: Wow - Interest Rates

  • How good is their credit?  That could DEFINITELY have an effect on the rate they got, even if rates are still rock-bottom.
  • Really good credit (his is over 800...I can't find the sheet with her's but I know her so I'm thinking it's at least mid to high 700s).
  • I read last week that they were creeping up.  I think it's a good sign for sure, although there will be less re-fi's if rates continue to go up.  Either way, rates are still historically low.

  • I hope that's a good sign.  I keep hearing conflicting information.  Some say that the recession is ending while the next day you hear about unemployment rates going up.  
    Baby Birthday Ticker Ticker Baby Birthday Ticker Ticker
  • My sis just called a bank about refi-ing her house and they told her they couldn't do better than her current rate (which is 6.25%) for a refi right now.  She's mad because they were waiting for her to get a job to refinance.  I'm not all that mad because it just means that the economy is FINALLY doing something that isn't a free fall!
  • I also heard they are creeping back up. It is one of the reasons we are in such a crunch to buy right now and lock into a good rate. That and our lease is up Oct 1. The house we loved went under contract an hour before we went to go see it again/make our final decision to put in the offer. Happy thoughts that something else comes along quick!!
  • we locked in at 5.125%  about three weeks ago, I'm glad we did, we still have the option to purchase a point, we're set to close on the 1st of July. My neighbor who is a banker told me the jump caght a lot of people off guard and they've had some people lose their loans over it, I think he said his bank was still offering 5.75% but that was with perfect credit.

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