Mortgage rates falling fast

30 year is now @ 5.88% per bankrate. Last week the same product would have ran for 6.26%.

15 year is 5.62%

Even the government's fake CPI data has inflation running at 5.6% annually.

That's gotta mark a bottom.

 

??? I looked just about an hour ago and it was still over 6%

EDIT: bankrate.com right?

 

Check Bloomberg: http://www.bloomberg.com/markets/rates/keyrates.html

 

This is BS. Check your bank and see what they are actually offering.

 

We may gain .50% from all this. This is going to spur demand hum.

We are heading into the fall. Real estate dries up in the winter. Some are calling a bottom in real estate due to a small up tick in sales. That’s all seasonal factors right now. It’s to early to call it.

I think folks will sit on there hands in certin parts of the country were the bubble was biggest. But thats were all the inventory is.

Every time the goverment steprs in to bail out someone it only makes it worse. Just watch over the years how this turns out. The spin now is how great Paulson is. When he is gone and has no more power it will be painted as a mess.

 

Banks will not give good rates, they are going to tell the buyers " DUE TO MARKET CONDITIONS " and the tight credit markets we can offer you 6.90% banks are greedy.

 

Here's the bankrate.com mortgage rate from Bloomberg



http://www.bloomberg.com/apps/quote?ticker=ILM3NAVG:IND

 

Well, they HAVE to be greedy... How else are they going to make up for all the losses from dumbass loans made to unqualified buyers who cannot pay it back.

ANOTHER example of the financially responsible being hosed. First, we have to pay for the bailout of the deadbeats, then we have to pay higher rates because of "conditions"... sheesh!

 

Points to consider

... the banks must reload their balance sheets in order to extend mortgages, or any other loan for that matter

... in the areas of greatest disaster, the rate of decline of housing prices is still increasing and unsold stock on offer remains well above the norm.


... inbound TEUs are dramatically lower, which means that not only is consumer spending declining but those TEUs contain Christmas stock ... what is that telling us.

... all gov/fed decisions are based on the runup to Nov, not long term.


... the housing market is all about credit and the mice (consumers) who do 72% of the work in order that the cage may spin are tired and all tapped out.

regards
f9

 

well, for NY state the bankrate offers were still over 6% for 30yr fixed. The lowest was around 6.3%.
If I remember right, not much change from a month ago. Maybe it's something about how they collect and report data. Or something about the region I'm selecting.