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Bloodbath only a few hours away

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Hoopz:
You'll have bond prices going up and yields going down as people leave the equity market for the bond market.  That, along with the rate cut, will have mortgage rates dropping.  Depending on where you are at on your current mortgage, it may be a great time to refi.  Especially if lenders in your area are being affected by the sub-prime crisis.  They may lower fees to generate more business.

ChadTower:

--- Quote from: HooPZ on January 22, 2008, 09:36:12 am ---You'll have bond prices going up and yields going down as people leave the equity market for the bond market.  That, along with the rate cut, will have mortgage rates dropping.  Depending on where you are at on your current mortgage, it may be a great time to refi.  Especially if lenders in your area are being affected by the sub-prime crisis.  They may lower fees to generate more business.

--- End quote ---


Here in MA there are two major issues in the news every day:  heating oil prices and foreclosures.  The "predatory lending" was very heavy here - I don't agree with the popular media assessment of borrowers all being victims and lenders all being scum - but this is definitely a heavier than average foreclosure zone right now.

I did refi the last time they were really low, but if I could get a 30 year in the low 5s without thousands in point costs, that would be worth doing for me.

shardian:
It isn't near as bad as some were making it out to be today. The Dow is only down 158 as of right now. That is a hell of a rebound from how the day started.

As to me, I have  a 30 year mortgage locked in at 5.3%, and my 401k doesn't have NEAR enough in it yet for me to panic. If this is the brunt of it, then it really isn't too bad. We'll pull out of it.

If you get a chance, listen to Glen Beck on the whole issue. He has some pretty interesting points.

ChadTower:

5.3 is damn low.  I think I'm at 5.875.  We didn't have the pocket cash to pay points and get it any lower.   :banghead:

shardian:
I went my states first time home buyers program.
No points, no fees, an additional $3000 loan with 0% for 5 years ( and not the kind you have to pay off in 5 years - it literally doesn't accumulate interest for 5 years.) It was totally sweet and hassle free. I tried to deal with a few banks (which were ---uvulas---), and CountryWide (thank goodness I didn't go with them now, huh).

The brokers that strong-armed people into ARM's are definitely part of the current economic problem. They pushed those things like crazy so they got a bigger immediate payday.

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