DZBone 0 #1 September 21, 2001 Anyone else starting to see this?My wife has been looking around for a refinance for our mortgage. One of the reps just told her "the largest holder of bonds was the world trade towers and now that they were destroyed the mortgage rates are unstable" and that we should hurry to lock in our rates.Needless to say, the bastard lost the sale. Quote Share this post Link to post Share on other sites
freeflir29 0 #2 September 21, 2001 Actually, last I heard Alan Greenspan told Congress that he wanted to wait two weeks to see what happens before he changes anything. As far as the banks they have been dropping rates a little just to try and compensate for the consumer spending stoppage. Unstable isn't necessarily a bad term to use but if anything I think they will drop to try and induce consumer spending. IMHO you made the right decision!"This conversation ends right here Captain! You can talk to the ALO when he gets back."-MeClay Quote Share this post Link to post Share on other sites
Michele 1 #3 September 21, 2001 Hi, all.Now, you're talking my language....as a realtor in the great Los Angeles area, I do this every day....Mr. Greenspan, on Tuesday, did drop the rates by 50 basis points, or 1/2 a point. These rate drops affect ONLY the amount of interest that banks charge each other, and while they do have an indirect relationship, they do not immediately affect mortgage interest rates. There is not expected to be any movement for the next 14-30 days,m unless something untoward happens. the rates do affect t-bills, and other bank issues, but not mortgages. Rates are still low, actually quite low. There have been some minor fluctuations, but I stress very minor. You should, with a fico of 650+, be able to get a rate around 6 3/4 or 7. It also depends on the amount you intent to put as a down payment, or the amount you want to refinance. Panic selling is illegal, and should be reported to the National Association of Realtors, as it is something which is tracked, and something may be able to be done about it. If you need help, Carl, pm me and I'll figure out how I can help. Ciels-Michele"What of the dreams that never die? Turn to your left at the end of the sky". ~e e cummings~ Quote Share this post Link to post Share on other sites
DZBone 0 #4 September 21, 2001 Thanks, Michelle.It's not so much the mortgage thing that fries me, as the salesperson using the attack as a way to sell a frikkin loan!I love capitalism, but sheesh! Quote Share this post Link to post Share on other sites
