how come it seems like some house prices and mortgage prices are dropping?
butterfly20
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how come it seems like some house prices and mortgage prices are dropping?
we just locked in @ 5.625 and now they dropped to 5.5
also it seems like more 'affordable' houses are popping up in the 300's... not in the section we are buying into, but some other towns....
sept20yay
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Re: how come it seems like some house prices and mortgage prices are dropping?
I noticed that too. I feel like home prices have come down.
matron
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Re: how come it seems like some house prices and mortgage prices are dropping?
Jeez, I wish I felt that way. Where are those houses????
DjPiLL
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Re: how come it seems like some house prices and mortgage prices are dropping?
Posted by butterfly20
we just locked in @ 5.625 and now they dropped to 5.5
also it seems like more 'affordable' houses are popping up in the 300's... not in the section we are buying into, but some other towns....
Thats why I have been saying that its not necessary to lock right off the bat. There is no sign that the rates are going to rise. Unemployment still sucks. Rates will stay down. But regardless... 5.625 isn't a bad rate either.
I also don't think housing pricing will go down anytime soon either. If they are going down in certain markets... there must be a different reason why.
lesleyw
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Re: how come it seems like some house prices and mortgage prices are dropping?
We have been seeing a slight softening or correction in the areas we have looked. I have seen numerous price drops, but I think that is typical of the late summer into fall market. The homes that have been sitting on the market since May are coming down. Most of them were probably over-priced to begin with, though.
We just had on offer accepted for 20K less than asking price, which is really a fair price to pay for the house -- the listing price was just too high.
lullabella
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Re: how come it seems like some house prices and mortgage prices are dropping?
Are rates that low for a 30 year mortgage? I got 6.375%
DjPiLL
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Re: how come it seems like some house prices and mortgage prices are dropping?
Posted by lullabella
Are rates that low for a 30 year mortgage? I got 6.375%
Bankrate national average is currently 5.61%... so yes they really are that low. When did you lock in on that rate? Let me guess... a month ago?
trish101003
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Re: how come it seems like some house prices and mortgage prices are dropping?
Its hard to look at an 'average' rate. A few things go into it - how much you are borrowing (regular or jumbo loan - which is more than around $300,00 I think), if you are paying discount points, etc. I have found the average advertised rates to be misleading.
DjPiLL
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Re: how come it seems like some house prices and mortgage prices are dropping?
Posted by trish101003
Its hard to look at an 'average' rate. A few things go into it - how much you are borrowing (regular or jumbo loan - which is more than around $300,00 I think), if you are paying discount points, etc. I have found the average advertised rates to be misleading.
Jumbo loans are more than 322k. Usually you pay half a point more for those.
The national average rates are not misleading and those are the rates you should shoot for. Don't let some broker tell you otherwise. The higher rate the broker books for you means more cash in their pocket.
I just went on E-Loan's site real quick. A person with excellent credit borrowing 300k on a 400k appraised house can get a NEGATIVE points 30yr loan at 6%. Negative points means you actually get a CREDIT of $1179 at the closing table which can get applied to your closing costs.
I am sure I can get an even better rate if I looked around.
DjPiLL
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Re: how come it seems like some house prices and mortgage prices are dropping?
Here is a link to all the LOCAL (Long Island) banks that advertise with BankRate and their posted rates. All with ZERO points.
