Gee, you wonder why home prices are plummeting and will keep plummeting.
Not.
| Product | Interest Rate | APR |
|---|---|---|
| Conforming1 Loans | ||
| 40-Year Fixed | 7.625% | 7.844% |
| 30-Year Fixed | 6.625% | 6.860% |
| 20-Year Fixed | 6.750% | 7.060% |
| 15-Year Fixed | 6.250% | 6.631% |
| 5-Year ARM | 6.500% | 6.119% |
Jumbo Loans – Amounts that exceed conforming limits1 | ||
| 30-Year Fixed | 9.875% | 10.061% |
| 15-Year Fixed | 9.250% | 9.520% |
| 10-Year ARM | 9.625% | 8.601% |
| 5-Year ARM | 7.875% | 6.610% |
FHA – loan limits vary by county. | ||
| 30-Year Fixed | 7.000% | 7.749% |
26 comments:
Wouldn't a 40year @7.625 be more per month than 30 yr @6.625 ?
Cool.
Cow_tipping.
uhhhhhh where is the 50 year jumbo rate??? what kind of operation is this??
aren't jumbo loans larger now though, thanks to the taxpayer bailout?
All those rates are pretty nasty
Yep, screw the little guy when they need money the most.the banks have us all by the balls.how about another stimulous package.give everyone 10 grand to pay their loans.
Where are multi-generational mortgages? As soon as a baby in a family is born a bank lien with a stamp is put on his birth certificate. Won't be lifted until he or his children pay off the mortgage. LOL
Anonymous said...
All those rates are pretty nasty
Even I know better than that and I'm 27. Look at where rates were in the early 80s. This is NOTHING.
The only thing 'jumbo' I plan on buying in 2008-2010, are Nathan's weenies. Of course I top them off with Bush's beans and a slew of chopped onions.
Anyone game for a kiss?
do the speculators get rescued at 5% though, while the people with better credit pay more?
So, even though rates are nowhere near what they were in the early 80s, we have the same problem: interest rates, and therefore payments have doubled (or more than) from the purchase rate.
This kind of dilemma used to be limited to teaser ARMs, but now anybody who bought between 2003 and 2006 is in the same boat. Your 2500/mo mortage is now $5k/mo; with growing unemployment and lower consumer confidence as a bonus.
We are so screwed.
So while the borrower is paying 10%, the saver is getting - what - 2%?
Hey HP'ers, don't you FEEL STUPID for living below your means? Don't you FEEL STUPID for saving your hard earned money? The latest headlines state the government will end up buying delinquent mortgages and delinquent credit card debt and end up modifying it (i.e. lowering the principal and interest payments). Boy, you HP'ers/Fucked Savers are so screwed!
Redux ah la the 70's!
We sure are screwed. Next time we will default, too.
Well, deflation is taking money out of circulation faster than the Fed is printing it (scary thought, that), so these may well be "good" rates. I remember when 17% fixed interest 20 years was a common mortgage rate. I'm not surprised to see 40 year mortgages - though the interest rate must be an error; it ought to be lower for the longer term mortgage. After all, they have 100 year mortgages in Japan. If people are not intending to pay back their mortgage over 40 years (will either sell first, or will pay back over 15 but want the lower interest rate), then the number of years on the mortgage document is unimportant.
With the RECORD, MASSIVE cash being pumped into the US (and other western economies) it's almost impossible to believe there wont be SERIOUS inflation. Right now, the govt could care less about that 'theoretical' problem down the road. They're still fighting the 5 alarm DEFLATION crisis.
My best guess is 18 months for inflation will show up big time. They govts will fail to withdraw liquidity from the system in time.
And what will happen with big time inflation? CRUSHED corporate profits killing stocks. But for the next few months, a large bear market rally to near DOW 11,000 levels would not surprise me.
And BTW, what's the main tool the FED will use to fight serious inflation? Increased interest rates! (Think Carter era 16% rates).
And what happens to home prices when interest rates go up? THEY GO DOWN!
For the next 6-12 months, with increases in job losses, I don't see home prices STOP going down. And honestly, after that, when stabilzation is done, I see inflation roaring.
Honestly, I don't see existing home prices catching any breaks for at least 3-4 years more.
So if inflation does ROAR in 18 months or so, and you want to do new construction, I'd suggest you do it very soon. Before copper pipes and everything else go thru the roof.
anyone know what rate of interest they pay depositors? screwed sheeple.............
Ouch. We're in for some tough times. Good thing greenie told the sheep to get adjustable rate mortgages in 05.
On a positive note though, Zillow says prices are rising quite nicely.
Obama is going to lose and I'm going to laugh my ass off. Keith and the dumbasscrats suck ass!
The housing crash was easy to see, but you missed this one by a mile!
where are the interest only loans?
those rates are still low.
I bought my first house in 97 with a 7/30 balloon @ 7.125%. standard 30yr was about 8% or so at that time.
there is no way america is going to elect a liberal arab as president.
yes, obama is more arab than african, hence the middle name.
liberals are such idiots, nominating an descendant of arab slave traders who fakes being a christian. obama needs to be 10 points ahead going into tuesday in order to win.
" there is no way america is going to elect a liberal arab as president.
yes, obama is more arab than african, hence the middle name.
liberals are such idiots, nominating an descendant of arab slave traders who fakes being a christian. obama needs to be 10 points ahead going into tuesday in order to win."
Wow. Weapons grade stupidity here.
Howd last weekends crossburning go?
Only 10%? for 30 year fixed...
NOW IS A GREAT TIME TO BUY!
Call a Realtor today!
Or Not.
Where are the 100 year mortgages?
WaFargo
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