30 yr mortgage rates drop below 4%!!!

[archery288]

MARKET UPDATE

If you have't been watching the news recently, mortgage rates are continuing to flourish!! Even as our stock market has been seeing gains, the bond market continues to hold its ground as well.  Generally speaking when the stock market trends upward, mortgage rates will increase as well.  This has not been the case...  

Asof 12:30pm October 8th, 2010:  

30 year fixed rates dropped to as low as 3.875% (APR 4.11%) and 15 year fixed rates have fallen to 3.375% (APR 3.78%).  

These figures are based on a $200,000 loan amount with fixed rate conventional loans and the given year terms as listed above.

If you are considering a refinance I encourage you to take this opportunity to explore your options!  

Take care,  

[WDFW-SUX]

Whats the lowest credit score that you have seen financed in the last year?

[archery288]

I have personally completed a loan this past year for someone who had a credit score that reported "N/A"... He didn't have a credit score that was up to date and all of his credit was very limited and old.  All 3 bureau's reported N/A.  I used 3 non-traditional trade lines to get his loan done.  ie - utility bill, comcast bill, and a letter from his landlord with 12 months currnet rental history.  

Aside from the no score, 624 is the lowest score I have seen done this year in my office.  

[WDFW-SUX]

624 my how the world has changed...

[Ridgerunner]

Is there a calculator that shows the breakeven point for refinancing? 

[Craig]

Is it worth refi if I'm at 5%?

[archery288]

It depends on every situation as for the breakeven point with loan costs associated etc.  I can figure that out for you pretty quick if you would like me too?

[DoubleJ]

My credit score is ***.  Any hope for me?

[quacker whacker]

we're looking into possibly refinancing, give me a pm and I'll fill you in on the details. Thanks.