Mortgage rates

Gator, your best bet is to look at the treasury yield curve and how it moves as mortgages are tightly linked to these. I think there's a lag between treasuries and mortgage rates. I.e., the quote you're going to get from the broker at 1pm vs. 3pm is probably the same despite moves in treasuries.

A good source for daily treasury rates is the Fed:

http://www.treas.gov/offices/domestic-finance/debt-management/interest-rate/yield.shtml

If you want to know the minute-by-minute reaction to the announcement, check out an intraday source like Yahoo finance. Ten-year rates moved up 0.1% in reaction to the announcement, 30-year rates close to 0.2%. I'll leave prognostications about what this movement meant relative to what information was baked in to the talking heads on CNBC.

Good question...I am currently floating, and it went from 4.5, we pay 1/4 pt on Monday to 4.5 they pay us .125 yesterday. My plan is to continue to float for the next couple of weeks; will probably lock in if it gets to 4.25 without points. Would love to hear others opinions

I locked into 4.25 for a 30 no points but wonder if it will want to go for a one time float down before we close.

I'm being told a Manhattan co-op jumbo is available for 4.375%

I'm thinking of locking 15 year fixed 3.5% no points. 10 yr t-bill is falling currently. Does this mean 15 year fixed will be lower tomorrow? How far must t-bill yield fall to cause a .25 fall in 15 yr rate? Is it 1 to 1?

A lot of good questions on here. I haven't seen a marked decrease on mortgage rates yet and it sounds like the Fed isn't doing much with 30 years so maybe a standard 30 year fixed will stay around 4.25%. Shorter term mortgages may be the ones to decline.

@Kylewest - who did you get 4.25 from?

Best offer we've had this week for $488k on $700k co-op with 735credit is 4.5% from Citi

I keep hearing there are better rates but seems not for co-ops or not in NY etc when you make the calls and dig through the BS.

can someone recommend a few of the better places to obtain a jumbo mortgage? I am primarily thinking about a 5/1 arm, interest only mortgage, but would consider other options.

Locked in a 30 year fixed at 4.25% w/ BofA Excellent credit, condo in NYC.

Deanc I'm buying a co op and haven't locked. My mortgage broker said I could have 4.25 if I go for 20 day lock and close wit in 20 days

30 years fixed no points

@ deanc: 4.375--not 4.25%. It is a broker I know at GFI. I am about to re-fi. Actually signing papers tonight and sending them over tomorrow. If you want me to refer you, post your email and I'll get you the info for the contact.

Just to answer my own question above:

The falling 10 year t-bill yield yesterday did not translate into a lower 15 year fixed mortgage rate as rates were slightly higher today. The rate held steady for 0 points (3.5%) but the buy down for a 3.375% rate rose from .25 pts to .375 pts. It seems the rates are set from where the t-bill is trading (or projected to trade) in the morning of the day the rates are set. And it obviuosly doesn't fluctuate 1:1.

If anyone can shed light on the process of setting mortgage rates I'd love to hear it!

Anyway, I locked at 3.375% with .375 discount points for 15 year fixed (TBI Mortgage)

I can see how the shorter term rates may change but can't guess at what will happen to the 30 year mortgage rates

i locked in with citi this afternoon at 4.375% 30 year fixed for 488k 700valuation 735credit

i still think i locked in too early but happy to get it over with as coming from a 7% 3 year fixed and only had 6 months to run.