30 Year Mortgage Rates 4%

do you know what I can get for a 30-day jumbo? 20% down.

Extremely low rates are usually deceiving since they almost always include points. With no points and no cloising costs on a 30 year fixed, I got a quote of 4.25%

Is this rate even relevant. Fewer and fewer qualify.

No closing costs? I've never heard of a "no closing costs" loan. Aren't closing costs negotiated between the buyer and seller?

Yes, I have a 30 year fixed jumbo at 4.625% up to 2mm, no points. Call me Thomas Wiggin 212-563-1234
Thomas Wiggin NMLS 110416
Amerifund Home Mortgage
NYS Licensed Mortgage Banker

Qualifing is difficult but if you have the proper ratios, good income, assets and credit you can take advantage of the competitive rates.

"Extremely low rates are usually deceiving since they almost always include points. With no points and no cloising costs on a 30 year fixed, I got a quote of 4.25%"

is that 30 yr fixed, if so pass on broker please

There are closing cost on any purchase or refinance unless you put them into the mortgage by raising the rate. An example would be 4.625% no points or 4.875% no points no closing cost.

I can do 4.25% no points up to 625K.

i want 4.25% no pts no cc, no tax stamps 30 yr fixed refi thanks

Please call me to discuss. Thomas Wiggin 212-563-1234
Thomas Wiggin NMLS 110416
Amerifund Home Mortgage
NYS Licensed Mortgage Banker

**** also nothing added/rolled into principal, cool?

We closed on a coop refi 9 months ago: 30-yr jumbo @ 4.5% with $3000 in out-of-pocket expenses to make it happen. Rate saved us $600/mo. so it completely made sense. As of June we started "making money" on the refi. I don't think rates are really going up any time in the immediate future, but for those who have decided to buy and who are looking, these rates are like gifts (of course, for the highly qualified).

what was ur rate prior kyle..

5.875% from a 2008 closing.

KW, that's like a $700K mortgage. By "jumbo", you mean a conforming jumbo, right? I thought a full jumbo was 0.5% higher back then.

The new conforming jumbo is 625K in the NYC area.

you can cut the rate all you want-- that's not helping the housing problem.

http://www.bloomberg.com/news/2011-09-29/one-in-five-modified-loans-default-again-u-s-comptroller-says.html

KW: that's great for a 30-year jumbo, NYC. Those are the rates I'm seeing - if there is a "relationship", the lowest for a 30-year jumbo (no points) in NYC is 4%.

"Extremely low rates are usually deceiving since they almost always include points. With no points and no cloising costs on a 30 year fixed, I got a quote of 4.25%"

Not if you're a preferred customer of the right financial institution.

My contact at Mellon tells me they're now offering as low as 2.9% on 30-year jumbos.

I can see banks refusing to do no point loans. The Fed is destroying the mortgage market by constantly lowering rates. In this environment banks have no reasonable assurance the mortgage will be outstanding long enough to recoup fees, so getting paid up front is the way to go.

Even if they sell the loan , the new buyer has the same issue so prices in the risk.

NYCMatt: My contact at Mellon tells me they're now offering as low as 2.9% on 30-year jumbos.

Nice -- can you post contact details? Thx.

inonada: it was less than $700k. We put a lot down. You are correct though--it was "nonconforming", it wasn't "jumbo."

NYCMatt: Someone long ago on SE told me about the fantastic rates that Mellon gave to its private clients. I spent an afternoon chasing down people at Mellon to find out that those fantastic rates were no different than other private bank client rates. Got a name? Shoot me an email at nyc10023a at yahoo dot com.

Got it KW. Thanks.

I really cant see rates dropping much further than where they are now. Low 4% range on a 30 year purchase. Mid 4% on jumbo 30 year purchases. Rates on refinances are a bit higher for us but that is because of our focus on the new purchase business. Mellon and some other might offer some much better rates but a majority of the buyers wont qualify. But it doesnt hurt to contact them to find out if you do. sunny.hong@bankofamerica.com

shong- why do you think rates can't go below 4%? if long term bonds continue to decline and bank margin is 1 point shouldn't rate be around 3.75 for the 30 fixed (625K)? what's your argument?

realtime - unfortunately, i dont have a valid argument as to why I dont think rates will go down much further. This is just my gut instinct. And I'm not sure banks will keep the margins low in this lending environment. And that may be one of the reasons why rates are actually as low as they should be.

mortgage loans are priced off mortgage bonds, not treasury yields. Other variables that affect mortgage bond prices are perceived credit risk. Other variables that affect rates are the buyers credit history/score/financial situation and the banks pipeline of applications and as Shong says, margins.

Teddy and 10023:

Sorry but my contact (close personal friend as a matter of fact) is very uncomfortable with me sharing his contact information with strangers.

Can you post the office or dept your friend works out of? I have a Mellon account, and the folks there were not able to give me better-than-private-bank rates.

kinda like snuffleupagus

"Can you post the office or dept your friend works out of?"

He's at the Grant Street office in downtown Pittsburgh.