30 year fixed - latest rates

I am going for a 30 year fixed conventional with Wells Fargo and locked in at 3.875% yesterday

posting rate means nothing.
What's the loan amount? how much down? Points paid? way too many variables.

new2RE - well done, thanks!

I just closed a 30yr fixed refi no points 4% with wells.

have a jumbo locked in for a 5/1 arm at 2.6%

new2RE & marco_m -- are you both borrowing under 417k? 25% down? 30% down? Thanks ahead of time.

under 400k and my refi puts me at 71% ltv...i originally put down 20%

3.625% no points, 30 year fixed. Under 400K. <50% LTV. Outside NYS. Wells.

It'll get lower. Keep the faith.

Back in November when rates were posted at 4.3%, I locked in a 30 year fixed at 4% with no points and got partial credit towards my closing costs. A few weeks after I locked in rates fell below 4% (where they still are now) and I could have changed the rate, but I would have had to pay a point and 100% of closing costs which wouldn't have made sense financially. Most people aren't saavy enough to pay attention to anything other than the interest rate which is not the only financial factor of a loan. But the truth is if I had waited and locked in at 3.875 the amount I would have had to pay upfront would not have evened out the savings on interest for about 20 years.

4.0%,no points, fixed 30year, under 400K, 20% down, Wells also.

dc10023 - my mortgage is under $400 k, no points and 25% down. Other bank fees reasonable

Last week was told Wells would do 3-75 on refinancing loan 417k, less than 50% of apt.value. 4% is not a bad rate for straight mortgage.

4% on 30; 3.35 on 15. Straight.

Rates can change daily so timing is the key. It can be 4% one day and less the next or higher. Also, as someone else mentioned, there are many variables involved. And you're likely to get better rates on purchases than refinances. Sunny.hong@bankofamerica.com

I locked in at 3.875 on a 30-year fixed coop loan under $400K with 0.05 points (Wells Fargo). Normally I would refuse to pay points, but it was only like $136, which is well worth the peace of mind. I didn't know banks would charge hundredths of a point like that.

For 500k loan (20% down) 30yr fixed coop, I was quoted:
* Chase 4.125% no points. w/ Chase checking auto deduction (4.375% w/o)
* Wells 3.875% no points.
(both yesterday)

Bank of America website was over 1/2 percent higher so I didn't bother. Read in the news yesterday they are stopping (assume temporarily) relationship with Fannie Mae due to a dispute.

If us taxpayers won't lend at ridiculously low interest rate to people with terrible credit then who will fill the void?!?!!!!

I know, the CHINESE will, they love earning 3% on risky assets. Why own GM when you can own the 3% paper on geitner's home!

All very nice rates; over time I'm betting inflation will be back up and will make these rates a real bargain. Also, I should have mentioned my re-financing was under the HARP 2.0 program, so no formal appraisal required -- saved a few hundred dollars on that! Given the above datapoints, Wells seems to "own" this space at the moment.

W67: I normally don't read the grayed out commentators, but not sure of your point: on one post you say that rates "will get lower. Keep the faith". Next day you say the lending is at "ridiculously low rates". Are rates "ridiculously low"? If not, much "lower" do you think they'll get, and wehn?

Would anyone recommend their broker at Wells?

Oldgreyhair you dont know what you are missing.
By the way, grey or gray? You used both.

Mortgage Lenders of America, brokered me to Wells. Not sure if MLOA is licensed in New York. I have had good experience with them and have used them a number of times.

grey or gray?

Hunter: either works for me!

ananaj - I'm currently working with Dave Cameron at Wells Fargo. He's been extremely responsive and a pleasure to do business with.

Dave Cameron
866.367.2762 Toll-free Ext. 77708
david.cameron@wellsfargo.com

I got a 30 year fixed mortgage last Thursday for 3.875%, no points from Wells Fargo. The mortgage was for a co-op. I used
Thomas Imbo.

Thomas Imbo
Home Mortgage Consultant
Wells Fargo Home Mortgage
532 Broadhollow Road
Suite 141
Melville, NY 11747
Direct: 631-752-4853
Mobile: 631-513-9091
Fax: 866-608-2519
E-mail: Thomas.Imbo@WellsFargo.com
Web Page: www.wfhm.com/thomas-imbo1

check out where columbiacounty calls inonada an idiot:
http://streeteasy.com/nyc/talk/discussion/30081-what-cost-more-feeding-the-car-or-the-family

new2RE: Was that a conforming loan (i.e. <= $417K?) High balance conforming (<= $625.5K)? Thanks.

Hmmm... that last post got garbled. Let's try again.
Was the loan amount $417K or less? $625.5K or less?

15 yr, 3.25, no points, CEMA,around 50% LTV, Wells through Mitchell Steinberg at steinbergmortgage dot com. Great service, no BS.

Yes, under $400

Thanks, new2RE.

Upgrading and New2RE, thank you for the contact info!

if you have locked in your rate and rates go down, a good mortgage broker should be able to get you the lower rate at no cost to the borrower.

Ellen Silverman
Mortgage Broker
Tel: 212-786-9682
www.esfunding.instantlender.com

P.S. a good mortgage broker should be able to get the borrower a lock extension without the borrower incurring any costs.

how does lending tree rates compare to others..i am thinking of doing some refinancing because rates seem lower than i refinanced back in august/october. i am thinking of calling wells fargo to see it i can any more juice.

@ streetsmart: that happened to me bc the attorneys took longer than expected, and the MB's answer was thus: lock extension fee is at the mercy of Fannie Mae. As part of the December tax extension there is a Fannie Mae Fee called a “Guarantee Fee” affecting all files that were originated in 2011 but had to be extended in 2012 for whatever reason.

totally sucks, no way not to pay without paying the penalty.
:(

Great info. Thank you for the contacts. How long does it take right now to get a commitment from the bank on an interest rate? I am hearing 90 days... is it really that long?

anyone?

You should be able to get a commitment within 30 days. But usually 2-3 weeks on purchases. And about 30-60 days to close from beginning to end. But I have closed loans within 2 weeks, so that is certainly something possible. Sunny.hong@bankofamerica.com

Mine took longer than Shong's estimate -although was over the holidays and I was away for 2 weeks. My loan took over 6 weeks from contract to commitment. I think that excluding holiday season effect, would probably have been 4-5 weeks. Got to say that 2 weeks seems incredibly fast given regulatory environment, but that's just going by experience of those I know.

Looking to refinance to 5/1 arm under 400k no points on co op, anyone know what the total costs are?

5/1 you should probably be able to get 2.6 - 2.8%. I just got quoted jumbo 5/1 with no points from wells at 2.6% for a purchase so refi usually little more expensive.

i got quoted 4.6% for 30 yr jumbo. $800k loan, 20% down. is this too high?

Sorry, I was talking about the additional costs for processing a refinance like app fees, credit checks, processing costs, appraisal. Things that drive the APR up. Looking for someone who doesn't charge too much.

MsBrooklyn: We do mostly jumbo lending; We are at 4.45% on 30yr Jumbo if its a primary. Could go as low as 4.2%

Mitchell
mcohen@firstrepublic.com

mortgage broker here, close loans with Wells Fargo. I do not charge an application or credit report fee. I take the application over the telephone or will meet, send it to Wells online. The only out of pocket cost is the appraisal fee. At closing there is an underwriting fee of $665 going to Wells and that's it, no origination charges, no points to the broker.

Ellen Silverman
www.esfunding.instantlender.com

msbrooklyn, i wouldnt say that is too high for a jumbo but certainly can get something lower. We're a a good amount lower than that today. sunny.hong@bankofamerica.com

Streetsmart, what rate would you be able to get from wells Fargo? Jumbo loan with 60pct LTV, 10/1 ARM? Excellent credit

UESaptowner - We are at 4.05% and can go down to 3.8% on 10/1. Jumbo at 60LTV with great credit. Loans can be done with P&I or IO (+.10)

mcohen@firstrepublic.com

I'm showing 4 percent with a 60 day lock for the jumbo 10/1 arm, no points. If you want to pay a point then the rate is 3.375 with a 60 day lock.

Also only at Wells, a loan can be broken up into two loans. One for a loan amount of $625,500 which brings the borrower in the conforming category, therefore a lower rate,and a second HELOC for $500,000. On the HELOC, Wells will pay the city transfer tax, and there's no points. Of course this is for loan amounts of $1,125,500 and less, and owner occupied. Also a FICO score of less than 700 is acceptable.

Ellen Silverman
esfundingco@ aol.com

Curious what Wells is offering for a 30 yr fixrd refi under 400K? Currently at 4.375.

Is this a high rise condo? LTV? Fico score above 740? Cash out or rate and term refi?

No high rise--40 units. FICO above 740. No cash out.

I just locked in 4.125 with BOA for a REFI.

(30 year vanilla terms)

Bernie, Curious if they gave you an estimated closing date?

anyone want to jump in here with some current 30 year jumbo offers?

we've been offered 30 year jumbo, 740+,3.625% with $5100 closing costs (they said $4k rebate....but seriously 5k in costs getting a joke).
This is for a $975k refi on 1.75m+ coop so neither equity or serviceability is an issue.

30 y fixed jumbo , BOA last Thursday 3.25

refinance 1.3 value , 910 balance