fed dropped rates 0.5% today, how long will it take for this to affect mortgage interest rates (esp 30 year interest only), if at all?
2007-09-18 10:48:21 · 4 answers · asked by curiousmorey 2 in Business & Finance ➔ Credit
i noticed they went down a tiny bit today, but not nearly as much as the fed dropped whatever rate the press was talking so much about.
2007-09-19 05:59:35 · update #1
to the guy that said "A half point the difference of a 200K loan is only $254 a month": $254 a month is a lot of money! that's enough to fund a retirement if you start young.
2007-09-19 06:00:54 · update #2
rates have dropped for 30yr fixed mortgages...
30yr fixed are at 5.875% with 1origination fee.
the borrower must have good equity or at least 5% down for purchases. Of course they will need to have over 720 credit scores. these rates maybe stable for the next few days...let's hope it continues to drop!
2007-09-18 11:27:04 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you are in a 30 year fixed it will not affect you at all the loan is fixed. Never hear of an interest only 30 year loan. If an ARM it depends on the interest rate, and the rise and cap if it is factored into the prime rate. A half point the difference of a 200K loan between 10.25 and 9.75 is only $254 a month
2007-09-18 18:32:35 · answer #2 · answered by Pengy 7 · 0⤊ 0⤋
I have the same question. I'm in the process of getting a VA loan and wonder how I should go about things. I know that interest rates are a little over 6% here in TN for a 30 year fixed. They want me to close on the house in the next week or two. What should I expect?
2007-09-18 18:00:20 · answer #3 · answered by Kurt P 1 · 0⤊ 0⤋
u may live long enough.
what they dropped is prime and really will not affect 30 yrs given the housing and mortgage corrections coming.
2007-09-18 17:55:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋