ask me a year ago if i had thought that the bank rates of around 6% interest on a 30 year fixed mortgage loan was high and i’d say that it seems like it was high compared to what my friends were getting. ask me if i thought that the rates would go down and i would have said that it probably would.
i hopped on to wells fargo’s site to check out what 30 year mortgage rates would be, in case it might be a good time to refinance…heh, HARDLY. i was shocked to see that wells fargo has an advertised 9.75% rate!! they are certainly more conservative than other banks, but man…who would be insane enough to borrow at that rate? i can’t even imagine what the interest is going to be like.
man, tough times for anyone who is looking to buy or refinance now.
Curious. What are the points ? Without going to bankrate.com, a quick check at a comparable bank like BofA -> $700K loan, 20% down yields 30-Year Fixed-Rate Jumbo rate of 7.625% , 1.625pts , 7.869% APR.
I completely agree that it is tough times for anyone looking to buy or refinance now. How quickly times have changed. It seems today you either cough up 20% or the banks won’t even look at your application. And on the re-fi side, the staggering drop in home values have caused many people’s LTV ratio to be really screwed up, making it very difficult to re-fi.
looks like it is quoted at 1pt. i know that the numbers advertised on the website are actually a little worse than what you can really get because it doesn’t take into consideration credit history and the like, but still…it’s boggling how bad it is.
Heh. I remember growing up and my parents had a 16% interest rate on one their mortgage loans 🙂