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Dec 3, 2008 12:14 pm

Let's get some good news on here.

 
Mortgage applications up on Fed's new program and predictions that the 30 year mortgage rate will drop.  Hopefully this might help to get more people buying homes.
 
http://www.marketwatch.com/news/story/Big-rate-drop-sends-mortgage/story.aspx?guid=%7BABF1DD99%2D9E4D%2D4F47%2D94EE%2D7E0956A6FE64%7D
 
http://www.cnbc.com/id/28031649
Dec 3, 2008 2:28 pm

This will take a while to really take hold, but rates dropped over 1% in a day.  Think of all the money going to get spent once people have re-financed their mortgages and now have an extra $100-$200 a month to spend because you know that is what the vast majority of people will do with those funds.  Mortgage people are swamped right now with re-fi's.  Very good news for the economy!

Dec 3, 2008 2:32 pm

I lent my buddy $20, making me the fourth largest lender in the nation.

Dec 3, 2008 3:11 pm
iceco1d:
anabuhabkuss:

I lent my buddy $20, making me the fourth largest lender in the nation.

 



+1  good one anna.

Was it a no-doc loan or did you require income verification?

Dec 3, 2008 3:13 pm

I talked to our internal mortgage lender, and he said the volume of inquiries has been huge.  He also said many of them are for new-home purchases, not just refi's.  He said many people are looking at locking in right now, and then going out to find the house that they had put-off for awhile.

Dec 3, 2008 10:40 pm

yeah, and as soon as everyone finds a job then maybe they can take advantage of the low rates

Dec 4, 2008 9:10 am

Looks like Paulson is now trying to come up with a plan for the banks to loan money on mortgages at 4.5%.