An update on mortgage rates – they are staying in a tolerable range, so far.
The 30-year fixed-rate mortgage averaged 5.32% for the week ended Thursday, down from last week’s 5.42% average and 6.35% a year ago.
Bank of America’s 30-year jumbo fixed rate today was 5.625% with a point. They have been pretty aggressive on rates, and ended up ranking as the #1 jumbo lender for the first quarter:
Lenders are still looking for full documentation on the 30-year jumbos. There are a few brokers that mention easy-qual loans being available, but rates would be higher, and offered only on short-term interest-only terms too.
Rates are not the problem.We need to help all the people who are underwater refinance.The 125 ltv plan is a start.Anything under 7% is great to me.
I hired another realtor today.Seems to know his stuff.Will keep you all posted.
AZDude – why in the hell would you hire a Realtor? You never have anything positive to say about Realtors, only insults such as “she came to my place sh**faced”, etc. Go buy a dump from a FSBO and get screwed. You, and some others, use this blog to demean and belittle real estate professionals. Yes, there are some unprofessional, part-time know-nothing, walking lawsuits in this business, but most are hard working, dedicated people acting in the best interests of their clients. In fact, Realtors spend a lot time not getting paid. Driving lookie-loos around for months with no sale, handling distressed sellers in a bad market, and practicing a little psychiatry on the side, all at no charge. In case you don’t know it, JtR is what we in the business call a “Pro”: a highly regarded top producer, highly skilled, respected by his colleagues, clients and associates and possessing a high degree of personal integrity. Mr. JtR graciously provides this forum – keeping us informed of real estate market conditions, trends and what is happening in the real world. I suggest you go down to the Lei Aloha Lounge and finish your beer. P.S. I do not personally know JtR, but hope we meet someday so I can thank him in person.
I was surprised to see Wells near the top on the jumbo list–their rates haven’t seemed to be too attractive to me lately; they HAVE improved greatly, but I didn’t get the sense they were really interested in being in that end of the business.
but most are hard working, dedicated people acting in the best interests of their clients
ROFLMAO!!! Wall Street said the same thing about brokers after dot-bomb.
Sooo… if we take your statement at heart then they’d have to be one of two things:
1) Intelligent people actively advising their clients that they were very likely massively overpaying during a mega-bubble (e.g., Jim); or,
2) Idiots that spouted NAR nonsense such as “RE always goes up”.
Not one of those two? Well, then, maybe they were only acting in their *own* best interests.
FTR, there *are* a lot of good Realtors out there, but their numbers are overwhelmed by the not-so-good. If “most” had been like Jim the bubble simply wouldn’t have happened.
…’In fact, Realtors spend a lot time not getting paid. Driving lookie-loos around for months with no sale, handling distressed sellers in a bad market, and practicing a little psychiatry on the side, all at no charge…’
Really now? Every client is a lookie-loo at one time or another. Realtors and advice, now how did we get here? No charge? We are ALL paying for their (sans Jim and the very few) wonderful advice.
tj: Realtors don’t hold guns to clients heads or use Quiji Boards when showing a home. Clients were buying because all their friends were buying (peer influence) and they wanted a piece of the action. It was a disease of flipping greed. Just like the tulip bulb frenzy in 1400’s Holland. That’s all people talked about at social gatherings…I’m buying this, I’m buying that, etc… and so on an so forth. Just about every human being in California got a real estate license. They represented themselves, their Aunt, Uncle, best friend etc. Those are the agents that are now gone – back to their jobs at Taco Bell. So, put the blame where it belongs: on the carpet baggers, the aunts, uncles, best friends, etc. that chose the least qualified, least experienced, most dangerous representation and threw sensibility to the wind. My advise: keep renting.
DR,
I don’t disagree with any of what you just said. It’s the “most” qualifier I had a problem with in your prior statement(s).
The carpetbaggers, just like the toxic mortgages, came into play *after* the bubble started. The realtors involved in the formation of the bubble were already there, and way too many of those were as interested in their client’s interests as much as your typical used car dealer.
“Clients were buying because all their friends were buying (peer influence) and they wanted a piece of the action.”
You make it sound as if Realtors are like drug dealers. Maybe that’s a part of this problem.
How many transactions took place during this bubble? How many of them were represented by a Realtor on one or both ends? How many of those Realtors told THEIR CLIENT that they probably wouldn’t be able to afford the home they were buying?
Like you said, nobody was putting a gun to their head, they buyers were doing it to themselves, but you would think that if you went to a professional for some advice that they would try to talk you out of pulling the trigger rather than helping you load the gun.
The blame for this fiasco can be shared by many. Let’s hope we can all learn something from it and become better for it. Maybe something good will come out of this in the form of reforms or a more well educated class of buyers, sellers, and realtors.
desert realtor,
I am not disagreeing with you that there are great realtors out there.Jim is a great realtor in my mind.I am disgusted by some of the people out there that call themselves professionals.
Half of the Realtors out there give the rest of us and bad name.
Sorry, thats “a” bad name