Prime rate...

[Cole]

Just went up to 6.75%.
Sorry for the bad news :frown:

[Red Eye]

What a knucklehead!!! I thought w/ the hurricane damage, he was going to hold off on increasing the prime rate.
It's time to get rid of those equity lines folks.

[Red Eye]

Damn it. I am signing a loan shortly thats Prime + .5
Not a real big loan, just for concrete/landscaping (But that shit aint cheap ya know)
Its only made a difference in my life for the past couple years. What do you think it looks like in the long term?
You're better off doing a fixed second, because in the long run you're going to end up paying more for the equity line. Nothing says you have to sign if you don't want to.

[HCS]

Another reason for George Bush's ratings to drop.
He caused 911.
He crated a hurricane disaster.
Housing prices are at an all time high.
Now the prime interest rate is on it's way back up.
:rolleyes: :rolleyes: :rolleyes: :rolleyes: :rolleyes:

[Cole]

The good news.... gear up for some forclosures!!!!!
IT WILL HAPPEN!!!!! so everyone start saving a few bucks and wait for the feeding frenzy!!!! I cant wait!!!

[RiverToysJas]

The good news.... gear up for some forclosures!!!!!
IT WILL HAPPEN!!!!! so everyone start saving a few bucks and wait for the feeding frenzy!!!! I cant wait!!!
We are ready!!! River property.....here we come!!! :crossx: might have enough left over to get a big cat too..... ;)
RTJas :D

[lucky]

lets see - i knew i left 200,000 in equity in my house for a reason :)
ps i'm looking for a nice little place by a river :idea:
arms loans = death

[RiverToysJas]

I think Crazy Horse really stands to gain from all of this.....those interest only folks might just be tent camping next year. ;)
RTJas :D

[TrojanDan]

Damn it. I am signing a loan shortly thats Prime + .5
Washington Mutual was prime + 0% last time I checked. :cool:

[GHT]

I think Crazy Horse really stands to gain from all of this.....those interest only folks might just be tent camping next year. ;)
RTJas :D
No.... Sh1t!!! I'm locking with a fixed ASAP Prime plus is still cheaper than paying the fixed rates but WHERE IS IT GONNA STOP? :confused:
BTW... Anyone know a good tent manufacture? :hammer2: :hammer2:

[cxr133]

house prices are gonna start coming down now

[Cole]

house prices are gonna start coming down now
I was looking into some property in Riverside off Van buren, and was noticing some home price dropping!!! Not much maybe 5%...but its a start!!!!!

[Mrs. casean]

The good news.... gear up for some forclosures!!!!!
IT WILL HAPPEN!!!!! so everyone start saving a few bucks and wait for the feeding frenzy!!!! I cant wait!!!
Can't wait! It's only a matter of time...

[CA Stu]

I was looking into some property in Riverside off Van buren, and was noticing some home price dropping!!! Not much maybe 5%...but its a start!!!!!
Houses staying on the market longer, interest rates rising Ohhh Nooooo!
It's nice being conservative. :cool:
Cheers
CA Stu

[NashvilleBound]

Without all the gory details, its the best I could do while cleaning up my credit following a divorce.
Forensic
Valley Center??? I didnt know anyone else lived up there.......

[al cole'holic]

..when I bought my house 6 years ago prime rate was almost 9%, it was ok then....

[BoatPI]

FYI the hot deal on a home equity loan is Cal National Bank..Prime -75.

[JMC]

Until the long US treasuries fall off we will be seeing high short term rates indefinately.
Eight months ago the best national 2yr CD was 2.5%. I can now get 3.1% FDIC for 1 month and a year comes at 4.00% Just for color a 5 year CD is at just at 4.40% right now Greenspan wants long term rates to rise...and it is coming. If your after a sub 6% mortgage you had better get it now.

[Restless22]

It is definatly time to lock in to a fixed rate mortgage and payoff that home eq line. :hammer2:

[Scarab Jet]

We are ready!!! River property.....here we come!!! :crossx: might have enough left over to get a big cat too..... ;)
RTJas :D
Hate to rain on u guys' parade, but somehow I don't think there will be much effect on river front properties. In my humble opinion, they are more like gas prices - once they go up, they stay up - 'cause there is only so much real estate on the River. Simple supply and demand economics working here...
so, even if some guys bought river front with adjustable loans, I don't believe that they are willing to let them go cheap just because Fed raised the rates by .25 today... Just my .02...
Mike...

[Essex502]

The last time a major spike in fuel prices accompanied at raising of the Fed prime rate a recession occurred. Well, actually the last two times. Experts are saying that unless Greenspan backs off or something is done on fuel prices (gasoline, heating, gas) we are in for another recession. Greenspan likes to jerk the chain too quickly. Can't wait for him to retire shortly. Unless we get some bigger idiot.

[framer1]

Hate to rain on u guys' parade, but somehow I don't think there will be much effect on river front properties. In my humble opinion, they are more like gas prices - once they go up, they stay up - 'cause there is only so much real estate on the River. Simple supply and demand economics working here...
so, even if some guys bought river front with adjustable loans, I don't believe that they are willing to let them go cheap just because Fed raised the rates by .25 today... Just my .02...
Mike...
I feel the same way about beach property, there is only so much of it. It never seems to go down.

[MBlaster]

We should see long term rates staying fairly low while short terms continue to rise. That's the feds plan. People that run into trouble with equity lines need to think about refinancing their primary loan. I don't think we will be seeing any big increases in inventory untill the stock market has a sustainable long term rally. Greenspan wants to keep average stock market returns under 10% and long term mortgage rates under 6.5. That's how he plans to keep such a fragile economy stable. The fed does not want to see a housing bubble pop as much as it wants equilibrium across the board. Basically if you are waiting to pick up cheap real estate, don't hold your breath.

[PHX ATC]

Houses staying on the market longer, interest rates rising Ohhh Nooooo!
It's nice being conservative. :cool:
Cheers
CA Stu
...or poor. :D
Not a slam on you...just an observation really...more like me. :rollside:

[Focker]

Hate to rain on u guys' parade, but somehow I don't think there will be much effect on river front properties. In my humble opinion, they are more like gas prices - once they go up, they stay up - 'cause there is only so much real estate on the River. Simple supply and demand economics working here...
so, even if some guys bought river front with adjustable loans, I don't believe that they are willing to let them go cheap just because Fed raised the rates by .25 today... Just my .02...
Mike...
i agree
recreational property is limited

[RiverToysJas]

Hate to rain on u guys' parade, but somehow I don't think there will be much effect on river front properties. In my humble opinion, they are more like gas prices - once they go up, they stay up - 'cause there is only so much real estate on the River. Simple supply and demand economics working here...
so, even if some guys bought river front with adjustable loans, I don't believe that they are willing to let them go cheap just because Fed raised the rates by .25 today... Just my .02...
Mike...
I did not mention River Front Property. .....and I tend to agree with you. ;)
BIG differance between property at the river, and river front property.
RTJas :D

[MS B HAVEN]

Refi your firsts and pay your seconds off, but make sure you have the LTV to subordinate it. Keep your equity lines open for emergency's. Home sales have slowed but it will be a slow process to see them decrease in value. Do your refi's now, while the value is still there. There are several houses in my hood that are sitting for sale and a year ago they went like hot cakes. yes Washington mutual has prime +O. Greenspan keeps raising that prime because people are spending way to much $$.. Before you know it he'll have it at 8% & who wants to make that intrest only payment! :notam:

[Cole]

Refi your firsts and pay your seconds off, but make sure you have the LTV to subordinate it. Keep your equity lines open for emergency's. Home sales have slowed but it will be a slow process to see them decrease in value. Do your refi's now, while the value is still there. There are several houses in my hood that are sitting for sale and a year ago they went like hot cakes. yes Washington mutual has prime +O. Greenspan keeps raising that prime because people are spending way to much $$.. Before you know it he'll have it at 8% & who wants to make that intrest only payment! :notam:
I have no problem with interest only loans...it is only a minimum requirement from the lending institution, and the amount of your monthly requirement is quite a bit less with an I/O, You can always make larger payments when you want, as long as you CLEARLY understand that your principle will stay the same. Besides, have you ever looked at an amortization chart, the amount of principle being paid the first ten years is minimal!!
The fed has been raising the rates and they have also come down...so it’s a crap shoot on what he will do.
If your rate is 7% or above and you have a little equity, then you might think about locking in a I/O or a 30 yr fixed(depending on if you plan on staying in your property)!!!

[ptboat]

See, people are doing it all wrong. They thought that selling their beautyful home now and move to an apartment so wait when the housing buble burst then start buying better house for less money. That is not going to happen. What they should do is, while owning your current house. Rent it out, take out a home equity loan or other loan and use it as a deposite for a nicer home. Now you have two homes, one is paying for buy some one else who renting it and the other is paying by you while living in it. Use your head, nothing is free in this world now a day. So don't expect to buy nice stuff for a lot less. The bank are not that dumb you know. :rolleyes:

[callbob4homes]

We should see long term rates staying fairly low while short terms continue to rise. That's the feds plan. People that run into trouble with equity lines need to think about refinancing their primary loan. I don't think we will be seeing any big increases in inventory untill the stock market has a sustainable long term rally. Greenspan wants to keep average stock market returns under 10% and long term mortgage rates under 6.5. That's how he plans to keep such a fragile economy stable. The fed does not want to see a housing bubble pop as much as it wants equilibrium across the board. Basically if you are waiting to pick up cheap real estate, don't hold your breath.
I believe we have a winner!