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QE2 worked already: 3.875% 30-year fixed conforming loan at Wells Fargo

By Mark_LA following x   2010 Nov 4, 7:43am 2,435 views   16 comments   watch   sfw   quote     share    


from https://www.wellsfargo.com/mortgage/buy/tools/rate_calc_results/loan_details?prod=1 :

30-Year Fixed as of 11/04/2010 05:40 PM Eastern
Loan Basics Additional Loan Information
Loan Amount
$400,000
Loan Purpose
Purchase
Interest Rate1
3.875%
Home Value
$500,000
APR1
4.000%
Property Type
Single Family
Lock-in Period
90 days
Occupancy
Primary
Payment Term
30 yrs
Property State
CA
Down Payment
20.00%
Property County
Los Angeles
Estimated Monthly Payment
$1,880.95
Estimated Prepaid Finance Charges
$6,000
Upfront Mortgage Insurance Premium
$0.00
Monthly Mortgage Insurance Premium
$0.00

#housing

2   Mark_LA   ignore (1)   2010 Nov 4, 8:44am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Troy says

Let's not get ahead of ourselves...we won't see these kind of rates in the U.S. until QE4 :)

3   Mark_LA   ignore (1)   2010 Nov 4, 8:50am   ↑ like (0)   ↓ dislike (0)   quote   flag        

shrekgrinch says

Now I know you’re a professional Realtard, Mark_LA.

Sorry to dissapoint you, I hate realtards as much as you.

I'm co-owner of a small (10 person) custom software engineering company.

Realtards are a dying profession and it's my industry that will put the final nail on that coffin. All we need to replace the MLS/Realtards is a combination of MLS/Redfin/eBay. There's a lot of hurdles (legal and professional) in order for this to happen, but absolutely no technical hurdles.

4   Done!   ignore (5)   2010 Nov 4, 8:58am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Mark_LA says

shrekgrinch says

Now I know you’re a professional Realtard, Mark_LA.

Sorry to dissapoint you, I hate realtards as much as you.
I’m co-owner of a small (10 person) custom software engineering company.
Realtards are a dying profession and it’s my industry that will put the final nail on that coffin. All we need to replace the MLS/Realtards is a combination of MLS/Redfin/eBay. There’s a lot of hurdles (legal and professional) in order for this to happen, but absolutely no technical hurdles.

And hurry up and get "Vote.gov" log in Voting and receipt portal a reality.
So more pot heads can vote.

5   Â¥   ignore (3)   2010 Nov 4, 9:16am   ↑ like (0)   ↓ dislike (0)   quote   flag        

It's amazing the difference 10 years made. 10 years ago I was stuck with the MLS listings. They were OK but not 1% as useful as redfin.

What really needs to happen is integrating the title company, county recorder, and listings functions. Not privatize, but open the data up to everyone.

6   Mark_LA   ignore (1)   2010 Nov 4, 9:37am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Tenouncetrout says

And hurry up and get “Vote.gov” log in Voting and receipt portal a reality.

So more pot heads can vote.

I have yet to delve into the bureaucratic world of government contracts. Without exaggerating one bit, my company would be able to do this with a team of 50 total business analysts/project managers/software engineers/system admins/etc & deploy it in less than 2 years.

We'd do something super-secure that relied on RSA digital security ID tokens for authentication, similar to this at eTrade: https://us.etrade.com/e/t/jumppage/viewjumppage?PageName=secureid_enter

Unfortunately, I'm sure the contract would be awarded to some big bunch of idiots who have lobbyists with deep pockets: like Diebold, Unisys, etc. They'll take 10 years & 500 people to accomplish nothing, like they have with the touch screen voting machines.

7   Â¥   ignore (3)   2010 Nov 4, 10:18am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Mark_LA says

We’d do something super-secure that relied on RSA digital security ID

Completely unnecessary. I do absentee ballot and I think it's perfect. What would be really great is if I could sell my unmarked (but signed) ballot to people like Meg. Getting a Starbucks card out of that would have been awesome.

LOL, she paid $50 per vote. Ouch.

8   tatupu70   ignore (0)   2010 Nov 4, 11:47am   ↑ like (0)   ↓ dislike (0)   quote   flag        

shrekgrinch says

What happens when interest rates go up? And don’t say that they won’t.
Then new buyers can’t afford as much house. That will impact house prices…negatively and across the board.

Still waiting for the time in history when that has happened...

9   middleman   ignore (0)   2010 Nov 4, 12:14pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

shrekgrinch says

What happens when interest rates go up? And don’t say that they won’t.
Then new buyers can’t afford as much house. That will impact house prices…negatively and across the board.

There will always be buyers that can afford houses. Also the only way higher interest rates affect house prices "negatively" is if you're the buyer....higher interest rates have historically meant higher house prices. I'm still not sure why people in this forum don't understand this.

10   Â¥   ignore (3)   2010 Nov 4, 12:27pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

middleman says

higher interest rates have historically meant higher house prices

higher interest rates have historically been in response to higher home prices.

11   tatupu70   ignore (0)   2010 Nov 4, 12:34pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Troy says

middleman says


higher interest rates have historically meant higher house prices

higher interest rates have historically been in response to higher home prices.

The point is that higher interest rates don't really cause lower house prices--the correlation between house prices and interest rates is very low. Wage inflation correlates much more strongly.

12   middleman   ignore (0)   2010 Nov 4, 12:36pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Troy says

higher interest rates have historically been in response to higher home prices.

So then since the majority of folks here think house prices are insanely high, interest rates should be skyrocketing. What are we at, 4.25%? ....I've seen higher ; )

13   middleman   ignore (0)   2010 Nov 4, 12:37pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

tatupu70 says

The point is that higher interest rates don’t really cause lower house prices–the correlation between house prices and interest rates is very low. Wage inflation correlates much more strongly.

exactly

14   MarkInSF   ignore (1)   2010 Nov 4, 12:49pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Troy says

middleman says

higher interest rates have historically meant higher house prices

higher interest rates have historically been in response to higher home prices.

I'd step back a bit further, and say they are both a response to a booming economy. Usually.

15   Mark_LA   ignore (1)   2010 Nov 4, 1:16pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Troy says

It’s amazing the difference 10 years made. 10 years ago I was stuck with the MLS listings. They were OK but not 1% as useful as redfin.
What really needs to happen is integrating the title company, county recorder, and listings functions. Not privatize, but open the data up to everyone.

I love Redfin as well...they just started covering Las Vegas, prior to that, doing intelligent searches for possible Las Vegas investment properties was ridiculously ass-backwards.

There would be no need for a title company if we simply joined the rest of the civilized world and had a national land registry, such the the UK does: http://www.landreg.gov.uk/ .

Title insurance companies exist and thrive in the U.S. due to the lack of uniform & reliable record-keeping of liens, titles, and land records in general. Title insurance is almost completely unnecessary in countries such as the UK.

16   Done!   ignore (5)   2010 Nov 4, 1:19pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Mark_LA says

Tenouncetrout says

And hurry up and get “Vote.gov” log in Voting and receipt portal a reality.
So more pot heads can vote.

I have yet to delve into the bureaucratic world of government contracts. Without exaggerating one bit, my company would be able to do this with a team of 50 total business analysts/project managers/software engineers/system admins/etc & deploy it in less than 2 years.
We’d do something super-secure that relied on RSA digital security ID tokens for authentication, similar to this at eTrade: https://us.etrade.com/e/t/jumppage/viewjumppage?PageName=secureid_enter
Unfortunately, I’m sure the contract would be awarded to some big bunch of idiots who have lobbyists with deep pockets: like Diebold, Unisys, etc. They’ll take 10 years & 500 people to accomplish nothing, like they have with the touch screen voting machines.

And People soft, I'm insulted to log into that crap for companies, that use it for HR purposes.
What a Piece of crap, a Front Page 98 Web project by a secretary could be as effective, if not a decent UI.





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