30-year Mortgage Rates highest in 15 months

[gldstwmn]

Originally Posted by irishgrl

dont people see that they are only putting off the inevitible and if they have difficulty paying the regular amortized payment, then they prob have no business buying that particular house?? Anything that sucks you in by offering a deferred rate up front only to be tacked on later (at God knows what kind of interest rate) is too much of a gamble? At least it is for me....

I had one client who was a first time homebuyer at the age of almost 60. She wanted the tax break from owning a home but wanted the lowest payment possible. She insisted on doing the option ARM even though I was very careful in explaining to her what the pitfalls were. She told me that she didn't care because when she died, she didn't have anyone to leave the house to anyway. I thought that was kind of sad. She's really a nice lady.

Originally Posted by irishgrl

One thing tho: the last time my taxes were assessed, my value went up so my impound amount went up, thus my monthly payment went up even tho I know my payments are actually supposed to be less (amortized) over time.
I understand it, but now Im afraid that instead of actually decreasing over time as I had hoped, my payments will actually increase as my value increases. I wasnt told about this possibility....

I bought my place in Feb/March 2003 and I paid 5.87% 30yr fixed. I consider myself pretty lucky to have gotten that good of a rate considering I had so-so FICO scores and I bought a manufactured home which apparently is penalized by adding points. yay. Oh well, at least it was under 6% which is all I cared about. Now, all I need to do is get the PMI taken off (as soon as I can pay for an appraisal that is....) and I can save about $600/yr......

The tax assesment is something that is controlled by the city/county. So as a loan officer, I could only speculate on what is going to happen with property taxes.
5.87% is a very good rate for manufactured/ Yes, they're viewed as a higher risk by the investors (so are condos). You're lucky to have bought it when you did. Many lenders got away from doing manufactureds later in 2003. Virtually the only way I see to buy them and obtain a decent rate now is to go FHA.