I got quotes!… now what?
2008 April 24
Being a real estate agent, I’ve been around mortgages and know a little bit about how to work them. Previously, I blogged about Zillow’s Mortgage Marketplace here. Well, I have an update. I recently got some quotes:
So… it works. Now what? The monthly rates are substantially higher then what I’m paying now and so is the APR. Didn’t the FED just cut rates by a ton? I was expecting much lower. At least the Zillow Mortgage Marketplace is working – now I just need a lender to step up and gimme something better. C’mon.
I guess I’ll just wait and see if I get anymore quotes.
Federal overnight lending rates often have very little effect on 30 Year rates simply because they fluctuate so wildly over the life of the loan. In fact, a drop in the short term rates can cause long-term ones to rise because of the increased inflation risk.
That’s true with the short term rates. Often the media will incorrectly report it should drop 30yr fix rates which adds to the confusion.
BTW- a book that may help you with your naming challenge on your other post is POP by Sam Horn.
Great insights. Thanks to you both.