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Politics : High Tolerance Plasticity

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To: kodiak_bull who wrote (19988)	7/31/2003 2:30:49 PM
From: William JH	Read Replies (1) of 23153

Monday this week Washington Mutual had on their web site 5.375% plus 1/8 of a point for a $200,000 15 year mortgage. Today the same loan is quoted at 5.75%, no points. That difference would add about $62 per month to a person's payment, but saving $250 on the point fraction. In the old days that would make it harder to qualify for a loan, but does one have to qualify today? Bonds are down big again today so I assume the rate will be higher tomorrow. I have an amortization book from 1985 and the lowest interest rate it has in it is 7%. FHA/VA was 11% that year if I remember correctly. I've been shorting the homebuilders and mortgage companies, but with small positions.

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