05-06-2003 19:20									#31
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Its competitive because of the deregualted financial services market and because there is no government backed loan scheme as in other countries

	05-06-2003 19:57									#32
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quote: Originally posted by Tolls "Yeah, but why?" I have no idea why...do interest rates vary more in the UK compared to the mainland?

Generally the penalty is made to deter the client to look for a refinancing elsewhere.

	05-06-2003 19:59									#33
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quote: Originally posted by DanS A penalty? The mortgage business is in business to write mortgages. Don't know why they would cut off their ears to spite their faces.

The risk they take by issueing a fixed rate is partly spun into the penalty. The refinancing fees... do you think many people in the US do refinancings that don't actually pay off due to those fees?

	05-06-2003 20:01									#34
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quote: Originally posted by TheStinger Its competitive because of the deregualted financial services market and because there is no government backed loan scheme as in other countries

It's competitive here too, they're quite creative on their deals (was some heavy calculating to figure out the best deal).

The backed loan scheme doesn't change that, as it is available for all lenders to put into their deals or not. The government only supports them with a premium.

	05-06-2003 21:38									#35
	Suffering from ads?

do you think many people in the US do refinancings that don't actually pay off due to those fees?

Well, they pay off. But sometimes the payoff is mostly to the mortgage companies.

	05-06-2003 23:05									#36
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Can anyone tell me why the DAX is down today?

edit: Did it all go to the bond market?

	05-06-2003 23:11									#37
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quote: Originally posted by Kidicious Can anyone tell me why the DAX is down today? edit: Did it all go to the bond market?

The CAC is also down - 0.97% as well as the Ftse 100 - 0.54%.

I dont believe in reasons supposed to explain daily variations.

	05-06-2003 23:16									#38
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The BBC says that its because of the job market data from the US.

Economic data usually affects movement in the DOW, depending on the data.

	05-06-2003 23:19									#39
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quote: Originally posted by Kidicious The BBC says that its because of the job market data from the US. Economic data usually affects movement in the DOW, depending on the data.

Yes, they say that here too, but tomorrow the US job market will not have varied much, and another information will explain the daily variation.

	05-06-2003 23:32									#40
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Data like this usually leads people to sell stocks and buy bonds. Tonight people will think about if there was over selling today. If there was over selling then we will see buying tomorrow. I can't see the market going up over all until there is more information on the economy or the market.

edit: actually expectations for data affect the markets too.

	05-06-2003 23:57									#41
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We'll see tomorrow. The total non-farm jobs numbers come out tomorrow. The number is suppose to drop by 50,000. If it doesn't fall by that much investors will buy stocks.

	06-06-2003 00:42									#42
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At the moment few companies are offering a good fixed rate w/o penalties, get the cheapest discounted variable deal you can get - thats my advice.
The Market is also competetive due to the explosion of the Internet and Telephone lenders in recent years (I know since i work for the first real one of these!!) who have little costs and as a result are pricing competively, this means the Banks can no longer change what they want - Then there's high risk lenders, lending to high risk poeple at a slight premium so more people are getting mortgages nowadays.