Ditech Mortgage Rates Excellent – Ditech “Refi Rate Sale”

Today I took it upon myself to check out the Ditech “refi rate sale”. It’s an interesting promotion from Ditech in which they take the same marketing strategy used at department stores and apply it to mortgages. What we wanted to find out is there really a sale? Is this just a gimmick to draw in applicants with a time sensitive offer? Most importantly we want to see how Ditech’s mortgage rates stack up against the competition.

Ditech Refi Rate Sale – The Rate – 30-yr fixed-rate 4.625 Percent- Good

The Ditech refi rate sale features a single offer which changes daily with the mortgage market and expires on November 30th, 2009. That’s a long sale. Today’s offer of 4.625 percent on a 30 year fixed I’m glad to say matches our reported 30 year fixed mortgage par rate for today. In taking a look at the closing fees involved, based off the advertised APR of 4.842 percent, we noticed this sale comes with points over the standard 1 point of “origination”. That being said, points like a car on a dealership lot, are negotiable.

Ditech Mortgage Rates Versus the Competition

We found Ditech to be one of the most competitive lenders we’ve researched so far. We’re pretty impressed with their offer which seems to bypass the silly haggling over the rate. We’ve noticed many of the big banks, such as Citi mortgage, offering rates far above par, in the low 5’s. We’ve got to assume Citi is hoping customers blindly secure financing through them. They must have it in the back of their minds that if a customer makes a big deal about the rate they’ll lower it because surely they can still make profits with rates 1/2 percent lower. Ditech seems to give their lowest rate right off the bat and for that we must give them a thumbs up. Surely, some will “lose another deal to Ditech” during the refi rate sale.

Ditech Mortgage Rate Forecast

Be aware of a chart of 30 year fixed mortgage rates so far this year, on the Ditech refi rate sale homepage. The chart forecasts that 30 year fixed mortgage rates will spike throughout the rest of 2009. We found this chart to be an extremely bad forecast for mortgage rates. It doesn’t match up with what many analysts have predicted the market will do. It’s pretty obvius though, if someone takes the Ditech mortgage rate forecast to heart, they’ll feel pressure to move now which is probably not a bad idea anyways.

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