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Mortgage rates question #5377738 03/16/20 11:04 AM
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1978elcamino Offline OP
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Considering a refi, do you think rates will continue to drop?

Re: Mortgage rates question [Re: 1978elcamino] #5377739 03/16/20 11:04 AM
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RhondaHonda Offline
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No.


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Re: Mortgage rates question [Re: 1978elcamino] #5377742 03/16/20 11:16 AM
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Brybo86 Offline
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I am kicking myself for not getting in on the very brief drop to 2.5 on 15 yr last week

It seems like rates went that low for about 1-2 days then everything skyrocketed

I currently have 30yr at 3.5% have been paying it like a 15 for the past 4years.
Through 2 pregnancies and accompanied temporary decrease in income.

Last edited by Brybo86; 03/16/20 11:23 AM.

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Re: Mortgage rates question [Re: 1978elcamino] #5377757 03/16/20 11:37 AM
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Jimzz Offline
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Wait around 2-3 days for the Fed drop to take full effect. Then shop around. They are so low now not much room to give on them. So watch out for fees some are adding on now.


yup
Re: Mortgage rates question [Re: 1978elcamino] #5377760 03/16/20 11:41 AM
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pitzel Offline
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No, risk premiums are exploding.

Re: Mortgage rates question [Re: 1978elcamino] #5377766 03/16/20 11:54 AM
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dareo Offline
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if you need PMI i hope you already locked. I can see PMI premiums going up a lot. Govt backed stuff like FHA/VA will have endless investors taking low yields so maybe we see further drops from here. If you don't have a personal residence yet this could be a good chance to buy from both an interest rate and a potentially softer market point of view. If everything crashes they can't possibly forclose all the homes and you'l be better off than renting.


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Re: Mortgage rates question [Re: 1978elcamino] #5377768 03/16/20 11:56 AM
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supton Offline
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Regardless, run the numbers and make sure it makes sense. Usually it costs money to do a refi--will you recoup that money? How long, and will that occur before you might move again?


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Re: Mortgage rates question [Re: 1978elcamino] #5377780 03/16/20 12:15 PM
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JeffKeryk Offline
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Do you have a good mortgage broker?
I had a great broker who helped me pay off my house.
The Fed drop will not immeadiately affect the mortgage rate, but it should trickle down.
Rates are historically low; there is not a lotta room to go lower.

Good luck.


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Re: Mortgage rates question [Re: 1978elcamino] #5377821 03/16/20 12:48 PM
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PandaBear Offline
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For refi it is a no brainer if you are at least 1% or more higher. For new home buyer it really depends on your location, if it is overheated, or if your job is stable.


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Re: Mortgage rates question [Re: JeffKeryk] #5377831 03/16/20 12:56 PM
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1978elcamino Offline OP
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Originally Posted by JeffKeryk
Do you have a good mortgage broker?
I had a great broker who helped me pay off my house.
The Fed drop will not immeadiately affect the mortgage rate, but it should trickle down.
Rates are historically low; there is not a lotta room to go lower.

Good luck.


My Credit Union 2.29 for a 15 year.

Re: Mortgage rates question [Re: 1978elcamino] #5377856 03/16/20 01:23 PM
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GON Online Content
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USAA has VA IRRRL Rates (VA Refi) :

30 year APR 3.019%

15 year APR 3.413

No the above rates are not a typo.

Re: Mortgage rates question [Re: GON] #5377875 03/16/20 01:55 PM
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Triplicate Offline
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The 15 is higher than the 30? How?

Re: Mortgage rates question [Re: 1978elcamino] #5377885 03/16/20 02:05 PM
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supton Offline
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Seems odd, but if I toss on a tinfoil hat I'd wager the incentive is for people to take out long loans and spend their money elsewhere. The bank is in it to make money, after all.


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Re: Mortgage rates question [Re: GON] #5377935 03/16/20 03:16 PM
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Wolf359 Offline
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Originally Posted by GON
USAA has VA IRRRL Rates (VA Refi) :

30 year APR 3.019%

15 year APR 3.413

No the above rates are not a typo.



Look again, not showing that on their website, it's 3.5 for the 30 and 3.375 for the 15.

https://www.usaa.com/inet/wc/bank-real-estate-mortgage-loans?wa_ref=real_est_home_mort_main_sub_menu

Re: Mortgage rates question [Re: supton] #5377936 03/16/20 03:20 PM
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Wolf359 Offline
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Originally Posted by supton
Seems odd, but if I toss on a tinfoil hat I'd wager the incentive is for people to take out long loans and spend their money elsewhere. The bank is in it to make money, after all.


Not really how it works. Seems to be a mistake anyway. It's the bond market anyway. The banks don't really make any money on holding the note. They resell it it on the mortgage markets so they make their money when they first make the loan and when they sell the loan. Then they don't tie up their money and can make as many loans as they can sell. There's a few big lenders out there like Bank of America which tends to hold onto their mortgages so they have some more flexibility in making the loans so they don't have to be as conforming. Other banks that want to resell have to follow fannie/freddie guidelines.

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