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Considering a refi, do you think rates will continue to drop?
Mortgage rates question
- Thread starter 1978elcamino
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No.
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.
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.
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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.
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.
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.
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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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.
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.
GON
$100 Site Donor 2024
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.
30 year APR 3.019%
15 year APR 3.413
No the above rates are not a typo.
The 15 is higher than the 30? How?
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
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
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.
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.
Originally Posted by 1978elcamino
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.
That's free money.
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.
That's free money.
Originally Posted by 1978elcamino
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.
With how much closing costs?
Is that rate have required points paid?
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.
With how much closing costs?
Is that rate have required points paid?
We are closing Friday on a re-fi. We could have gotten close to sub-3%, but decided to take cash out. We were locked in at 3.5% ~ 3 weeks ago and I've been told that is about a record low for cash out.
We are going from 4.25% (August 2015) to 3.5%. Payment is going down about $150/mo. That's 40 months to recover closing costs and it will put some fairly cheap money in our hands.
Was going to build a shop (finally) but we will be sitting on this (hopefully) until things clear up.
I have been told that we got locked in right before they started ticking up. That 3.5% was available for about 4 days.
We are going from 4.25% (August 2015) to 3.5%. Payment is going down about $150/mo. That's 40 months to recover closing costs and it will put some fairly cheap money in our hands.
Was going to build a shop (finally) but we will be sitting on this (hopefully) until things clear up.
I have been told that we got locked in right before they started ticking up. That 3.5% was available for about 4 days.
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