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Is there any possibility that a 15 yr makes it down to 2.5%?

Man that would be nice. It took 4 months to go from 4% to 3.5% and 9 months to go from 3.5% to 3% so it should be somewhere in be tween that if things keep going the way they are.
2.875 today

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question about refinancingi owe 130K, monthly payments are $1386, plus been paying $200 extra to the principal each month since day 1 of the loan5.75% rate9 years into a 30 year loanis it worth it to refinance?i have been told I can get a 15 year loan at 3.12%, payments would be $50 less than current paymentwife and i are trying to figure out if it is worth it

Huh? $50 less per month and you pay for the next 15 years instead of the next 21? That is $9k in payment savings over the next 15 and $99,000 in savings over the last 6 years. Hmm, over $100k in savings on a $130k loan, I wonder if it is worth it.
thanks smart ###

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question about refinancingi owe 130K, monthly payments are $1386, plus been paying $200 extra to the principal each month since day 1 of the loan5.75% rate9 years into a 30 year loanis it worth it to refinance?i have been told I can get a 15 year loan at 3.12%, payments would be $50 less than current paymentwife and i are trying to figure out if it is worth it

Huh? $50 less per month and you pay for the next 15 years instead of the next 21? That is $9k in payment savings over the next 15 and $99,000 in savings over the last 6 years. Hmm, over $100k in savings on a $130k loan, I wonder if it is worth it.
thanks smart ###
Happy to oblige. Seemed like the easiest way to way to smack you upside the head and say "Of course it is worth it, #######" in my best Red Forman impression.

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Is there any possibility that a 15 yr makes it down to 2.5%?

Man that would be nice. It took 4 months to go from 4% to 3.5% and 9 months to go from 3.5% to 3% so it should be somewhere in be tween that if things keep going the way they are.
2.875 today
I knew I shouldn't have locked. Oh well, still happy I'm saving as much money as I am and good to know that I'll have no mortgage payments when the kids graduate high school.

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On a 15 yr in my area your looking at 2.75%-2.875% with a loan amount over 150K and good credit (0 pts.). Remember lower interest rates quoted could include higher then normal closing costs so don't get caught up in the rate till you see the closing costs. Always get a closing costs fees worksheet from the mortgage broker or bank before committing. Also try to stay local and be careful of the internet companies.

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On a 15 yr in my area your looking at 2.75%-2.875% with a loan amount over 150K and good credit (0 pts.). Remember lower interest rates quoted could include higher then normal closing costs so don't get caught up in the rate till you see the closing costs. Always get a closing costs fees worksheet from the mortgage broker or bank before committing. Also try to stay local and be careful of the internet companies.

Any chance I can lower my rate with the bank before I close even though I locked at 2.99%?ETA: It's a refi. Edited by CrossEyed

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On a 15 yr in my area your looking at 2.75%-2.875% with a loan amount over 150K and good credit (0 pts.). Remember lower interest rates quoted could include higher then normal closing costs so don't get caught up in the rate till you see the closing costs. Always get a closing costs fees worksheet from the mortgage broker or bank before committing. Also try to stay local and be careful of the internet companies.

Any chance I can lower my rate with the bank before I close even though I locked at 2.99%?ETA: It's a refi.
More then likely not for banks do not have the flexibility, once you lock your done. With a mortgage broker you have a little flexibility for they have multiple lenders to place the loan with and can switch to get you a lower rate, but this starts the whole process over. 2.99% is respectable as long as the closing costs are not out of whack, which we do not know. You could call the banks loan officer's bluff and tell them your switching to another mortgage company with a lower rate/costs unless they lower your rate to current market, say 2.75%. Nothing ventured nothing gained... Edited by towney

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On a 15 yr in my area your looking at 2.75%-2.875% with a loan amount over 150K and good credit (0 pts.). Remember lower interest rates quoted could include higher then normal closing costs so don't get caught up in the rate till you see the closing costs. Always get a closing costs fees worksheet from the mortgage broker or bank before committing. Also try to stay local and be careful of the internet companies.

Any chance I can lower my rate with the bank before I close even though I locked at 2.99%?ETA: It's a refi.
More then likely not for banks do not have the flexibility, once you lock your done. With a mortgage broker you have a little flexibility for they have multiple lenders to place the loan with and can switch to get you a lower rate, but this starts the whole process over. 2.99% is respectable as long as the closing costs are not out of whack, which we do not know. You could call the banks loan officer's bluff and tell them your switching to another mortgage company with a lower rate/costs unless they lower your rate to current market, say 2.75%. Nothing ventured nothing gained...
170K loan. Origination fee of $975 all other fees were minimal or fixed (ie title insurance, credit check, appraisal fee, etc) Lowering to 2.875% only saves me about $2K over the life of the loan, so I'm not sure it's worth the hassle.

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For any mortgage guys... I'm under contract on a new house. Putting down 20% leaves me in the "jumbo" category, and I don't want to put down as much as would be needed to avoid that. The lender first gave me numbers on a jumbo loan, then proposed a first trust up to the $625k limit and a second trust for the remainder, which, according to his numbers, would give me a lower monthly payment in the aggregate. To the extent I want to pay it down some, I figure I can pay down the second trust with the higher rate first.

Any reason not to do that?

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We bought last year on a 30 year fixed, 4.875%, non-jumbo confirming, but put down less than 20% and were also shelling out 500 a month in PMI. Doing a refi now, still a non-jumbo confirming (and we have to dump some separately into a HELOC, since the non-jumbo conforming limits dropped), but locked a 15 year at 3.5%, no points -- our total monthly nut will be nearly the same as it was under the 30 year, but we'll be paying it off in half the time, since we put some work into the house, it appraised higher so we now have 20%+ equity, and the PMI dropped out. Beyond that, mortgage broker tells me he can likely drop our rate a little bit without any fee -- he thinks to around 3.375%, but he will confirm tomorrow. Sick.

Had a 30 year 4.875% too last August, refinancing next week at a 15 year 3.25%.

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FYI - Penfed has just lowered their 5 year home equity fixed loan to 1.99%. No closing costs other than a $300 appraisal. 80%LTV or less, but that is an insane rate. I have 7 years left and am probably going to jump on it.

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Really really starting to consider refinancing again... jesus. Currently at 5%.

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Average 15 year just crossed 3%.

Up or down?
going down. I'm waiting till 30 year crosses 3. Mortgage debt outstanding continues to fall. As long as this is the case I can't see how the rates go anywhere with what is going on in the world.

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Average 15 year just crossed 3%.

Up or down?
2.75% for 15yr at PenFed with 1% origination fee.

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For those looking at 15 yr fixed it's not unheard of to now get a rate below 3% (0pts), you just need to shop around. I've been locking my 15yr clients between 2.75%-2.875%. 30yr rates are around 3.5%-3.625%. HTH

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For those looking at 15 yr fixed it's not unheard of to now get a rate below 3% (0pts), you just need to shop around. I've been locking my 15yr clients between 2.75%-2.875%. 30yr rates are around 3.5%-3.625%. HTH

Yeah. I've got a 15 year quote as low as 2.875% but thinking about doing the 3.5% 30 year.

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For those looking at 15 yr fixed it's not unheard of to now get a rate below 3% (0pts), you just need to shop around. I've been locking my 15yr clients between 2.75%-2.875%. 30yr rates are around 3.5%-3.625%. HTH

Yeah. I've got a 15 year quote as low as 2.875% but thinking about doing the 3.5% 30 year.
Sweet Jesus. I just did a 15 year at 3.25 two months ago (with .5 point back) and I feel ripped off.

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Really really starting to consider refinancing again... jesus. Currently at 5%.

I know this is far from the perfect finance answer, but I make it a point to only re-fi if I can take years off my note. I have re-fied 3 times in my life and each time I have kept the payments about the same but cut years. If you got a 30 year at 5, see what it will cost you to take it down to 20 years. I'd gladly trade the extra money in my pocket every month (via the re-fi) for 5-10 years of freedom.

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Really really starting to consider refinancing again... jesus. Currently at 5%.

I know this is far from the perfect finance answer, but I make it a point to only re-fi if I can take years off my note. I have re-fied 3 times in my life and each time I have kept the payments about the same but cut years. If you got a 30 year at 5, see what it will cost you to take it down to 20 years. I'd gladly trade the extra money in my pocket every month (via the re-fi) for 5-10 years of freedom.
No it's actually great advice. I can move to a 15yr for less than 100/mo more. The downside is I'm looking at 3k+ in closing costs....Will think on it. Just not sure how much longer I'm going to stay at this house....

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I don't know #### compared to most people around here. Do mortgage continuing to drop mean the housing market is getting worse? Three years ago, I thought we were getting a fantastic deal at 5% on a 15 yr. Now, that's almost twice the going rate. Meanwhile, homes are continuing not to sell in this area, but I wouldn't say they are worth a ton less. We don't plan on moving for a long time, so it hasn't affected us much.

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Really really starting to consider refinancing again... jesus. Currently at 5%.

I know this is far from the perfect finance answer, but I make it a point to only re-fi if I can take years off my note. I have re-fied 3 times in my life and each time I have kept the payments about the same but cut years. If you got a 30 year at 5, see what it will cost you to take it down to 20 years. I'd gladly trade the extra money in my pocket every month (via the re-fi) for 5-10 years of freedom.
No it's actually great advice. I can move to a 15yr for less than 100/mo more. The downside is I'm looking at 3k+ in closing costs....Will think on it. Just not sure how much longer I'm going to stay at this house....
I would not even consider refinancing with anything more than minimal closing costs. I've done 3 refis in the last two years and haven't paid a dime in any fees (net of credits).

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I don't know #### compared to most people around here. Do mortgage continuing to drop mean the housing market is getting worse? Three years ago, I thought we were getting a fantastic deal at 5% on a 15 yr. Now, that's almost twice the going rate. Meanwhile, homes are continuing not to sell in this area, but I wouldn't say they are worth a ton less. We don't plan on moving for a long time, so it hasn't affected us much.

No, it means people actually like the way USA is doing things compared to other countries and they are pouring money in here and there's nowhere to put it all.

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Really really starting to consider refinancing again... jesus. Currently at 5%.

I know this is far from the perfect finance answer, but I make it a point to only re-fi if I can take years off my note. I have re-fied 3 times in my life and each time I have kept the payments about the same but cut years. If you got a 30 year at 5, see what it will cost you to take it down to 20 years. I'd gladly trade the extra money in my pocket every month (via the re-fi) for 5-10 years of freedom.
No it's actually great advice. I can move to a 15yr for less than 100/mo more. The downside is I'm looking at 3k+ in closing costs....Will think on it. Just not sure how much longer I'm going to stay at this house....
I would not even consider refinancing with anything more than minimal closing costs. I've done 3 refis in the last two years and haven't paid a dime in any fees (net of credits).
Who have you used on those re-fi's?

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Really really starting to consider refinancing again... jesus. Currently at 5%.

I know this is far from the perfect finance answer, but I make it a point to only re-fi if I can take years off my note. I have re-fied 3 times in my life and each time I have kept the payments about the same but cut years. If you got a 30 year at 5, see what it will cost you to take it down to 20 years. I'd gladly trade the extra money in my pocket every month (via the re-fi) for 5-10 years of freedom.
No it's actually great advice. I can move to a 15yr for less than 100/mo more. The downside is I'm looking at 3k+ in closing costs....Will think on it. Just not sure how much longer I'm going to stay at this house....
I would not even consider refinancing with anything more than minimal closing costs. I've done 3 refis in the last two years and haven't paid a dime in any fees (net of credits).
Isn't this kind of state dependent? I can't refi in NY without at least 3-4k in fees.On a completely unrelated note, I wonder how hard it would be to get a mortgage approved for a 2nd home. With rates so low I want to buy a lake house, rent it out when I'm not using it and lock in a tiny rate.

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Really really starting to consider refinancing again... jesus. Currently at 5%.

I know this is far from the perfect finance answer, but I make it a point to only re-fi if I can take years off my note. I have re-fied 3 times in my life and each time I have kept the payments about the same but cut years. If you got a 30 year at 5, see what it will cost you to take it down to 20 years. I'd gladly trade the extra money in my pocket every month (via the re-fi) for 5-10 years of freedom.
No it's actually great advice. I can move to a 15yr for less than 100/mo more. The downside is I'm looking at 3k+ in closing costs....Will think on it. Just not sure how much longer I'm going to stay at this house....
I would not even consider refinancing with anything more than minimal closing costs. I've done 3 refis in the last two years and haven't paid a dime in any fees (net of credits).
Who have you used on those re-fi's?
Amerisave.com

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Isn't this kind of state dependent? I can't refi in NY without at least 3-4k in fees.On a completely unrelated note, I wonder how hard it would be to get a mortgage approved for a 2nd home. With rates so low I want to buy a lake house, rent it out when I'm not using it and lock in a tiny rate.

You can borrow money from anywhere, so there is no need to stay "in state". My last refi was through McGlone mortgage in Wisconsin (their rates appear high today, relative to others). Just check bankrate.com and make some calls. Note that you still may have to put out 3k to close, but that's because of interest payments on last loan, new loan escrow, etc. Sure there will be fees as well, but my savings was enough to pay for all fees in 7 months of reduced payments.2nd home isn't hard either, but it depends on your income and other debts. If you have a great loan to value on your first home, plus good income, then someone will lend you money to buy another.

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I don't know #### compared to most people around here. Do mortgage continuing to drop mean the housing market is getting worse? Three years ago, I thought we were getting a fantastic deal at 5% on a 15 yr. Now, that's almost twice the going rate. Meanwhile, homes are continuing not to sell in this area, but I wouldn't say they are worth a ton less. We don't plan on moving for a long time, so it hasn't affected us much.

No, it means people actually like the way USA is doing things compared to other countries and they are pouring money in here and there's nowhere to put it all.
It's all the Fed.

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With the terrible employment numbers this morning we might head even a little lower rate wise.

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With the terrible employment numbers this morning we might head even a little lower rate wise.

Yet Greenspan just said the opposite. Wouldn't surprise me if they went up on his alzheimer's drivel. I could really use 2.5%.

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Currently at 28 yrs left on a 30 yr fixed at 4.625% with BOA. Found a local company here that can refi at 3.625% 30 yr fixed and it'll be about $2k in closing costs. No appraisal needed. While I only plan on staying here 4-5 more yrs, it'll take about $150 off/month and will pay for itself in 2 yrs so I don't see much reason not to at this point.

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Currently at 28 yrs left on a 30 yr fixed at 4.625% with BOA. Found a local company here that can refi at 3.625% 30 yr fixed and it'll be about $2k in closing costs. No appraisal needed. While I only plan on staying here 4-5 more yrs, it'll take about $150 off/month and will pay for itself in 2 yrs so I don't see much reason not to at this point.

Those closing costs still seem a little high, with no appraisal fee. I'd check if you can take a higher rate like 3.75% with lower closing costs. If your loan is about 230k, the difference between 3.625% and 3.75% is only $17/month. If you plan to be there 4 more years, that's only an $816 difference for that term. That's money you might be able to keep in your pocket right now with lower closing costs in exchange for a minor rate increase.

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Currently at 28 yrs left on a 30 yr fixed at 4.625% with BOA. Found a local company here that can refi at 3.625% 30 yr fixed and it'll be about $2k in closing costs. No appraisal needed. While I only plan on staying here 4-5 more yrs, it'll take about $150 off/month and will pay for itself in 2 yrs so I don't see much reason not to at this point.

Those closing costs still seem a little high, with no appraisal fee. I'd check if you can take a higher rate like 3.75% with lower closing costs. If your loan is about 230k, the difference between 3.625% and 3.75% is only $17/month. If you plan to be there 4 more years, that's only an $816 difference for that term. That's money you might be able to keep in your pocket right now with lower closing costs in exchange for a minor rate increase.
It was like $1500 for docs and like $600 for title fees. But, they are rolling it into the loan so it's nothing out of pocket. But, I'll ask and see if there's anything that can be done.

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Currently at 28 yrs left on a 30 yr fixed at 4.625% with BOA. Found a local company here that can refi at 3.625% 30 yr fixed and it'll be about $2k in closing costs. No appraisal needed. While I only plan on staying here 4-5 more yrs, it'll take about $150 off/month and will pay for itself in 2 yrs so I don't see much reason not to at this point.

Let's figure your breakeven, what is your current principle and interest payment without escrow impounds? What will be your new loan amount? 2K for closing costs seems reasonable in my mind. Remember to get a written closing costs breakdown before committing.

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Currently at 28 yrs left on a 30 yr fixed at 4.625% with BOA. Found a local company here that can refi at 3.625% 30 yr fixed and it'll be about $2k in closing costs. No appraisal needed. While I only plan on staying here 4-5 more yrs, it'll take about $150 off/month and will pay for itself in 2 yrs so I don't see much reason not to at this point.

Let's figure your breakeven, what is your current principle and interest payment without escrow impounds? What will be your new loan amount? 2K for closing costs seems reasonable in my mind. Remember to get a written closing costs breakdown before committing.
Loan type and term: 30 Years Conventional Pay Now Original principal balance: $295,100.00 Transaction history Contractual remaining term: 28 years, 5 months Workout information Interest rate: 4.625% Current principal balance: $287,626.66 Escrow balance: $100.61

Here is my May payment info:

Interest portion: $1,110

Principal: $407

Escrow: $142

Does that help?

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Loan type and term: 30 Years Conventional Pay Now Original principal balance: $295,100.00 Transaction history Contractual remaining term: 28 years, 5 months Workout information Interest rate: 4.625% Current principal balance: $287,626.66 Escrow balance: $100.61

Here is my May payment info:

Interest portion: $1,110

Principal: $407

Escrow: $142

Does that help?

Yep. Based on these figures your current P&I pymt. is $1,517.23. Let's work with a new loan amount of 290K rolling the closing costs in, your new P&I pymt. would be $1,322.55 at 3.625% and saving you $195 per month. Your breakeven period based on 2K closing costs would be 10.25 months so since your looking at staying at least 4 years the refi. makes sense. As mentioned from another poster taking a 3.75% or even 3.875% rate and seeing how much of the 2K the mortgage company would cover is another option to consider, post back what they say. As a general rule of thumb for every .25% percent in rate is a plus or minus 1pt., so at 3.75% you could be looking at a reduction in closing costs by $725. At 3.875% $1,450 reduction.

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As someone who has no financial hardships, but my mortgage is under water, I feel like I'm completely missing out on these historically low interest rates.

Does anyone know how I can get in the game? Or is my only way out a short sale on the current home and the purchase of a new home? Thought about skipping payments for a while in an attempt to qualify for an modification, but I don't have a leg to stand on based on household income.

Both my first and 2nd loans are adjustable so I have no complaints right now, but I can see all of the mortgage relief programs going by the wayside when rates start to increase. Then I'm really stuck.

Appreciate any insight.

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As someone who has no financial hardships, but my mortgage is under water, I feel like I'm completely missing out on these historically low interest rates.Does anyone know how I can get in the game? Or is my only way out a short sale on the current home and the purchase of a new home? Thought about skipping payments for a while in an attempt to qualify for an modification, but I don't have a leg to stand on based on household income.Both my first and 2nd loans are adjustable so I have no complaints right now, but I can see all of the mortgage relief programs going by the wayside when rates start to increase. Then I'm really stuck.Appreciate any insight.

I'm in the same situation, except I also took advantage of HARP 1.0.

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If rates get much lower, this housing bear may be tempted to get off the couch soon. Never dreamed I'd see 3.5% 30s.

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If rates get much lower, this housing bear may be tempted to get off the couch soon. Never dreamed I'd see 3.5% 30s.

I never dreamed of 3.5% on a 30 year either. Heck, I remember only a few years ago thinking how amazing a second at 3.5% was insane. Honestly, this is the bottom. The only question is how long does it stay here. Hopefully I can take advantage on it in a deal soon.

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Damnit this refi is taking forever. I locked at 3.25% on a 15 year and I'm starting to wonder about the lower rates. I'm going to be a little higher than the lowest rates because we are high balance conforming loan amount, but still, with 15 years at Wells Fargo around 2.875%, I am also feeling ripped off. Damnit!

My closing costs are gonna be around 5k or 6k -- how the hell do everyone else's seem so low? I guess it's because we have a larger loan, and so the tax we pay on it will be higher?

:shrug:

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Damnit this refi is taking forever. I locked at 3.25% on a 15 year and I'm starting to wonder about the lower rates. I'm going to be a little higher than the lowest rates because we are high balance conforming loan amount, but still, with 15 years at Wells Fargo around 2.875%, I am also feeling ripped off. Damnit!My closing costs are gonna be around 5k or 6k -- how the hell do everyone else's seem so low? I guess it's because we have a larger loan, and so the tax we pay on it will be higher?:shrug:

I'll be around $3500 closing costs when I pull the trigger. Everywhere I look, if you want the lowest rate, the closing costs are more.

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Damnit this refi is taking forever. I locked at 3.25% on a 15 year and I'm starting to wonder about the lower rates. I'm going to be a little higher than the lowest rates because we are high balance conforming loan amount, but still, with 15 years at Wells Fargo around 2.875%, I am also feeling ripped off. Damnit!

My closing costs are gonna be around 5k or 6k -- how the hell do everyone else's seem so low? I guess it's because we have a larger loan, and so the tax we pay on it will be higher?

:shrug:

If you're talking about prepaid property taxes, this is not really a refi cost. Same with prepaid insurance. They will just go into an escrow account until they become due, at which time your bank will pay them from that account. The costs are pretty much everything else (unless you need to pay down your balance) and whatever they're increasing your balance by ("rolling into the balance").

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On a 15 yr in my area your looking at 2.75%-2.875% with a loan amount over 150K and good credit (0 pts.). Remember lower interest rates quoted could include higher then normal closing costs so don't get caught up in the rate till you see the closing costs. Always get a closing costs fees worksheet from the mortgage broker or bank before committing. Also try to stay local and be careful of the internet companies.

What's up with the internet companies?

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Damnit this refi is taking forever. I locked at 3.25% on a 15 year and I'm starting to wonder about the lower rates. I'm going to be a little higher than the lowest rates because we are high balance conforming loan amount, but still, with 15 years at Wells Fargo around 2.875%, I am also feeling ripped off. Damnit!My closing costs are gonna be around 5k or 6k -- how the hell do everyone else's seem so low? I guess it's because we have a larger loan, and so the tax we pay on it will be higher?:shrug:

You always have the option to switch to another mortgage company offering the lower rate, but you might have to pay for a new appraisal. If the escrow items such as taxes and insurance are part of the 5k-6k cost then this might be in line. There is no reason whay a mortgage company should take longer then 45 days for a refi, heck I'm getting them done within 30 days.

I'll be around $3500 closing costs when I pull the trigger. Everywhere I look, if you want the lowest rate, the closing costs are more.

This should not be the case, now if you want to pay points to reduce the rate even more then yes otherwise it's the mortgage company, lender or loan officer quite possibly padding their pockets.

What's up with the internet companies?

First off your not going to get the best rate that you could with say a local mortgage co. or broker. Chances are that the internet mortgage company will no attend you closing. In my experience you are going to get a more personal experience with someone that is local.Remember to always shop around with a few local companies and if you want get one from an internet company to compare. Edited by towney

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If rates get much lower, this housing bear may be tempted to get off the couch soon. Never dreamed I'd see 3.5% 30s.

Highly doubtful. High interest rates aren't the reason for the housing bear, and rates have been historically low for a long time now, so going a little lower isn't going to all of the sudden make a big difference in values.

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