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Mortgage Rates (2 Viewers)

Called my rep at Countrywide. They are expecting a big drop tomorrow and will be calling me when it happens. Would be nice to knock another $100 or so off my monthly payments.

 
Bond crashed to about 2.5...this is going to have a huge impact on rates. I have to wait until April 1 to refi and as of right now, I'm glad I have to (but hoping rates stay down until then).

 
3MTA3 said:
Bond crashed to about 2.5...this is going to have a huge impact on rates. I have to wait until April 1 to refi and as of right now, I'm glad I have to (but hoping rates stay down until then).
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4.5% ? (30 yr fixed)
 
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CrossEyed said:
4.5% ? (30 yr fixed)
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Assuming strong credit, equity, decent loan size and the such you should be able to get 4.5% or less with a point on a 30 year fixed. With no points and assuming strong credit and equity you should be seeing rates around 4.625-4.75%. Things could continue to improve tomorrow. The timing of this sucks. Two days out of the year I blow off work and get drunk all day watching the NCAA tourney and now I'm going to have to work tomorrow.
 
Checked Wells Fargo who I'm with and they're at 4.675% no points

April can't come soon enough.

 
3MTA3 said:
Checked Wells Fargo who I'm with and they're at 4.675% no pointsApril can't come soon enough.
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That rate comes with one point with Wells Fargo. Things have become a little misleading IMO in the mortgage industry. I've always been told a point is a point. Meaning an origination point or discount point is considered a point. However what a lot of major banks are doing is they no longer consider origination as a point so they are quoting loans with no points when in fact they are charging an origination point. They contend since they are not charging a discount point they are charging no points. I contend an origination fee equal to one percent is a point. Go to Wells Fargo's website and input loan criteria and you will see the rate you mentioned with an origination fee of one percent. I know this because I check my competition often. The 4.625% with one origination point is not bad by the way. If you search around you will probably get quoted lower rates but sometimes it's worth it to pay a slightly higher rate to deal with someone you know as opposed to blindly putting your trust in some unknown company.
 
Just checked Countrywide (who I'm currently with) and they are at 4.5% with 1 point.

Based on that, what would I likely get with no points?

 
Our bank (Bank of America) is at 4.875 today with zero points (no fees loan including no PMI with 10% down). It could still go lower, but I am going to lock tomorrow regardless :lmao:

 
We locked in today on our first house at 4.5% 30yr fixed with 2.25 points (builder gave us 2 points incentive so we are paying .25 of one point out of our pocket). We thought about waiting to see if they keep coming down but for that minimal amount out of pocket for us, it was worth knowing we are locked in at 4.5%. We are definitely happy with that rate.

 
we're working with our guy to look at refinancing

wife is supposed to meet with him on friday

please jeebus let this happen. would be nice to knock the rate down 1-1.5 pts

 
mr. furley said:
we're working with our guy to look at refinancingwife is supposed to meet with him on fridayplease jeebus let this happen. would be nice to knock the rate down 1-1.5 pts
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We're at 5.5%, so I'm hoping to get it down to at least 4.75% with no points. Still would save me $85/month, and $30,000+ over the life of the loan. $115/month and $40,000+ if I can get down to 4.5. Factor in what I can save by still making my same current payment, and this turns into a huge savings for me. :(
 
Link

I would like to address consumer expectations for mortgage rates. Today, we should see about the best rates in history. To repeat, today we should see about the best rates in history! If you are going to sit on the sidelines wanting 4% rates, feel free to sit. Yes, it is possible for rates to go lower but my opinion is do not wait. If you can lock today at or under 4.75%, lock and move on with your life. The last time rates hit this level a couple months ago, they where there for only a day. Lenders got swamped with locks and new loans but they couldn’t handle the volume. So, to slow down the volume lenders simply increased their rates in a way to say, we have too much business right now but we will take more but we expect to make a larger profit. I am hearing from other mortgage professionals that they are getting calls from clients wanting 4% because they heard that number on the news or around the water cooler at work. There is a saying, pigs get fat, and hogs get slaughtered. I use black jack analogies quite often as that is about the only gambling game I know. The rates we see today would be quite similar to hitting black jack 3 hands in a row and you let it ride the whole time. You have to know when to pull your chips off the table and cash in and today could very likely be that day. I do guarantee you that many people will lock today at these rates which could lead us to the same results as last time when lenders increased rates to control volume. I read many comments from my blog from consumers saying that they wish they would have locked a couple months ago, but they floated hoping for a lower rate. Do not make this same mistake again. Now, I am not trying to scare anyone. Rates might increase in the days to come for the reason outlined above, but they are not going over 5% any time soon in my opinion.

I will get back to you later today and update you as to lenders pricing and possible repricing. Early reports from fellow mortgage professional shows at least 1 lender offer 4.5% par today and I suspect we should see that from many lenders. Some lenders with incentives for credit scores over 800 and loan to values under 60% will probably be at 4.375% today.

 
Nigel said:
What's the best you all are seeing for 15 years?
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To me, the spread between 30 and 15 is so narrow that it makes more sense to get a 30 year and just pay extra. That way if you run into trouble you can always reduce your payments.
 
Nigel said:
CrossEyed said:
Nigel said:
What's the best you all are seeing for 15 years?
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To me, the spread between 30 and 15 is so narrow that it makes more sense to get a 30 year and just pay extra. That way if you run into trouble you can always reduce your payments.
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True enough, but it sure would be nice to mortgage-free once the college tuition bills start rolling in.
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You can be. Just pay extra every month on your 30 year. You can still be done in 15 or so.
 
Where are you guys finding these low rates. I just checked bankrate and 30 yr is still well above 5 and 15 yr is around 4.8. Maybe I'm looking in the wrong place.

 
CrossEyed said:
mr. furley said:
we're working with our guy to look at refinancingwife is supposed to meet with him on fridayplease jeebus let this happen. would be nice to knock the rate down 1-1.5 pts
Click to expand...
We're at 5.5%, so I'm hoping to get it down to at least 4.75% with no points. Still would save me $85/month, and $30,000+ over the life of the loan. $115/month and $40,000+ if I can get down to 4.5. Factor in what I can save by still making my same current payment, and this turns into a huge savings for me. :lmao:
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we're at 6.75% right now :lol: i'd be giddy with anything below 5.75%.
 
mr. furley said:
CrossEyed said:
mr. furley said:
we're working with our guy to look at refinancingwife is supposed to meet with him on fridayplease jeebus let this happen. would be nice to knock the rate down 1-1.5 pts
Click to expand...
We're at 5.5%, so I'm hoping to get it down to at least 4.75% with no points. Still would save me $85/month, and $30,000+ over the life of the loan. $115/month and $40,000+ if I can get down to 4.5. Factor in what I can save by still making my same current payment, and this turns into a huge savings for me. :lmao:
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we're at 6.75% right now :lol: i'd be giddy with anything below 5.75%.
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Rates have been at about 5% for quite a while. You definitely need to refi.
 
I've got an offer for 4.875, zero cost at closing (everything to be rolled into the loan). Break even is ~2 years.

Trying to decide to whether to save my cash for now and go with that or go with one of these lenders who is @ 4.5, but where I'll have to shell out $4-$5k at closing.

 
How do you find a good mortgage guy? I've had a guy I've used for the past 7-8 years (1 refi, then a new home purchase, then another refi) -- he's very capable and there's never any problem with any of the process, but I don't think he's that great on price at all.

I refi'ed on a $339k mortgage last year to 5.5, but am wondering what number makes sense to do it again -- we're planning on being in the house for 20+ years. Our credit is great, I'm a little worried about what the appraisal might come in at.

I guess that's two questions. How do you shop for a mortgage guy, or should I just be happy with my highly competent and reliable but kind of expensive guy? And, what interest rate makes sense for another re-fi?

 
The_Man said:
How do you find a good mortgage guy? I've had a guy I've used for the past 7-8 years (1 refi, then a new home purchase, then another refi) -- he's very capable and there's never any problem with any of the process, but I don't think he's that great on price at all.

I refi'ed on a $339k mortgage last year to 5.5, but am wondering what number makes sense to do it again -- we're planning on being in the house for 20+ years. Our credit is great, I'm a little worried about what the appraisal might come in at.

I guess that's two questions. How do you shop for a mortgage guy, or should I just be happy with my highly competent and reliable but kind of expensive guy? And, what interest rate makes sense for another re-fi?
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To me it makes sense to get anything under 5%. If you are there for 20 years you will save a lot of money, even if it costs you some now.
 
Worm said:
I've got an offer for 4.875, zero cost at closing (everything to be rolled into the loan). Break even is ~2 years.Trying to decide to whether to save my cash for now and go with that or go with one of these lenders who is @ 4.5, but where I'll have to shell out $4-$5k at closing.
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No reason why you should not be able to roll the costs back in your loan with the lower rate lender too. I'd hang tight for a day or two to see how this shakes out. Today I'm posting 4.75% 30yr fixed rates 0 orig./0pts. Also make sure when you are getting estimates to make sure you get quoted 0pts., 0 orig. fees and 0 broker fees. Sometimes mortgage companies will post low rates to generate calls but have points attached to them. Round 2 of this refi. boom could be coming our way.
 
towney said:
Worm said:
I've got an offer for 4.875, zero cost at closing (everything to be rolled into the loan). Break even is ~2 years.Trying to decide to whether to save my cash for now and go with that or go with one of these lenders who is @ 4.5, but where I'll have to shell out $4-$5k at closing.
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No reason why you should not be able to roll the costs back in your loan with the lower rate lender too. I'd hang tight for a day or two to see how this shakes out. Today I'm posting 4.75% 30yr fixed rates 0 orig./0pts. Also make sure when you are getting estimates to make sure you get quoted 0pts., 0 orig. fees and 0 broker fees. Sometimes mortgage companies will post low rates to generate calls but have points attached to them. Round 2 of this refi. boom could be coming our way.
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Last time I hung tight for a day or two they shot back up... so I'm a bit nervous.
 
Worm said:
towney said:
Worm said:
I've got an offer for 4.875, zero cost at closing (everything to be rolled into the loan). Break even is ~2 years.Trying to decide to whether to save my cash for now and go with that or go with one of these lenders who is @ 4.5, but where I'll have to shell out $4-$5k at closing.
Click to expand...
No reason why you should not be able to roll the costs back in your loan with the lower rate lender too. I'd hang tight for a day or two to see how this shakes out. Today I'm posting 4.75% 30yr fixed rates 0 orig./0pts. Also make sure when you are getting estimates to make sure you get quoted 0pts., 0 orig. fees and 0 broker fees. Sometimes mortgage companies will post low rates to generate calls but have points attached to them. Round 2 of this refi. boom could be coming our way.
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Last time I hung tight for a day or two they shot back up... so I'm a bit nervous.
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Me too. Personally, if I can get in at 4.75% with no points I'm going to lock in. No sense in trying to be greedy.
 
Question for those more financially savvy than me:

I have a house worth about $450k (I imagine it was worth $525k at one point). Have a wife and two young children and while my wife recently returned to the workforce after a seven year hiatus, I remain the primary breadwinner.

we purchased ourhouse in 1999 and have refinanced twice since then...both times removing years from the loan and keeping payment about the same. Current rate is 5.25% with about 14 years left and a balance of $250k.

So here's where it gets tricky...I plan to stay in the house and would like to take advantage of the lower rates, but dislike the idea of adding years to the mortgage. Nevertheless, I also recognize that the 15 vs. 30 year rate diff is really inconsequential. In addition, I do have some concerns about my job security and while I have 4-5 months of cash savings, I'd like a little more cushion (which I would have had IF I'd received a bonus in 2008! Alas, that did not happen as I am not the CEO of a large Fin Svcs. company <joke>).

So here's what I'm considering:

Refinancing for $300k at 4.75 for 30 years

Taking the $50k and adding it to my cash reserves

Continuing to make my current payment (so I can keep to the 14 years to payoff plan, but giving myself both the cash and the flexibility to ride this storm out should I get laid off.

Paying back the $50k in lump some or other form asap (hopefully once I feel more secure about my job).

So, is this a good/bad/poor plan? What say you all?

Thanks in advance.

 
With the different credit tiering playing into the rates, is it a bad idea to file multiple apps with different lenders to get exact rate quotes? Everyone I talk to gives me a quote but says, depending on your credit score.

I know mine is good but not 900 or anything, so I want to make sure I'm getting quoted the exact rate I qualify for.

I'm also getting the "What do you want your payments to be" when inquiring about rates, which makes me think of the car salesman approach.

 
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