Mortgage Rates (3 Viewers)

[The Ref]

I was quoted 3.625 yesterday by a bank. Is there anything to worry about going through a bank rather than a broker?

I'd go through my proctologist so long as the rate was good.

 

[chet]

I was quoted 3.625 yesterday by a bank. Is there anything to worry about going through a bank rather than a broker?

The broker will get the best rate for any maturity by having relationships with lots of banks. A lot of times, banks may have good rates for certain maturities but will not be competitive across the board.

 

[(HULK)]

Refi-ing now.

5/1 ARM 3%

7/1 ARM 3.25%

30 yr fixed 4.25

We will probably do the 7/1 ARM.

Rates must've gone up. I closed 3.75 on a 30 year refi at the end of January.

Jumbo?

Actually no, it's for 417k exactly. Although prices are sky high here in the DC area, I paid it down intentionally. Couldn't you do the same?

 

[chet]

Refi-ing now.

5/1 ARM 3%

7/1 ARM 3.25%

30 yr fixed 4.25

We will probably do the 7/1 ARM.

Rates must've gone up. I closed 3.75 on a 30 year refi at the end of January.

Jumbo?

Actually no, it's for 417k exactly. Although prices are sky high here in the DC area, I paid it down intentionally. Couldn't you do the same?

Sure, but I want to take advantage of the low rates. Money won't be this cheap forever.

 

[Leeroy Jenkins]

I was quoted 3.625 yesterday by a bank. Is there anything to worry about going through a bank rather than a broker?

The broker will get the best rate for any maturity by having relationships with lots of banks. A lot of times, banks may have good rates for certain maturities but will not be competitive across the board.

Looking at 30 year fixed. Broker quoted 4%. Bank 3.625%. Waiting on the GFE from bank to see what the fees are and whatnot. My loan is floating around the jumbo cutoff so they're saying I can go either way depending on what's best the day I can lock. Closing April 27.

 

[Wooderson]

I'm sue it's been mentioned but this thread is rather long. How much of an interest rate drop does it take to make a refi worth it?

We bought our house 3 years ago 30 year fixed 4.125. It would appraise for more then we owe.

 

[OC Zed]

Refi-ing now.

5/1 ARM 3%

7/1 ARM 3.25%

30 yr fixed 4.25

We will probably do the 7/1 ARM.

Rates must've gone up. I closed 3.75 on a 30 year refi at the end of January.

Jumbo?

Actually no, it's for 417k exactly. Although prices are sky high here in the DC area, I paid it down intentionally. Couldn't you do the same?

Sure, but I want to take advantage of the low rates. Money won't be this cheap forever.

Then this leads to the obvious question - why not lock in for the long term at the 30-year fixed rate vs going with the shorter ARM? I was wrong 3 years ago about rates rising in the following few years, but I'm even more confident now that money will be more expensive 3-4 years from now.

 

[chet]

Refi-ing now.

5/1 ARM 3%

7/1 ARM 3.25%

30 yr fixed 4.25

We will probably do the 7/1 ARM.

Rates must've gone up. I closed 3.75 on a 30 year refi at the end of January.

Jumbo?

Actually no, it's for 417k exactly. Although prices are sky high here in the DC area, I paid it down intentionally. Couldn't you do the same?

Sure, but I want to take advantage of the low rates. Money won't be this cheap forever.

Then this leads to the obvious question - why not lock in for the long term at the 30-year fixed rate vs going with the shorter ARM? I was wrong 3 years ago about rates rising in the following few years, but I'm even more confident now that money will be more expensive 3-4 years from now.

You ask a good question and there's no right answer. It depends on how long you expect to be in the house and how far and fast rates go up.

 

[Gamma1210]

Seems like rates are creeping down again? Does anyone have any experience with some of the lenders that zillow brings up when you get a rate quote? Are they just bs? They seem to be 1/8-1/4% lower than what I can find anywhere else.

 

[jhexel]

I'm sue it's been mentioned but this thread is rather long. How much of an interest rate drop does it take to make a refi worth it?

We bought our house 3 years ago 30 year fixed 4.125. It would appraise for more then we owe.

I know that the pat-answer would be 1% of the rate there are obviously a lot of factors that go into it...are you reducing your term, removing MI, $$ out for home improvements or debt consolidation? If you're simply swapping a 30-year for another 30-year...you definitely want to make it worth your while (calculate the costs vs. the monthly savings to see where your break-even point would be and make sure you're planning on being / staying in the home for at least that amount of time) - IMO.

 

[matttyl]

Not sure this is the place to ask - but has anyone heard of, or actually done the following....

Take money out of your house (either $$ out at refi, or via home equity loan) and then use it to fund a 529 plan for a child? Wouldn't you get an increased tax deduction on the increased interest (at historically low rates) on obtaining the money, and then also a state tax deduction on the money put into the 529 plan (or multiple 529 plans)? As long as the 529 plan outperforms the post-tax interest charge on the additional equity, it seems to make sense.

And no, I'm not advocating pulling every single $$ out of the house you possibly can - but if you have lets say $75k of equity in the house, why not pull out $8k (the max deduction for a couple setting up a pair of 529 plans on a single child)?

 

[The Ref]

Just in case anyone was following I got "pre approval" from Ameri save yesterday after almost 2 months. Underwriting asked for 5-6 things like more updated statements or to clarify addresses but all simple stuff. Looks like this will take a good month longer then all the other options on the table but we are on pace for a great rate/package.

 

[Gamma1210]

Anyone ever deal with Garden State Home Loans? They show the best rate through Zillow, and have good ratings from Zillow, Bankrate, and google

 

[cincredfan]

Not sure this is the place to ask - but has anyone heard of, or actually done the following....

Take money out of your house (either $$ out at refi, or via home equity loan) and then use it to fund a 529 plan for a child? Wouldn't you get an increased tax deduction on the increased interest (at historically low rates) on obtaining the money, and then also a state tax deduction on the money put into the 529 plan (or multiple 529 plans)? As long as the 529 plan outperforms the post-tax interest charge on the additional equity, it seems to make sense.

And no, I'm not advocating pulling every single $$ out of the house you possibly can - but if you have lets say $75k of equity in the house, why not pull out $8k (the max deduction for a couple setting up a pair of 529 plans on a single child)?

Typically you don't get the best rate if you take any money out of the house. At least that is what I was told when I refinanced 2 years back.

 

[The Ref]

The rates are simular but some states have a tax on the money going out (I'll be paying some on my cash out).

 

[The Ref]

I take back everything said about Amerisave - I just Told them to go to hell. It's like a money ***&ing a football over there and they can't ever get anything right. They keep asking over and over again for the same stuff and then Moving the goalposts back.

0/10 stars. Do not get involved with.

 

[gianmarco]

Anyone looked into jumbo loan rates recently?

 

[Sand]

Seems like rates are creeping down again? Does anyone have any experience with some of the lenders that zillow brings up when you get a rate quote? Are they just bs? They seem to be 1/8-1/4% lower than what I can find anywhere else.

I locked in a 2.875% rate with BNC a couple weeks ago (15 yr fixed). I believe it is now all set to go - closing is next week (yikes!). Not sure how that compares with what folks are getting these days, but I'm pretty satisfied with the rate.

Zillow seemed to work ok for me. Local guys wanted more in closing costs and quoted a 3.875 rate.

 

[GoBirds]

Anyone looked into jumbo loan rates recently?

I did a 10 yr ARM and am locked in at 2.875% as of a couple weeks ago. Probably a little lower now.

 

[towney]

I take back everything said about Amerisave - I just Told them to go to hell. It's like a money ***&ing a football over there and they can't ever get anything right. They keep asking over and over again for the same stuff and then Moving the goalposts back.

0/10 stars. Do not get involved with

Glad to here someone finally had the stones to move on from them. Find a local broker who can help and give you the service you deserve.

 

[chet]

Anyone looked into jumbo loan rates recently?

Closing on Wednesday. 5/1 arm at 3%. 7/1 was 3.375. 30 fixed 3.75. 3/1 2.875

 

[JaxBill]

Damn you bond market for taking a dump right before I need to lock in!

 

[gianmarco]

So, I can get in on a 60 day lock at 4% on a jumbo right now. With the news in China and Greece, they've bumped down over the last couple days. Anyone with thoughts on whether that might continue even further or should I just jump on this now and call it a day?

 

[Chadstroma]

Brace for Quantitative Tightening, As China Leads Forex Reserves Purge
Thomson Reuters | Last Updated: August 29, 2015 12:06 (IST)
London: After six years of QE, prepare for QT.

Faith in the power of "quantitative easing" has prompted central banks, led by the US Federal Reserve, to pump trillions of dollars of stimulus into the global financial system to cushion the impact of the 2007-08 market crisis and recession.

This supply of liquidity continues to flow. The European Central Bank has taken the baton from the Fed and is leading the way with its 1 trillion euro ($1.1 trillion) bond-buying programme that will run through September next year. The Bank of Japan is also buying large quantities of bonds.

But a counter flow - call it "quantitative tightening" - is gathering force as China sells foreign exchange reserves to protect its economy and markets from the recent surge of capital out of the country. Other emerging markets are following suit.

Analysts at Citi estimate that global FX reserves have been depleted at an average pace of $59 billion a month in the past year or so, and closer to $100 billion over the last few months. A source at another large global bank said emerging market central banks may have sold up to $200 billion of FX reserves this month alone, of which $100-$150 billion likely came from China.

"The potential for more China outflows is huge," said George Saravelos, currency analyst at Deutsche Bank in London. "The bottom line is that markets may fear QT has much more to go."

China is by far the world's biggest holder of FX reserves, most of which is in dollar-denominated assets like U.S. Treasury bills and bonds. At the end of June it had $3.69 trillion compared with around $150 billion at the turn of the millennium.

But that has fallen steadily from a peak of almost $4 trillion a year ago. Some of that is down to exchange rate fluctuations as the dollar has risen, but an increasingly important driver recently is outright selling.

It's difficult to know with certainty how much and which assets specifically China has sold, because the currency and asset composition of its reserves is not disclosed.

Using International Monetary Fund currency reserves data as a proxy, around two thirds will be in dollars. U.S. Treasury data show that China holds $1.27 trillion of U.S. bills and bonds, but analysts agree it is substantially more than that.

China and emerging markets led the build up in global FX reserves following the 1997 Asian crisis to a peak of $12 trillion last year. This shielded them from the 2007-09 global crisis, and looks like it is once again being deployed.

"China selling long Treasuries ????" Bill Gross, the widely followed bond fund manager at Janus Capital, said on Twitter during Wednesday's selloff in U.S. Treasuries.

The implications of China and others selling off their Treasury holdings are potentially huge.

In isolation, a reserves drop the equivalent to 1 percent of U.S. GDP (around $178 billion) would lead to a rise of 15-35 basis points in the 10-year U.S. Treasury yield, Citi said, citing a range of academic studies.

Yang Zhao, Chief China Economist at Nomura, estimates that the People's Bank of China sold close to $100 billion of FX reserves in July, and again in August.

"Our calculation for capital outflow for July is $90 billion. But during July the exchange rate was unchanged, suggesting the PBOC sold a lot of FX ... close to $100 billion," Yang said in a briefing with journalists last week.

"After a 3 percent depreciation the PBOC tried to defend the renminbi and they started to intervene very aggressively. So I would say in August it would (also) be very close to $100 billion."

Plunging commodity prices and fears over growth prospects, particularly in China, have sparked a rush for the emerging market exits. Figures from CrossBorder Capital, a research and money management firm in London, suggests capital flight from emerging markets in the past year is almost $1 trillion, of which more than $750 billion has come out of China.

This has forced many emerging market central banks to dip into their reserves to manage the fall in their currencies and stop it from turning into an even more savage rout.

But fears of intensifying global "currency wars" have been stoked by China's devaluation of the yuan earlier this month, renewed slides across global EM exchange rates and subsequent devaluations of the Vietnamese dong and Kazakh tenge.

The 10 year Treasury is by far the biggest single factor on mortgage rates. If the 10 year goes up- mortgage rates will too. This could end up being the thing that finally pushing the conventional 30 year fixed away from the 4% area.

 

[Baloney Sandwich]

Would the prime rate rise as well?

 

[Chadstroma]

Would the prime rate rise as well?

Prime is expected to rise but seperately.

The factor on the Prime Rate is the Fed deciding what they do with the Fed Funds Rate. If anything, the trouble in China could be a reason for them NOT to raise the Prime as has been expected. Still, it seems most agree the Prime will go up by at least a 25 bps by the end of the year.

 

[GoBirds]

I'm sure it could happen but every couple months for the past 5 years there was the event that was supposed to raise rates but the economy has remained fragile and rates stay low. Just got a 10 year ARM at 2.875 % a couple months back. If rates do take off for some reason our economy will be crushed.

 

[Chadstroma]

Average U.S. Rate on 30-Year Mortgage Inches up to 3.9% Published September 10, 2015Associated Press
Average long-term U.S. mortgage rates inched up this week as financial markets awaited the Federal Reserve's crucial decision next week on interest rates.

The subdued gains followed a sharp drop the previous week, as global markets continued to whipsaw amid economic disruption in China and uncertainty over the Fed's interest-rate policy.

Mortgage giant Freddie Mac said Thursday the average rate on a 30-year fixed-rate mortgage edged up to 3.90% from 3.89% a week earlier. The rate on 15-year fixed-rate mortgages rose to 3.10% from 3.09%.

Investors and economists are closely watching whether the Fed moves at its meeting next week to raise a key interest rate, as has been long anticipated. A rate hike by the Fed could bring higher rates for home loans. The Fed has kept its key short-term rate near zero since the financial crisis struck seven years ago.

Many observers had hoped for a clear signal from the government's report on U.S. employment in August, issued Friday, the final snapshot of the job market before the Fed's policy-making body meets. The report showed that unemployment fell to a seven-year low of 5.1%, but hiring slowed — a mixed bag of news.

The Labor Department report gave a view of an economy growing at a modest but steady pace.


To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1% of the loan amount.

The average fee for a 30-year mortgage was unchanged from last week at 0.6 point. The fee for a 15-year loan rose to 0.7 point from 0.6 point.

The average rate on five-year adjustable-rate mortgages fell to 2.91% from 2.93%; the fee rose to 0.5 point from 0.4%. The average rate on one-year ARMs rose to 2.63% from 2.62%; the fee held steady at 0.3 point.

http://www.foxbusiness.com/economy-policy/2015/09/10/average-us-rate-on-30-year-mortgage-inches-up-to-3/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+foxbusiness%2Flatest+(Internal+-+Latest+News+-+Text)

 

[Abraham]

I'm apparently getting 4.75 for my closing next month. Not the lowest there is, but for my credit score (660) I am thankful to get anything at all. Lookong forward to moving for the last time ever please God.

 

[James Daulton]

Currently doing a HELOC and refi. Will report on the rates (I use PNC, I love them). My credit is good.

 

[Chadstroma]

Currently doing a HELOC and refi. Will report on the rates (I use PNC, I love them). My credit is good.

PNC is a good bank. One of the few bigger banks that I recommend if for any reason I can't help someone. Out in the Chicago area they have decent rates on their HELOCs but I can do much better depending on the situation but my bank is pretty aggresive in getting market share in this market.

 

[James Daulton]

Currently doing a HELOC and refi. Will report on the rates (I use PNC, I love them). My credit is good.

PNC is a good bank. One of the few bigger banks that I recommend if for any reason I can't help someone. Out in the Chicago area they have decent rates on their HELOCs but I can do much better depending on the situation but my bank is pretty aggresive in getting market share in this market.

I like their online tools and the fact that they don't gauge their customers with fees. Their representatives have always been super helpful and just nice as well. They've also contacted me the last two times and suggested refi's for essentially no cost.

Best bank I've ever used.

 

[ClownCausedChaos2]

Closing on a house this month. Locked in at 3.875%. Extremely happy with that.

 

[Leeroy Jenkins]

I'm apparently getting 4.75 for my closing next month. Not the lowest there is, but for my credit score (660) I am thankful to get anything at all. Lookong forward to moving for the last time ever please God.

Ouch.

 

[James Daulton]

I'm apparently getting 4.75 for my closing next month. Not the lowest there is, but for my credit score (660) I am thankful to get anything at all. Lookong forward to moving for the last time ever please God.

Ouch.

Eh, 20 years ago we'd be doing handstands over getting 4.75%. The difference between that and 3.75% isn't really all that much in the grand scheme of things.

 

[Chadstroma]

I'm apparently getting 4.75 for my closing next month. Not the lowest there is, but for my credit score (660) I am thankful to get anything at all. Lookong forward to moving for the last time ever please God.

Ouch.

Eh, 20 years ago we'd be doing handstands over getting 4.75%. The difference between that and 3.75% isn't really all that much in the grand scheme of things.

My first mortgage was a 30 year fixed at 6.25% which was awesome at the time. The interest rate environment over the last 8 years has spoiled people. I really wonder what will happen as interest rates go back up to more 'normal' levels.

I know one thing for sure will happen... I will hear for years from customers how they use to get a 30 year fixed for 3.5% just like I hear about how they use to get a 1 year CD for 10% back in the day (easily forgetting how low interest rates on deposits are now and how high loan rates were back in the late 70's/early 80's). Sigh.

 

[Leeroy Jenkins]

I'm apparently getting 4.75 for my closing next month. Not the lowest there is, but for my credit score (660) I am thankful to get anything at all. Lookong forward to moving for the last time ever please God.

Ouch.

Eh, 20 years ago we'd be doing handstands over getting 4.75%. The difference between that and 3.75% isn't really all that much in the grand scheme of things.

Depends on your mortgage amount. I got 3.625 in April.

 

[Sand]

I'm apparently getting 4.75 for my closing next month. Not the lowest there is, but for my credit score (660) I am thankful to get anything at all. Lookong forward to moving for the last time ever please God.

Ouch.

Eh, 20 years ago we'd be doing handstands over getting 4.75%. The difference between that and 3.75% isn't really all that much in the grand scheme of things.

No doubt. The 2.875 I got in April was the main reason I'm in the house I'm in. My first house in 2000 my rate was just under 8%. Massive difference.

 

[Grace Under Pressure]

I'm apparently getting 4.75 for my closing next month. Not the lowest there is, but for my credit score (660) I am thankful to get anything at all. Lookong forward to moving for the last time ever please God.

Ouch.

Eh, 20 years ago we'd be doing handstands over getting 4.75%. The difference between that and 3.75% isn't really all that much in the grand scheme of things.

No doubt. The 2.875 I got in April was the main reason I'm in the house I'm in. My first house in 2000 my rate was just under 8%. Massive difference.

30 year fixed with no points? Were other lenders comparable, or did you find a deal? Watching closely in NY, haven't seen 30 year fixed go under 3.675 with no points. Anything sub-3 is awesome, would like to know what you did if possible to get that rate (assuming top credit scores obviously).

 

[Sand]

I'm apparently getting 4.75 for my closing next month. Not the lowest there is, but for my credit score (660) I am thankful to get anything at all. Lookong forward to moving for the last time ever please God.

Ouch.

Eh, 20 years ago we'd be doing handstands over getting 4.75%. The difference between that and 3.75% isn't really all that much in the grand scheme of things.

No doubt. The 2.875 I got in April was the main reason I'm in the house I'm in. My first house in 2000 my rate was just under 8%. Massive difference.

30 year fixed with no points? Were other lenders comparable, or did you find a deal? Watching closely in NY, haven't seen 30 year fixed go under 3.675 with no points. Anything sub-3 is awesome, would like to know what you did if possible to get that rate (assuming top credit scores obviously).

That was 15 yr. I think I could have gone with 30 at 3.75 at the time.

 

[Grace Under Pressure]

I'm apparently getting 4.75 for my closing next month. Not the lowest there is, but for my credit score (660) I am thankful to get anything at all. Lookong forward to moving for the last time ever please God.

Ouch.

Eh, 20 years ago we'd be doing handstands over getting 4.75%. The difference between that and 3.75% isn't really all that much in the grand scheme of things.

No doubt. The 2.875 I got in April was the main reason I'm in the house I'm in. My first house in 2000 my rate was just under 8%. Massive difference.

30 year fixed with no points? Were other lenders comparable, or did you find a deal? Watching closely in NY, haven't seen 30 year fixed go under 3.675 with no points. Anything sub-3 is awesome, would like to know what you did if possible to get that rate (assuming top credit scores obviously).

That was 15 yr. I think I could have gone with 30 at 3.75 at the time.

15 yr is a terrific product. Property taxes around here are typically north of 12K per year, which pretty much keeps my focus on a 30 yr product. ARMs seem unfavorable now as rates are likely to rise in the the 3-5 year time frame.

 

[Gator Shawn]

I have 3.5 on a VA loan funded April 1st this year. 30-year fixed.

 

[Sand]

15 yr is a terrific product. Property taxes around here are typically north of 12K per year, which pretty much keeps my focus on a 30 yr product. ARMs seem unfavorable now as rates are likely to rise in the the 3-5 year time frame.

Come down this way. My property taxes are at .6%. School district was just ranked like 10th in the country (yes, in AL).

 

[Chadstroma]

Average US Rate on 30-Year Mortgage Rises to 3.91 PercentBy THE ASSOCIATED PRESS

SEPT. 17, 2015, 11:27 A.M. E.D.T.Inside

• WASHINGTON — For the second straight week, average long-term U.S. mortgage rates inched up this week as financial markets awaited the Federal Reserve's crucial decision on interest rates.

Mortgage giant Freddie Mac said Thursday the average rate on a 30-year fixed-rate mortgage edged up to 3.91 percent from 3.90 percent a week earlier. The rate on 15-year fixed-rate mortgages rose to 3.11 percent from 3.10 percent.

Capping months of feverish speculation, Fed policymakers may finally raise a key interest rate on Thursday. A rate hike by the Fed could bring higher rates for home loans. The Fed has kept its key short-term rate at a record low near zero since the financial crisis struck seven years ago.

With the job market now considered essentially recovered from the Great Recession, many economists say it's time to start edging toward normal rates. Others argue that many other factors — notably a sharply slowing China, the tumult in markets and persistently less-than-optimal inflation — raise serious concerns. They say the Fed should wait, until later this year or even 2016.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was unchanged from last week at 0.6 point. The fee for a 15-year loan declined to 0.6 point from 0.7 point.

The average rate on five-year adjustable-rate mortgages rose to 2.92 percent from 2.91 percent; the fee held steady at 0.5 point. The average rate on one-year ARMs fell to 2.56 percent from 2.63 percent; the fee slipped to 0.2 point from 0.3 point.

 

[Chadstroma]

Odd that the AP links the Fed to mortgage rates.

 

[Johnny Rock]

Odd that the AP links the Fed to mortgage rates.

I prefer to call him ADP but your statement doesn't surprise me because he's not the brightest bulb on the tree.

 

[Mr. Ected]

Haven't read this thread yet, but wanted to get a question out before I heard back from my lender.

Looking to redo our mortgage on our house. We have been in it for a bit over 5 years, we have 350k-ish left on our house with a 475kish value. (Over 25% 'paid/invested-whatever' so we are also looking to get rid of PMI). We are on a 4.25% ARM, and are looking to go to a fixed since rates are likely to go up.

We have very good credit, so my question is what are we looking at for an interest rate?

 

[culdeus]

Haven't read this thread yet, but wanted to get a question out before I heard back from my lender.

Looking to redo our mortgage on our house. We have been in it for a bit over 5 years, we have 350k-ish left on our house with a 475kish value. (Over 25% 'paid/invested-whatever' so we are also looking to get rid of PMI). We are on a 4.25% ARM, and are looking to go to a fixed since rates are likely to go up.

We have very good credit, so my question is what are we looking at for an interest rate?

On an ARM paying PMI you probably could go to a 15/yr and have a smaller out of pocket, no? It wouldn't be that far off at this point.

 

[Chadstroma]

Haven't read this thread yet, but wanted to get a question out before I heard back from my lender.

Looking to redo our mortgage on our house. We have been in it for a bit over 5 years, we have 350k-ish left on our house with a 475kish value. (Over 25% 'paid/invested-whatever' so we are also looking to get rid of PMI). We are on a 4.25% ARM, and are looking to go to a fixed since rates are likely to go up.

We have very good credit, so my question is what are we looking at for an interest rate?

Depends on where you are and what term you are looking to get. Roughly a 30 year fixed you should be able to get you lower than you are now. Likely around 4% give or take on variables like part of the country, etc. The national 'average' for a 30 year is a bit under 4%.

 

[Chadstroma]

Haven't read this thread yet, but wanted to get a question out before I heard back from my lender.

Looking to redo our mortgage on our house. We have been in it for a bit over 5 years, we have 350k-ish left on our house with a 475kish value. (Over 25% 'paid/invested-whatever' so we are also looking to get rid of PMI). We are on a 4.25% ARM, and are looking to go to a fixed since rates are likely to go up.

We have very good credit, so my question is what are we looking at for an interest rate?

On an ARM paying PMI you probably could go to a 15/yr and have a smaller out of pocket, no? It wouldn't be that far off at this point.

A 20 yr would most likely be lower than what he is paying now. 15 yr would likely be in the neighborhood as his current payment give or take.