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Mortgage Rates


MechEng

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8 minutes ago, Chadstroma said:

Not much. 

If I was selling right now, I would either negotiate lower % than usual or go FSBO. The realtors I know are saying when you get a seller client, it is the easiest and fastest money they have ever made. 

Yeah I’m sure thats why my realtor dropped a point and a half of her end to help close my purchase. She had just sold our home and did well. 

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On 7/9/2021 at 2:42 PM, dkp993 said:

I’m currently in escrow on a home in SoCal but prior to winning this bid was in 6/7 bidding wars for homes prior.  Lost one to a “10k over what ever the top bid is and no inspections, all cash 14day close” offer.   It’s ####### nuts out there!  

Yea it’s pretty bananas out there.  Definitely happy i sold in December.  Would have never gotten that amount for my home.   

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18 minutes ago, PinkydaPimp said:

Yea it’s pretty bananas out there.  Definitely happy i sold in December.  Would have never gotten that amount for my home.   

For sure.  It was fun selling my home as we got way over and the bank account afterwards had me feeling baller (like a true FBG’er lol).  But that quickly reversed once we  started to buy.  Now house poor takes on a whole new meaning.  

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1 hour ago, dkp993 said:

For sure.  It was fun selling my home as we got way over and the bank account afterwards had me feeling baller (like a true FBG’er lol).  But that quickly reversed once we  started to buy.  Now house poor takes on a whole new meaning.  

Indeed it does.  

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  • 2 weeks later...
20 hours ago, Chadstroma said:

Rate alert! 

I have not seen rates this low in months... maybe going back to 2020. 

I’m signed on at my local bank for a refi @ 3.25% with one available float down. It just came in at 3.125%. Should I grab it or wait?

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20 hours ago, Chadstroma said:

Rate alert! 

I have not seen rates this low in months... maybe going back to 2020. 

What's driving this?  Surely there is some forward pressure given inflation. 

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1 hour ago, JetMaxx said:

I’m signed on at my local bank for a refi @ 3.25% with one available float down. It just came in at 3.125%. Should I grab it or wait?

Neither is a good rate right now. Even 30s are probably 2.625 or 2.75 with little closing costs. Paying 0.375% is a lot to lose of you are staying there a while.

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3 hours ago, JetMaxx said:

I’m signed on at my local bank for a refi @ 3.25% with one available float down. It just came in at 3.125%. Should I grab it or wait?

I would say you want to connect with a broker and get a better rate. 

I can connect you with one if you want. 

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2 hours ago, culdeus said:

What's driving this?  Surely there is some forward pressure given inflation. 

Fed is still buying bonds and the treasury yield is still low and rates were artificially inflated over the last 9 months with thr "adverse market fee" on most conventional refis. 

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45 minutes ago, Leeroy Jenkins said:

My "zestimate" is now $100k higher than what my appraisal was when I refinanced in January.

My "zestimate" is $600k higher than what my appraisal was when I refinanced in April. :unsure:

+8.6% in the last 30 days. :oldunsure:

Yeah, I have to take that with a grain of salt. Would love if it was true but can't believe it is....

 

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1 hour ago, Leeroy Jenkins said:

My "zestimate" is now $100k higher than what my appraisal was when I refinanced in January.

These are public market driven so as all the crazy purchase prices start pumping in then it will push the all valuations including the zestimate poo way up. 

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10 hours ago, Leeroy Jenkins said:

My "zestimate" is now $100k higher than what my appraisal was when I refinanced in January.

Mine is $90,400 over what I paid 13 weeks ago. :lmao:

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On 7/20/2021 at 1:33 PM, Chadstroma said:

I would say you want to connect with a broker and get a better rate. 

I can connect you with one if you want. 

Can you connect me with a broker for Oregon?

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On 7/20/2021 at 1:33 PM, Chadstroma said:

I would say you want to connect with a broker and get a better rate. 

I can connect you with one if you want. 

Hi Chad.  Great advice throughout the thread over the years.

Sending you a PM.

Thanks!

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On 7/20/2021 at 4:35 PM, Senor Schmutzig said:

My "zestimate" is $600k higher than what my appraisal was when I refinanced in April. :unsure:

+8.6% in the last 30 days. :oldunsure:

Yeah, I have to take that with a grain of salt. Would love if it was true but can't believe it is....

 

Just looked at mine, 

It's +43k since the last time looked  and +17k over the appraisal I got last month, 

 

 

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15 minutes ago, E Street Brat said:

Just looked at mine, 

It's +43k since the last time looked  and +17k over the appraisal I got last month, 

 

 

Lol. My new home is up 27k since I entered escrow.  We close on Tuesday. So nuts. 

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  • 1 month later...

Just crazy.

Refi one year ago on a jumbo for 3.125% on a 30 year fixed.  Figured I was finally done.

Lender reached out to me yesterday.  Just started a new refi at 2.75% for a 30 year fixed, total closing costs $2K (rolled into the loan).

There is NO WAY it's ever going to get lower than that.  I'll just keep saying it, I guess.

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1 minute ago, gianmarco said:

Just crazy.

Refi one year ago on a jumbo for 3.125% on a 30 year fixed.  Figured I was finally done.

Lender reached out to me yesterday.  Just started a new refi at 2.75% for a 30 year fixed, total closing costs $2K (rolled into the loan).

There is NO WAY it's ever going to get lower than that.  I'll just keep saying it, I guess.

In the process of refinancing mine for 2.2% for a 15 year. 

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14 minutes ago, gianmarco said:

Just crazy.

Refi one year ago on a jumbo for 3.125% on a 30 year fixed.  Figured I was finally done.

Lender reached out to me yesterday.  Just started a new refi at 2.75% for a 30 year fixed, total closing costs $2K (rolled into the loan).

There is NO WAY it's ever going to get lower than that.  I'll just keep saying it, I guess.

Damn. I’m at 2.375 for 15, but it looks like I could have spent a little more and gotten 2% or 2.125%. Not crazy less but I’m surprised because we were told over the past 5-6 months that rates were going up.

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1 minute ago, stbugs said:

Damn. I’m at 2.375 for 15, but it looks like I could have spent a little more and gotten 2% or 2.125%. Not crazy less but I’m surprised because we were told over the past 5-6 months that rates were going up.

I had the option of 2.375 for a 15 as well.

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17 minutes ago, gianmarco said:

I had the option of 2.375 for a 15 as well.

I’m glad I did it. Cash flow right now is optimal so it’s nice seeing the balance go down way more quickly and we are looking to move to our post kids place in 5-7+ years so it would be nice to have as much equity as possible. Ever since the mortgage interest deduction became useless, it doesn’t feel as good to pay so much interest. 

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1 hour ago, stbugs said:

Damn. I’m at 2.375 for 15, but it looks like I could have spent a little more and gotten 2% or 2.125%. Not crazy less but I’m surprised because we were told over the past 5-6 months that rates were going up.

That was the expectation... 

Then again, if you said to me a couple of years ago that it would be routine to get 30 year loan under 3% with par pricing I would have laughed at you. 

So what the hell do I know. I give up on predicting rates. 

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31 minutes ago, Chadstroma said:

That was the expectation... 

Then again, if you said to me a couple of years ago that it would be routine to get 30 year loan under 3% with par pricing I would have laughed at you. 

So what the hell do I know. I give up on predicting rates. 

I have been following this thread from afar, but I think I need to go ahead and pull the refi trigger while the gettin' is good.  The wife and I have been putting it off thinking we'd be moving in the near future, but now that isn't going to happen.

We owe $59K on our primary house about 30 miles east of Atlanta that Reddit and Zillow estimate to be near $300K.  We have a 2nd mortgage as well for $40K that we used to pay cash for a rental house in our area 6 years ago so we owe a total of just under $95K or so on our primary residence and the paid for rental house is worth a little over $215K (if that matters).  We haven't refinanced since 2009 or so and our rate is more than double what we could likely get now.  

Would you know anyone in my area who we could talk with about refinancing our primary house?  Actually, would a broker be better than our credit union for refinancing?  I'm guessing yes since they can shop it.  My credit rating is about 725.

Edited by SteevieG
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6 hours ago, SteevieG said:

I have been following this thread from afar, but I think I need to go ahead and pull the refi trigger while the gettin' is good.  The wife and I have been putting it off thinking we'd be moving in the near future, but now that isn't going to happen.

We owe $59K on our primary house about 30 miles east of Atlanta that Reddit and Zillow estimate to be near $300K.  We have a 2nd mortgage as well for $40K that we used to pay cash for a rental house in our area 6 years ago so we owe a total of just under $95K or so on our primary residence and the paid for rental house is worth a little over $215K (if that matters).  We haven't refinanced since 2009 or so and our rate is more than double what we could likely get now.  

Would you know anyone in my area who we could talk with about refinancing our primary house?  Actually, would a broker be better than our credit union for refinancing?  I'm guessing yes since they can shop it.  My credit rating is about 725.

I know a couple of good GA brokers. Feel free to message me. 

I am a big fan of CU's. They typically are not that competitive with mortgages. Most of them just do not have the scale to be competitive and the big ones that could are horrible (NFCU is a great example of being able to do them but sucking at it). That all being said, I have seen some good deals here and there from CU's. 

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18 minutes ago, Desert_Power said:

Wow, maybe I need to refinance again with the rates quoted here.

It may be worth a look. I am doing a cash out refi for a fellow FBG that we refinanced not too long ago and now doing a cash out (costs a little more than a rate/term) for slightly less than what he was at before. 

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On 7/10/2021 at 3:33 PM, Chadstroma said:

Not much. 

If I was selling right now, I would either negotiate lower % than usual or go FSBO. The realtors I know are saying when you get a seller client, it is the easiest and fastest money they have ever made. 

My seller's agent, on an annualized basis, would make 1.6M/year if he repeated my sale over and over through the year.  Nice gig.

But, it was a rental, with all that entails - and it was one of his contacts that made the match to sell it.  So it wasn't completely free money.

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