Mortgage refi

Holy batman, how much in closing costs?
I guess, it also depends what your current rate it.

I'm around 1400 origination and 1k in other misc fees. That would be about it.

 

I was able to lock a Fixed 2.75% on a 15 year no points this afternoon. $1600 in closing out of pocket. My payment went up like $100 a month compared to my 30 year at 4.75% (2 years into paying) . I always put extra with my current payment so hopefully I can pay it off in the next 7-10 years. I paid my first one off in 10 years so I know it can be done.

 

Locked in today at 2.625% on a 15 yr fixed no points.

Last week banks around here had gone up over 3% for a 15 yr fixed, but yesterday they dropped below 3% with the Senate arguing over the stimulus package. Today, with the stock market up, I decided to apply with a local bank that had the lowest rate, 2.75 on a 15 yr because I had a feeling they will go up tomorrow. I started the online application around noon, but had to log out when I was partway through so my wife could look up her financial info. When I logged back in to complete the application a little after 2:00, I noticed that the rate had dropped to 2.625 a few minutes earlier so I quickly finished the app and had the banker lock it in at 2.625%

I would have been fine with 2.75, but even happier with 2.625.

 

Closing costs with points is about $8k. My current rate is 3.625% with 18 years left. Was looking to do a 15 year refi at 2.75, which would save me 30k before closing costs but they couldn't get me that number.

 

I’m looking at a cash out refi do do some improvements we’ve been wanting to do. Currently at 3.5% for 20yrs 4 years into paying.
I missed locking in at 3% a couple weeks ago. I’m floating the rate right now. Hoping to lock in soon as long as it’s under 3.5% I’m good with it. My loan company is updating me constantly about where the rates are.

Probably going to stick with a 20yr due to the oilfield in the dumps again but I pay more anyway and will pay off a 20 in 12-14 yrs or so and still have to option to make a lower payment if I need to. My appraisal came back 20k higher than last time and he missed the rv shed at the back of the property. Only included my shop.

 

latest

https://money.yahoo.com/mortgage-applications-drop-by-largest-amount-since-2009-205818351.html

3.125% for 30 years fixed no points last friday from my broker. I'm still waiting for better.

 

I was 3.125% at a few hundo credit....still thinking itll get lower so I'm holding out still.

 

I refi’d for 2.75 paid $2k to buy down from 3% on a 30yr fixed VA.

 

Where are you finding the best rates? Local has always been higher near me, I’ve been checking for about the last year

 

rates move every day, up and down really. best is to work with a broker you trust. have you paperwork ready and filed with your broker already so you can lock that rate.

 

^this. That’s how we locked ours in.

 

Alert set to 3% or less

 

same here..crossing fingers maybe this week

 

Bueller

Any news from anyone?

No good news from my side

 

it went slightly back up..I'm still on the sideline

here is a good article

https://www.housingwire.com/articles/mortgage-rates-drop-on-fed-intervention/

Typically, mortgage rates stay within a predictable range above the 10-year Treasury yield. Between 2015 and 2019, the average difference was 1.7%, according to HousingWire calculations using the Freddie Mac rate and a weekly average for Treasuries. When the margin rises above that, it means lenders are nervous.

In mid-March, when the average mortgage rate spiked to a nine-week high, the margin was 2.66%, the highest since January 2009.

This week, it’s 2.63%, based on Tuesday’s Treasury yield. That shows there’s room for rates to fall further.

 

I just locked in at 3.5% paid 3/8 point to get the rate on a 20yr cash out refi. Not ideal but I have a project to do and it’s getting us the same as our current rate.

I was told a lot of investors are pulling out right now due to all the craziness. And they were not expecting rates to drop until this virus is on the downward slope.

 

https://www.housingwire.com/article...ning-standards-as-coronavirus-crisis-worsens/

i might have to lock in today. I got 3.25% 30 years no points. no closing cost just pay for appraisal.

 

Quoted similar, 3.25% at half point credit.

 

man I dunno..they are tightening lending standards...could be good could be bad..lol

 

We closed at 2.75 today.

 

In full masks and gloves. It was weird.

 

Guessing 15yr, that may be helpful to note

 

I didn't lock..still at the table with my chips in..

 

The 30 year fixed has touched 2.75 a few times the last 3 weeks. I've locked a few people at that rate.

 

That's why I am asking.

If you getting people in a 2.75, hit me up with your contact info via DM. I'll be happy to give you a call. Currently have an alert set, hasn't pinged for under 3 for the past couple weeks (no points).

 

How do you get “no closing costs?” Is this a deal from a friend or do companies offer this? Just wondering as the couple of companies I have approached have had fairly significant closing costs. Thanks.

 

Good point. VA 30yr

 

My good friend is in banking we just got really lucky.

 

Few things to consider. A lot of the time they say no costs....but your not getting the best rate then. They get you a higher rate, use the points and pay the costs that way. Some companies just have a set fee. Between 3 people I have talked too, the set fee has been between 1200 and 1500. You may have to get another appraisal - maybe +500. Shouldn't be paying more than a couple to a few grand in fees.

 

Good deal,
If I was to see 2.75% for a 30yr traditional, I'd be stink on shit. I hoping for something like that, I feel I personally wont see that though