Mortgage refi

Last Monday, I noticed that 2 banks in MA had a rate of 2.375% on a 15 year fixed. Before I could start an application, both of them went up.

Rates are bouncing up and down here, sometimes changing a few times per day. The lowest I've seen since that day is 2.625% for a 15 year fixed, but today the lowest is 2.750% which is still not bad. I'm going to watch it a little longer and if I see 2.50 again, I'll probably lock in there. Maybe even at 2.625 if I see that again.

 

Not sure if it will help but I dug in over the appraisal price and they dropped it by $100. I figure all of them have some kick back in the appraisal price.

 

When you apply for the loan ask if there is a "float down option " this means if the rate drops after you lock you get the lower rate but it can't go higher than what you locked in at. It may come with a fee but the way things have been going up and down it may be worth it.

 

Anyone have good news?

Last I hear it's back to shit

By shit I mean, higher rates

 

haven't heard back from my broker. she said we will lock when rates drop again so I assume it has not dropped since last week when I missed on the 2.875/ 30 years fixed...ugh

 

I know the feeling man, I got greedy and have since been waiting to get back under 3. Yesterday I feel may have been as close as I'd get....and i still held off

I'm very mad at myself on taking this gamble.

 

Read post 63. It's going to be super hard to pounce at the right time because the rate is so erratic. A float down option could help. Ask your leander about it.

 

I did, I have, and with the person I'm working with - I don't have that option unfortunately.

 

Float down is only an option in the short term. And rates aren't coming back down anytime soon. Lenders just have too much volume in their pipelines right now, and plus there's no liquidity in the secondary market to purchase these loans. Fed will likely subsidize Fannie and Freddie to purchase loans again to soften the blow of impending recession, so I would just sit tight and wait for that to come around.

 

That's the plan, currently don't see anything making me want to move in. Just wish I wasn't greedy and caught the first wave...

 

Ditto. Except I wasn't greedy, just lazy. Figured there was time. Wrong!

 

I am in process of refi down to 3.25% and hopefully loosing the PMI. Waiting for an appraisal, if they haven't yet panicked enough to cancel those too ‍♀️

 

I guess I can think of it that way too, lazy not to get in at 2.875 and by the time I did 2.5%. Thanks for giving me a better outlook!

 

I'm hearing it could be 5-6 months to close the loan because they're so busy! On a positive note, they did confirm my rate will be whatever rates were when I did my application last Saturday (before the rates went up), so maybe it won't be so bad.

 

My banker called yesterday to finalize some info for the refi closing. He said I literally timed it perfectly, locking in a 30yr at 2.75%. I was also lucky because I did not need an appraisal, so they could lock in the minute I told them to. He said their current base rate for a 30yr is 4.5%. Crazy.

 

I closed on the 13th for 3.375% on a conventional 30y. Dropped a full point on the mortgage I was only 2 years in, and was able to save $500/month because PMI also got dropped after the appraisal came in. ROI is right at a year and I didn't pay anything at closing so I'm pretty happy.

 

My mom just locked in a VA refi at 2.875 % 30 years fixed.

 

Just got a text...

3.49% 30yr no cost, eh

 

It will come back down. My Credit union was down at 3% for a 20 year a week ago and now it is 4.75%. Once the refi's slow down the % will come back down. Should be down to 3% or lower right now.

 

I closed today. I locked in on the 3rd of march. I got 2.75% 0 points on a 15 year mortgage. My previous rate was 4.75% on a 30 year. Saving $550 per month but plan on putting it right back each month to shorten the term even more. Aiming for a 6 year payoff. Fingers crossed.

 

I'm just waiting to pounce.. Currently 3.75..

 

solid plan.

 

Itll be back, probably not as soon as well all want.

 

I just refinanced to a 15 year. Got 2.875%. With my local credit union.was at 4.75% on my 30. Comparing the amortization tables it was a no brainer. Amazing the savings over life of loan. Saw it got down to 2.75% as well but I’m happy where i landed

I heard it’s getting harder and now with everything shut down it’ll be a slow process. I’m glad I didn’t wait and think I timed it about perfect.

 

mortgage applications down 9% last Friday since the rates are up. give it a bit and we should see sub 3% again on 30 years imo.
The increase in rate was due to lenders having too much work with current refis. Once it settles we should be in better shape. meanwhile just wait.

some good articles here

https://www.housingwire.com/

 

Makes sense. I know they were over worked a month ago.

 

yes too much demand so they can set the % they want.
seeing now that the Feds loan money to the banks at almost 0%..can we share the wealth ?

 

My lenders refinance rates dropped 1% today back to the levels of a couple weeks ago. Wouldn't hurt to check in with your lenders to see where they're at.

 

https://www.realtor.com/news/trends...s-theyre-up-theyre-down-where-will-they-land/


Rates increased by more than a full percentage point from a low of 3.13% on March 2 to 4.15% on Friday, according to Mortgage News Daily. Some lenders are reporting rates in the mid-5% range.


and

silver lining

https://www.housingwire.com/articles/with-fed-unlimited-mbs-buying-how-low-can-mortgage-rates-go/

 

I checked mine. Website said 2.75 but when I called they offered 2.99 with points. With closing costs, I'd only save 1k over 15 years so I declined.