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Mortgage Rates

6,363 552 March 6, 2020 at 05:13 AM
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Who has the lowest 30 year currently?
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MakeitRainDolla
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Joined Nov 2005
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Dr. J
03-06-2020 at 05:44 AM.
03-06-2020 at 05:44 AM.
I am more interested in thoughts as to how low rates could realistically go - e.g. when would be good to refi into a 10 yr?
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jordanz12
03-06-2020 at 06:05 AM.
03-06-2020 at 06:05 AM.
I think many have around 3.5% currently for 30 year, closer to 3% for 15 year. My in-laws still have their mortgage from ~20 years ago when they got a 2.75% 30 year loan.
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Dr. J
03-06-2020 at 06:12 AM.
03-06-2020 at 06:12 AM.
Quote from jordanz12 :
I think many have around 3.5% currently for 30 year, closer to 3% for 15 year. My in-laws still have their mortgage from ~20 years ago when they got a 2.75% 30 year loan.
I have a 3.25% 15 yr that I got 4 years ago (thus 11 years left) that I would love to refi into a 10 but only if I can get the rate low enough it would be worthwhile for me to deal with the hassle. My APR is more like 3.32% and I see I can get more in the 2.8% range right now with a local CU.

Running the numbers, the rate alone doesn't save much - e.g. I could just buck up my current payments to that of the lower rate and capture most of the difference in interest cost anyway, without going through the bullshit of refinancing.
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dcdoc
03-06-2020 at 06:51 AM.
03-06-2020 at 06:51 AM.
I was quoted 3.25 with some cash back to cover closing. That was on 3/4/2020. I'm guessing today's quote might be lower?
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JulianoGS
03-06-2020 at 07:47 AM.
03-06-2020 at 07:47 AM.
What bank would you guys recommend to do a refinance with?
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jordanz12
03-06-2020 at 09:44 AM.
03-06-2020 at 09:44 AM.
Quote from JulianoGS :
What bank would you guys recommend to do a refinance with?
HIGHLY recommend you find a good mortgage broker to do the work for you. They'll find you a better rate than you can find on your own...and save you a lot of work searching through all the banks for different quotes/rates. We've used a broker for the past few mortgages and it's always better than what we find at local credit unions or major banks.
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bonkman
03-06-2020 at 06:09 PM.
03-06-2020 at 06:09 PM.
Quote from jordanz12 :
I think many have around 3.5% currently for 30 year, closer to 3% for 15 year. My in-laws still have their mortgage from ~20 years ago when they got a 2.75% 30 year loan.

No way that's right. Rates hit record lows after the 2k8 recession. They're even lower now. 2.75 might have been on a 10 year or perhaps they paid an insane amount of points. You might be able to find that rate in a 30yr now but that'd have been insane in 2000.

https://www.valuepenguin.com/mort...gage-rates
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bonkman
03-06-2020 at 06:10 PM.
03-06-2020 at 06:10 PM.
Quote from jordanz12 :
HIGHLY recommend you find a good mortgage broker to do the work for you. They'll find you a better rate than you can find on your own...and save you a lot of work searching through all the banks for different quotes/rates. We've used a broker for the past few mortgages and it's always better than what we find at local credit unions or major banks.

Did you use a local one or an online broker?
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Toolost
03-06-2020 at 08:31 PM.
03-06-2020 at 08:31 PM.
WSFS currently is offering 3.15 for a 30yr, 0 points. This being a local bank in DE, YMMV.

Good Luck
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uniquename
03-08-2020 at 06:45 AM.
03-08-2020 at 06:45 AM.
OP-
You are asking a nearly impossible to answer question. The same bank might offer me 3.25% and offer you 3.5%. I'm about to refi...holding a bit to see what happens, I think we'll see another .25 drop. I was quoted 3.12 on a 30Y two weeks ago.

Quote from jordanz12 :
HIGHLY recommend you find a good mortgage broker to do the work for you. They'll find you a better rate than you can find on your own...and save you a lot of work searching through all the banks for different quotes/rates. We've used a broker for the past few mortgages and it's always better than what we find at local credit unions or major banks.
Agreed. Also, inform yourself enough to understand the data they send you.
Quote from bonkman :
Did you use a local one or an online broker?
I used local because I knew him. Most can save a few bucks online if they know what they are reading and can handle the flood of calls and emails.
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stufine
03-08-2020 at 09:23 PM.
03-08-2020 at 09:23 PM.
neighbor said she's writing at 2.8 for a 30
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komondor
03-09-2020 at 05:46 AM.
03-09-2020 at 05:46 AM.
I have 15 years left on mine and I was looking to change to a 15 since i really cannot deduct my interest anymore but found that going with a 30 and making an extra payment was actually better.

Have not found any rates that are anywhere near what the news has been talking about.
My current rate us 3.875 and I owe 225K If the market was not so bad i could pull the $$ from my 401K and pay it off, but Frown
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Dr. J
03-09-2020 at 05:53 AM.
03-09-2020 at 05:53 AM.
Quote from komondor :
I have 15 years left on mine and I was looking to change to a 15 since i really cannot deduct my interest anymore but found that going with a 30 and making an extra payment was actually better.

Have not found any rates that are anywhere near what the news has been talking about.
My current rate us 3.875 and I owe 225K If the market was not so bad i could pull the $$ from my 401K and pay it off, but Frown

I always run the numbers comparing rate changes and extra payments - e.g. go with a shorter term lower rate but higher *required* payments OR go with a longer term = lower *required* payments, likely higher rate, and make payments similar to the shorter term option. Often the difference in interest cost isn't huge. Of course it will always be there but that basically tells you how much you're paying, in essence, for a bit of peace of mind if you had to cut back that payment.
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jordanz12
03-09-2020 at 05:55 AM.
03-09-2020 at 05:55 AM.
Quote from bonkman :
Did you use a local one or an online broker?
Local one for sure...just find one with great reviews. Even though most of the dealings are done through online, going local for the initial meeting and final signing party is very helpful to us.

Not sure what to tell you about my in-laws rate. They purchased in 2001-2002 timeframe. Went through a local credit union. Just passing on what they've told me their rate was.
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