Joined Jan 2008
L10: Grand Master
Forum Thread
Mortgage Rates
March 6, 2020 at
05:13 AM
36 Comments
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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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Good Luck
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.
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 $$ from my 401K and pay it off, but
Have not found any rates that are anywhere near what the news has been talking about.
My current rate us 3.875 and I owe 225K If the market was not so bad i could pull the $$ from my 401K and pay it off, but
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.
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.