Joined Jan 2008
L10: Grand Master
Forum Thread
Mortgage Rates
March 6, 2020 at
05:13 AM
91 Comments
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For some reason 10 yrs seem to have a higher APR than a 15 yr in a few cases.
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.
Click Here:
http://www.freddiemac.
Then look at the interactive chart. Switch to "All Time"
There is no easily understandable way that they got 2.75% back then. They probably got a loan then, and then refinanced after 2010 or so.
The next time that chart updates, it will have rates at or near an all time low.
Navy Federal Credit Union rates
30 Year Fixed 2.847% APR
15 Year Fixed 2.553% APR
Alliant Federal Credit Union rates
30 Year Fixed 3.053% APR
15 Year Fixed 2.596% APR
My current payment P&I is 1269 so would need get to be 1K to make it worthwhile at all.
right now principal is $546 and interest us $723.
Navy Federal Credit Union rates
30 Year Fixed 2.847% APR
15 Year Fixed 2.553% APR
Alliant Federal Credit Union rates
30 Year Fixed 3.053% APR
15 Year Fixed 2.596% APR
15yr 2.588
30yr 2.847
both APR and yes likely depend on your FICO
Also have "loan credits to member" depending on loan amount, $500, $1000 or $2500.
Doing some quick numbers for me I could take the 15yr option and make huge extra payments $550 - I'd save $10k in interest and pay off the loan ~5 months ahead of time.
i'm working 2 lenders, both from costco website. when do i peel off and commit to 1? each has different condition. both are 2.625% at 15, first has impounds and rate lock until end of april. second has no impounds and rate lock until end of march but is $1k higher in fees.for a $500K refi. your advice is greatly appreciated.
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https://www.cnbc.com/2020/03/15/c...d-cut.html
But there's this:
"The Fed on Sunday said it will begin buying $200 billion of mortgage-backed bonds, a move that will stabilize and likely lower mortgage rates, which moved sharply higher last week.
Mortgage rates had fallen to a record low two weeks ago, but a flood of refinance applications overwhelmed lenders and caused investors in mortgage-backed bonds to back off."
So basically supply and demand.... rates go low, people take advantage of it (demand increases) and thus rates creep back up.
So as long as these lenders are overloaded with customers, i think there is no reason to lower rates. They just might even start to go back up until the demand queue starts to get shorter and thats what I see now. Another thing I have been noticing is that loan origination fees jumped up lately too.
That's about right. They have so much demand there's no reason to compete over price (fees and APR). Didn't take them long to respond collectively. I, for one, thought that it might take a bit longer.
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