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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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Joined Jan 2007
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uniquename
05-06-2020 at 03:46 AM.
05-06-2020 at 03:46 AM.
Quote from jd2010 :
First time mortgage shopper... i can run NPV calculations and figure out whats "better" but no one typically holds a mortgage for 30 years so some of those front loaded costs and fees are more penal than they seem on an NPV.

I have 800+ credit, and have offer in hand for ~3.2% with no origination fee, and industry average type fees for the rest...

Are there better options for conventional 30 yr? What are people's favorites? PenFed has a "low rate" but front loads a ton of fees to where the rate difference doesnt really make up for it unless you sit in the mortgage for 15 years +

Most don't keep the same mortgage 30 years lately because of refinancing. There won't much much chance to refi when you are at 3% or so.
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Joined Nov 2011
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mirage2km
05-08-2020 at 08:29 AM.
05-08-2020 at 08:29 AM.
I have a "zero-point mortgage" at 2.5% from a local credit union.
Variable interest rate after 5 years.
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Joined Dec 2005
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scsiguru
05-08-2020 at 11:10 AM.
05-08-2020 at 11:10 AM.
I'm on 5 year ARM now that I got in October 2018. At the time my plan was to be out of the house in under 5 years, but with COVID-19 everything has pretty much changed. Would it be "wise" to refinance into a 5 or 10 year fixed at this point? My current balance is around $80K and my APR is 3.95%.
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Joined Sep 2016
Penguinbro
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anonymous2929239
05-09-2020 at 03:56 PM.
05-09-2020 at 03:56 PM.
Man some of these rates are crazy. I paid 3.25 @ 30 year va with usaa a few years back, but I didn't pay crap in points or fees, my mortgage apr ended up at 3.31

But I am reading like 2.8's from those credit unions.

Wish they was that when I bought it.
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Joined Apr 2007
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Seltzerino
05-10-2020 at 05:59 AM.
05-10-2020 at 05:59 AM.
After a lot of work for the past 2 months, I am finally closing on a refinance with a local credit union on Friday. The rate I locked at the beginning of the COVID-19 crisis was a 10 year loan @ 2.5% . I was able to decrease the rate of my mortgage from 3% on primary mortgage and second mortgage @ 5.5%. I was also able to get also some cash out to consolidate some credit card debt.

I am happy with the rate as I don't think rates have gotten any lower than that, but the overall process has been painful due to the continuous employment verification and additional requirements added by the local credit union.

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Joined Jun 2010
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alMac
05-10-2020 at 06:32 AM.
05-10-2020 at 06:32 AM.
Quote from Seltzerino :
After a lot of work for the past 2 months, I am finally closing on a refinance with a local credit union on Friday. The rate I locked at the beginning of the COVID-19 crisis was a 10 year loan @ 2.5% . I was able to decrease the rate of my mortgage from 3% on primary mortgage and second mortgage @ 5.5%. I was also able to get also some cash out to consolidate some credit card debt.

I am happy with the rate as I don't think rates have gotten any lower than that, but the overall process has been painful due to the continuous employment verification and additional requirements added by the local credit union.
So 2.5% / 10 year is cashout loan on your primary mortgage and what credit union is that? I am looking to cashout refi on my primary mortgage. That is to consolidate my 3% / 15 year on Primary and also the 4.25% / 30 year on my investment property.

So far I am only getting 3.25% / 15 year with closing costs and that does not justify for me to do the cashout refi.
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Last edited by alMac May 10, 2020 at 06:36 AM.
Joined Apr 2007
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Seltzerino
05-10-2020 at 08:57 AM.
05-10-2020 at 08:57 AM.
Quote from alMac :
So 2.5% / 10 year is cashout loan on your primary mortgage and what credit union is that? I am looking to cashout refi on my primary mortgage. That is to consolidate my 3% / 15 year on Primary and also the 4.25% / 30 year on my investment property.

So far I am only getting 3.25% / 15 year with closing costs and that does not justify for me to do the cashout refi.
It is Suncoast Credit Union. A check to see if rates had gone down any further was done a week ago and was told that rates were higher than my locked rate.
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Joined Nov 2005
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Dr. J
05-10-2020 at 04:34 PM.
05-10-2020 at 04:34 PM.
Quote from alMac :
So 2.5% / 10 year is cashout loan on your primary mortgage and what credit union is that? I am looking to cashout refi on my primary mortgage. That is to consolidate my 3% / 15 year on Primary and also the 4.25% / 30 year on my investment property.

So far I am only getting 3.25% / 15 year with closing costs and that does not justify for me to do the cashout refi.

Same here, and that's basically what I got 4 years ago but with negative points. Crazy that I can't beat now what I got 4 years ago. Best is a local CU that it offering 2.875 right now but for 8 years?!?! If I could get a 10yr in the high 2's I might consider it after running the amortization.
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Joined Apr 2005
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WinSolstice
05-13-2020 at 11:47 PM.
05-13-2020 at 11:47 PM.
Best I could find after a couple weeks of research was though Owning.com - 3.375% for a 30yr fixed refi with 0.25 points and no other fees/appraisal. Have about 600k loan balance so it's working out to a total of about $1500 out of pocket. Got my current lender to match it so that worked out well. I'm currently at 4.25% so will be saving about $390 a month, break even in less than 4 months.
Chase should be locking me in tomorrow
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Joined Feb 2012
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VicVinegar
05-14-2020 at 06:07 PM.
05-14-2020 at 06:07 PM.
Quote from WinSolstice :
Best I could find after a couple weeks of research was though Owning.com - 3.375% for a 30yr fixed refi with 0.25 points and no other fees/appraisal. Have about 600k loan balance so it's working out to a total of about $1500 out of pocket. Got my current lender to match it so that worked out well. I'm currently at 4.25% so will be saving about $390 a month, break even in less than 4 months.
Chase should be locking me in tomorrow
How did you approach your current lender? Just call customer service and say you are going to refi somewhere else unless they do something?

I've read about this working out, and would seem you'd avoid some of the closing costs this way since the lender isn't changing.
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Joined Apr 2005
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WinSolstice
05-14-2020 at 11:06 PM.
05-14-2020 at 11:06 PM.
Quote from VicVinegar :
How did you approach your current lender? Just call customer service and say you are going to refi somewhere else unless they do something?

I've read about this working out, and would seem you'd avoid some of the closing costs this way since the lender isn't changing.
I knew Chase price-matched as even when I took out the original loan I had got them to match the cheapest rate I'd found on bankrate.com.

I called Chase and asked for a Refi. When they came back with a rate of 3.750%, I asked them if they could match Owning.com's rate. I did have to get the rate and other details in writing from Owning.com and submitted it to Chase. My loan officer at Chase then submits a price exception for approval (basically to match the 3.375% and $1525 in closing costs)
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Joined Feb 2012
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VicVinegar
05-15-2020 at 03:54 AM.
05-15-2020 at 03:54 AM.
Quote from WinSolstice :
I knew Chase price-matched as even when I took out the original loan I had got them to match the cheapest rate I'd found on bankrate.com.

I called Chase and asked for a Refi. When they came back with a rate of 3.750%, I asked them if they could match Owning.com's rate. I did have to get the rate and other details in writing from Owning.com and submitted it to Chase. My loan officer at Chase then submits a price exception for approval (basically to match the 3.375% and $1525 in closing costs)
OK, so you still applied for a loan there. I thought I've read reports from some folks saying their current holder will change the rate on their note to avoid losing the loan. That is where I thought I could avoid some costs from recordation fees, title insurance, etc.
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Joined Feb 2007
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stufine
05-15-2020 at 07:04 AM.
05-15-2020 at 07:04 AM.
Quote from VicVinegar :
OK, so you still applied for a loan there. I thought I've read reports from some folks saying their current holder will change the rate on their note to avoid losing the loan. That is where I thought I could avoid some costs from recordation fees, title insurance, etc.
They did that back during the housing crash 07?
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Joined May 2009
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ElephantNest
05-24-2020 at 07:28 PM.
05-24-2020 at 07:28 PM.
I just refinanced two rentals last week with local mortgage company @ 3.75%. Would have gotten 2.75% if not investment properties.
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Joined Mar 2012
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jd2010
05-25-2020 at 08:21 AM.
05-25-2020 at 08:21 AM.
just went under contract on my first house... I have no idea how to effectively mortgage shop and actually get all in fees and pricing... they all seem to tack on a bunch of bull**** thats hard to determine until you get way down the path.

Any advice?
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