I would defer to a statistician or at least would hesitate in saying it correlated.

Broad trend is accurate, but there are multiple points where fed rate is steady and avg mortgage rate goes up and down by a %. So if someone were to ask, is there a fixed offset...not really.

I started the conversation with CFBank to see what they offer on 15yr fixed.

Who else should I reach out too?

I shot him an email

evan_aggie said:

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I would defer to a statistician or at least would hesitate in saying it correlated.

Broad trend is accurate, but there are multiple points where fed rate is steady and avg mortgage rate goes up and down by a %. So if someone were to ask, is there a fixed offset...not really.

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I understand - but it's obvious they are related... It's no coincidence mortgage rates have been falling since the winds shifted directions from fed funds rate going up to going down. Arguing more than that is chasing semantics. Sure the relationship is not 100 percent--fine..

So far it looks like I can drop 1/2 a point, from 3.625% to 3.125%. 15yr note.

My brain doesn't allow me to do this type of math, so does this make sense? Would add $4k back into the loan

Got 3% with no points on a 15 year, so doesn't seem to be very competitive.

This is also with no points

MrJonMan said:

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This is also with no points

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Then what's adding the $4k back into the loan. That seems high with no points.

I'm guessing rolling closing costs into the loan.

I got a couple of quotes from 2 of the people Evan suggested. Best was 3.135% on a 15 with the option to buy it down to < 3. Considering we're currently at a 4.625% 30 from when we bought last year, it's going to happen...just with who. Still waiting on a couple of people I've reached out to for quotes and then I'll review and discuss with my wife tonight.

Old RV Ag said:

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aTm2004 said:

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I'm guessing rolling closing costs into the loan.

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Seems like some high closing costs.

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That's less that what I've been quoted on closing. But both people I've spoken with stated that closing costs will go down since title policy will be reduced due to buying last year as well as us being exempt from a survey from having it done last year as well.

Yes that's with rolling closing into the loan. I told CFBank that I had a 3.125% offer and he came back with his updated quote at 3%.

I also wouldn't need a survey as I've got one

Jay is 3.125%, 15yr. $3964 rolled into loan for closing costs

CFBank is 3%, 15yr. $3495 rolled into the loan for closing costs.

Ha...oddly enough I did recently have hand surgery

However I meant survey

Old RV Ag said:

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MrJonMan said:

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Yes that's with rolling closing into the loan. I told CFBank that I had a 3.125% offer and he came back with his updated quote at 3%.

I also wouldn't need a surgery as I've got one

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Da fuq?

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A lower rate means he's not getting effed as much.

MrJonMan said:

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Yes that's with rolling closing into the loan. I told CFBank that I had a 3.125% offer and he came back with his updated quote at 3%.

I also wouldn't need a survey as I've got one

Jay is 3.125%, 15yr. $3964 rolled into loan for closing costs

CFBank is 3%, 15yr. $3495 rolled into the loan for closing costs.

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Dealing with Brian?

No, Michael

Ahh...the one from earlier just came back with 3.098%, so I've gone back to CFBank with that info.

MrJonMan said:

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No, Michael

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Just came back with 3. Closing costs are almost nothing.

How'd you swing the closing cost part? Just ask?

I say almost nothing, but still around $3k. Others were quoting around $5. I'll get some of that knocked down due to purchasing recently.

Ahh ok. Yeah they were already telling me $3495

I was really hoping to get under 3.

I'm currently sitting at a 30 year 4.625, so I'm ecstatic. Rates have dropped since last year and I'm taking advantage of it.

aTm2004 said:

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MrJonMan said:

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Yes that's with rolling closing into the loan. I told CFBank that I had a 3.125% offer and he came back with his updated quote at 3%.

I also wouldn't need a survey as I've got one

Jay is 3.125%, 15yr. $3964 rolled into loan for closing costs

CFBank is 3%, 15yr. $3495 rolled into the loan for closing costs.

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Dealing with Brian?

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Can you send me your contact at CFBank?

Check your PMs

aTm2004 said:

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I'm currently sitting at a 30 year 4.625, so I'm ecstatic. Rates have dropped since last year and I'm taking advantage of it.

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Don't blame you

I'm 3 years in on a 30yr at 3.75%.

House cost 385k. There is currently 288k left on the loan. According to Zestimate, the house is worth 410k.

I plan on being in this house for the next 10 years.

Should I try to get a 15year refinance loan?

Depends on whether you are comfortable with payment on a 15 year. I'm guessing you'll be around $2000/mo. If so, you'll save 0.75% x $288k $2100 in interest saves first year, but if you look at it like 3.75% 15 year (by increasing your per month payment on your own), you'd end up spending about $19,000 more on interest charges over 15 years.

3.75% 30 is a great rate. All personal preference at that point. You'd definitely make up plenty for the refi costs in 2 years...

Thank you, sir. Going to a 15 might make my monthly payment too big. I currently pay $1700 a month total. There is no PMI, but in Alabama they make you pay your home insurance lumped together with the mortgage.

Here is the breakdown of my last payment
$523 - Principal
$903 - Interest
$286 - Escrow (taxes and insurance)

I just hate seeing so much of my monthly payment going to interest. It's terrible.