themissinglink said:

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How much is left on your loan?

I suspect mortgage rates won't go much lower for the next month or so. Huge consumer demand to refinance. If this COVID-19 thing gets worse and drags out through the summer and into the fall, I suspect rates fall further (though it may be awhile).

Your interest rate is high enough that I'd look into it now. If you can find a no closing cost refinance (you'd pay a higher interest rate), I'd try to lock it in.

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Sounds good. I think we are going to go for it. Appreciate the advice.

We just closed on a jumbo loan in December at 3.75%. Trying to get 3% maybe slightly better. Should be receiving a few proposals over the weekend. Not sure we will see lower across the board rates like this.

Not only is refi market incredible last week or so, but I know several folks who putting loans on houses they own outright and / or looking to buy investment properties.

Current mortgage @ 3.75% on 30yr.

Home worth $600k; $250k balance.
We will likely move in 5 years.

Thoughts on refinancing? I'm seeing a 15yr ~ 2.75%. Not sure on cc.

Leander - Ag said:

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Current mortgage @ 3.75% on 30yr.

Home worth $600k; $250k balance.
We will likely move in 5 years.

Thoughts on refinancing? I'm seeing a 15yr ~ 2.75%. Not sure on cc.

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Mine is almost the exact deal.....except I'm at 4.5% now.

Just now looking at this thread, got me thinking.

Rates may take a while to drop, due to high refinancing demand.

http://www.mortgagenewsdaily.com/consumer_rates/938844.aspx

I'll wait

LakeCharlesAg99 said:

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Rates may take a while to drop, due to high refinancing demand.

http://www.mortgagenewsdaily.com/consumer_rates/938844.aspx

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I got screwed, went to lock last Tuesday and broker said rates jumped so far wasn't worth it, then kept rising all last week. I missed it by ONE DAY! Kicking myself!

If it was that close you weren't saving much long term anyway, don't kick yourself.

I'm 8 years into a 15-year mortgage at 3.25%, is it even worth trying to take advantage of the lower rates at this point in the amortization chart?

hph6203 said:

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If it was that close you weren't saving much long term anyway, don't kick yourself.

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it wasn't that, it was that it still would have been worthwhile to lock Tuesday but then just didn't since it jumped a bit, then by Friday it was a bit late. I was getting greedy. I just was too indecisive on Tuesday.

bmks270 said:

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LakeCharlesAg99 said:

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Rates may take a while to drop, due to high refinancing demand.

http://www.mortgagenewsdaily.com/consumer_rates/938844.aspx

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I got screwed, went to lock last Tuesday and broker said rates jumped so far wasn't worth it, then kept rising all last week. I missed it by ONE DAY! Kicking myself!

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Patience young grasshopper!

The ink on the rate cut is barely dry yet and there is massive liquidity shortage in the MBS markets creating very little demand. Let things calm down a bit and when things are stable mortgage rates will plummet.

aggiedaniel06 said:

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bmks270 said:

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LakeCharlesAg99 said:

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Rates may take a while to drop, due to high refinancing demand.

http://www.mortgagenewsdaily.com/consumer_rates/938844.aspx

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I got screwed, went to lock last Tuesday and broker said rates jumped so far wasn't worth it, then kept rising all last week. I missed it by ONE DAY! Kicking myself!

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Patience young grasshopper!

The ink on the rate cut is barely dry yet and there is massive liquidity shortage in the MBS markets creating very little demand. Let things calm down a bit and when things are stable mortgage rates will plummet.

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My broker is telling me she expects rates to fall again too, so I'm ready!

Mortgage companies have so much more demand for refi's than they do the capacity to actually process them...there is not a lot of incentive to lower rates to get even more volume that they can't handle. That's what I'm hearing. Might take a couple of months to work thru the current backlog.

Forbes article this morning said last week alone they had a 79% increase in mortgage applications. I'm assuming mostly refis

chris1515 said:

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Mortgage companies have so much more demand for refi's than they do the capacity to actually process them...there is not a lot of incentive to lower rates to get even more volume that they can't handle. That's what I'm hearing. Might take a couple of months to work thru the current backlog.

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And I'll be here waiting. Not going to refi at high rates... waiting for the backlog to work through and then get it done at all time lows.

Tree Hugger said:

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I'm 8 years into a 15-year mortgage at 3.25%, is it even worth trying to take advantage of the lower rates at this point in the amortization chart?

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If you've got 7 years left at 3.25%, then you'll pay another $6,300 of interest per $100,000 you originally borrowed.

If you refinance the balance at 2.75% and payoff in 7 years, then you'll pay $5,300 of interest per $100,000 you originally borrowed.

Today's rates are above 3% again, so I doubt it would be worth the closing costs to refi. Just depends on how low rates go and how much you originally borrowed. My understanding is that refi closing costs are more or less fixed?

I'm not so patiently waiting for rates to fall. Want to get something below 3% or not worth it. I'm 1yr into 15yr at 3.625%. Really hope I can get 2.5-2.75% in the next couple months

MrJonMan said:

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I'm not so patiently waiting for rates to fall. Want to get something below 3% or not worth it. I'm 1yr into it at 3.625%. Really hope I can get 2.5-2.75% in the next couple months

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15 or 30?

You might see those rates on 15 soon.

15.....just realized I never said

Is there a place for the public to see track interest rates or 15 and 30 year refi assuming top-end credit rating?

Also do rates it varying regionally or not?