Coming soon, 30 year mortgages for 2.5%
Get ready.

Actually, some brokers can do that now although I'm not sure of the fees/points.

1) fees are pretty high I think
2) I am working with a broker now and he said some of these advertised loans are misleading. The mortgage backers are not willing to back these sub 3% loans, so they are very rare. These mortgage backers have been hammered by the deferrals.

Dang. Maybe I should have waited. Just moved to a 20 yr for 3.375%

Just looked into this the other day. Thought I could get 3% without points, wrong. Currently at 3.375% so not paying $6k for that .375%. But if it were free I would have.

Got quotes yesterday for 3 to 3.25 with no points. Going to lock in 7-10 days. Sub 2 might be out there but its rare or you're buying it down.

I'm going down to a 3.375 now and it's brutal. I have near perfect credit and make about 3x what I did when I bought the house and did my original mortgage and then a refi later. This one is under way more scrutiny.

Aggie09Derek said:

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Just got a 15 year for 2.625

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Damn

I'm at 3.75% on a Jumbo. Would really love to get that down to 3%

Just had a client close on 3.125% on a jumbo through UFCU in Austin...however that's for new purchases only as their refinance rate is almost a full percent higher for some stupid reason.

chris1515 said:

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Coming soon, 30 year mortgages for 2.5%
Get ready.

Actually, some brokers can do that now although I'm not sure of the fees/points.

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I'm still skeptical we'll see 2.5% anything other than 15-year conventional loans, and even that's a stretch.

Some clients have had success using better.com and lenderfi, though both push purchasing points.

My preference is still to go through a local mortgage broker who will usually beat or match.

For the record, my rate is 2.49% on a 30-year originated in 2013 and no points.

I also locked on a 15 yr at 2.625%... one point.

I'm at 3.825 from buying a new home last July. At what point does it make sense to refi?

No way to know. Too much info not known. Pm if you want. I can run some numbers

Just locked in 3.625 for 30 on a new build bought a few years ago, a full point lower than our original. Recent appraisal value also puts us out of PMI so some nice savings overall.

Were four years into our mortgage and locked on a 26 year fixed at 2.875 with United. No points and should close next week.

agdaddy04 said:

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I'm at 3.825 from buying a new home last July. At what point does it make sense to refi?

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Run a business case on it. It will cost ~$5K to refi, most can likely be rolled into the loan if you want. You'll save some amount monthly and your break even horizon will be the point at which you have recouped your out of pocket costs. If it's 24 months or under AND you plan on staying in the place, do it. if you roll it in, it will be a long time until you pass where you would have been on the principal if you had stayed the course.

The rule of thumb tends to be 1% savings. If you can get 2.875 like for like, it's definitely worth doing. If you're 100% going to stay there at least to the payback window, probably okay if you're cool with the credit hit and all that.

I'm at 4.24% at about 65% LTV on a 30 year fixed. 2 years in to the loan. I'd like to refi back to 75% on 30 yr if gets anywhere near 2.5%. I guess I'll wait and be patient. If anyone out there can do a 30 fixed 75% LTV staring with a 2 please let me know. I'll qualify for the best rate. Thanks.

So you want to pull equity?

yeah why not at that rate? Or even 80% I don't know the insurance threshold. I don't want to pay that. Honestly, I'd take out as much at possible at 2.5%. I can do better on my money. The only other debt I have is about 50% LTV in aggregate on some investment properties.

how low would a variable that adjust or has some type of balloon payment at the end be. I don't mind paying it off if interest levels spike. I guess I don't mind gambling on a variable rate if it's really low and at a 75% or greater LTV bypass the insurance.

Well I have some bad news. The mortgage 'cash out' market is in shambles. Rates are in the 4s and 5s. Fannie and Freddie have issued new guidelines transferring risk back to lenders and right now they don't want the loans. So they offer rates most will not accept.

I got into a 15/2.5 about four years ago. I don't think I'll see a better rate before it's paid off.

If anyone has an interest only jumbo let me hear from you....

I do not even have a Jumbo much less an I/O. Try US Bank

SteveBott said:

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Well I have some bad news. The mortgage 'cash out' market is in shambles. Rates are in the 4s and 5s. Fannie and Freddie have issued new guidelines transferring risk back to lenders and right now they don't want the loans. So they offer rates most will not accept.

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Whelp. That sucks. It's good collateral and credit. What are mortgage rates in countries with negative rates and is that coming our way? I guess I'll just keep paying the 4.24% and getting my ass handed to me on property taxes.

SteveBott said:

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Well I have some bad news. The mortgage 'cash out' market is in shambles. Rates are in the 4s and 5s. Fannie and Freddie have issued new guidelines transferring risk back to lenders and right now they don't want the loans. So they offer rates most will not accept.

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That's interesting. I'm in the middle of doing just that at 3.65. Appraisal came back fine so now in underwriting.

The cash out market went to sh-t about 4 Weeks ago. I called all my cash out clients and said lock today or be prepared. Some that didn't regret that.

Oh and one client got 3.25 on on a 30 and one on 3.0 on a 15. They are happy

Just got 2.875% for 30 years yesterday without buying any points. Waiting on my broker to see how much buying it down would cost, but he thinks I could maybe go a little lower.