Real Estate
Sponsored by

PSA: Interest rates are REALLY low right now

18,830 Views | 143 Replies | Last: 3 yr ago by Martin Q. Blank
Red Pear Realty
User Profile
Private Message
How long do you want to ignore this user?
24 hours One week Permanently Cancel
7:49a, 1/29/20
Sponsor
AG
Rates have dropped pretty significantly, even since this Summer. It may be worth calling around (or PM'ing the lenders on this board) to see what they can do for you.

Good luck.
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
Reply Quote
2
MAS444
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
10:18a, 1/29/20
AG
I'll play... How low? Finishing a new build in the next few months (one time close construction loan) and wondering if it may be worth it to refinance soon after the loan converts to permanent. Current rate is 4.125 on a jumbo loan.
Reply Quote
Red Pear Realty
User Profile
Private Message
How long do you want to ignore this user?
24 hours One week Permanently Cancel
10:34a, 1/29/20
Sponsor
AG
Everything is dependent on your credit, loan term and amount, LTV, owner occupied or rental, points/credits, etc, but I'm working a deal right now at 3.25%.

Chase is quoting 3.375% on their 30 year loans and 2.75% on their 15 year loans in my zip code right now.

Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
Reply Quote
Jay@AgsReward.com
User Profile
Private Message
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Red Pear Realty • 1:23p, 1/29/20
Sponsor
AG
Those quoted rates with Chase are with 1% origination and are purchase rates, but your point still stands, rates are very low right now even without a point. And worth a look.
Sponsor Message: AgsReward.com - See Reviews and Check Our 5-Star Rating on Shopper Approved.
Reply Quote
AgsMyDude
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Jay@AgsReward.com • 2:18p, 1/29/20
AG
Jay@AgsReward.com said:
Those quoted rates with Chase are with 1% origination and are purchase rates, but your point still stands, rates are very low right now even without a point. And worth a look.

What are you guys seeing for investment property rates these days, say 20% down?
Reply Quote
Red Pear Realty
User Profile
Private Message
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to AgsMyDude • 2:55p, 1/29/20
Sponsor
AG
It can be all over the place depending on the variables I mentioned above. You should definitely give some lenders like Jay a call to see what they can offer you depending on your specific situation.
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
Reply Quote
Aggie71013
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
5:36p, 1/29/20
AG
In the process of refinancing to 3.125% on a 15 year note. Keeping the existing term and just reducing the interest rate.
Reply Quote
1
AgsMyDude
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Red Pear Realty • 5:40p, 1/29/20
AG
Red Pear Realty said:
It can be all over the place depending on the variables I mentioned above. You should definitely give some lenders like Jay a call to see what they can offer you depending on your specific situation.


Done. Jay helped us buy our last home.
Reply Quote
1
Deats99
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Jay@AgsReward.com • 6:53p, 1/29/20
AG
Jay@AgsReward.com said:
Those quoted rates with Chase are with 1% origination and are purchase rates, but your point still stands, rates are very low right now even without a point. And worth a look.
I have those on 30 yr fixed with less than 3/4% total lender costs. Whatever BS name they want to call them, points, origination.....

That 15 is pretty sharp though....
A good plan violently executed now is better than a perfect plan executed next week.
-George S Patton
Reply Quote
Ol Jock 99
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
9:50p, 1/29/20
AG
Since you all are on here ....

Refi jumbo 15 with 800+ credit score?
Reply Quote
sawthemoffxx
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
11:00p, 1/29/20
I've already got an ok deal... 3.875% on a 30 year and planning on holding onto the property awhile. Do we think rates can actually go sub 3?
Reply Quote
SteveBott
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to sawthemoffxx • 11:04p, 1/29/20
AG
Are you a veteran?
Reply Quote
Premium
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
11:15p, 1/29/20
AG
I got a Jumbo last summer 10/1 ARM @ 3.375. Kicking myself that I bought the rate down...

Anyways, is it worth considering a refi with any of the new rates out there? I prefer the 10/1 ARM.
Reply Quote
SteveBott
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Premium • 11:17p, 1/29/20
AG
You are good
Reply Quote
aggie appraiser
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
12:06a, 1/30/20
3.875 with great credit. Is it worth it to try to refi?
Reply Quote
SteveBott
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to aggie appraiser • 12:10a, 1/30/20
AG
No based on your post. That. A 30 year? Your want to go 15/10?
Reply Quote
1 edit
aggie appraiser
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
12:13a, 1/30/20
Yeah, I'm one year in to a 30. I'd be interested in looking at what a payment would be for a 15 or 10. LTV right now is probably 70-75%.
Reply Quote
1 edit
sornman
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
9:47a, 1/30/20
Hmm, I may have to look into refinancing. Anyone think it will get much lower?

I am 10 years in on an FHA @ 5.25%. 800+ credit. Could move to a 15 year note with similar payments. This would also get rid of my PMI, as the value of the house has gone up a lot but I haven't gotten it reappraised.

What kinds of costs should I expect when refinancing?
Reply Quote
SteveBott
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to sornman • 10:07a, 1/30/20
AG
My contact info is in my profile . Shoot me an email and I can run your numbers. I see a good refi so far
Reply Quote
Jay@AgsReward.com
User Profile
Private Message
How long do you want to ignore this user?
24 hours One week Permanently Cancel
10:08a, 1/30/20
Sponsor
AG
If you are at 5.25% and still paying PMI a refinance would likely make sense for sure. Love to compete for the business. My email is my screen name here.
Sponsor Message: AgsReward.com - See Reviews and Check Our 5-Star Rating on Shopper Approved.
Reply Quote
Ducks4brkfast
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
10:11a, 1/30/20
AG
Nobody considers ARMs?

A 10/1 can be pretty appealing.
Reply Quote
aggiepaintrain
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
2:23p, 1/30/20
AG
is there such a thing as a 10/1 cash out refinance?
Reply Quote
Diggity
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Ducks4brkfast • 2:49p, 1/30/20
AG
looking online, the rates for 30 year fixed look better than the 10/1 ARM rates. What's the appeal there?
Reply Quote
Ducks4brkfast
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Diggity • 2:56p, 1/30/20
AG
there's no appeal under those circumstances. i'm not a mortgage guy so no clue what rates are, however i've not seen a 30-year cheaper than a 10/1 when i've shopped.
Reply Quote
1 edit
Diggity
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Ducks4brkfast • 3:06p, 1/30/20
AG
surprised me as well. Sometimes those products do flip.
Reply Quote
Red Pear Realty
User Profile
Private Message
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to Ducks4brkfast • 3:09p, 1/30/20
Sponsor
AG
Ducks4brkfast said:
there's no appeal under those circumstances. i'm not a mortgage guy so no clue what rates are, however i've not seen a 30-year cheaper than a 10/1 when i've shopped.
Its because the yield curve inverted.

https://finance.yahoo.com/news/fed-key-yield-curve-inverted-165950634.html
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
Reply Quote
SteveBott
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
3:37p, 1/30/20
AG
ARMs are priced differently then 30s so it's more likely you will pay points on the 10. Most folks, rightly so, do not want to pay points.
Reply Quote
Ducks4brkfast
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to SteveBott • 3:45p, 1/30/20
AG
SteveBott said:
ARMs are priced differently then 30s so it's more likely you will pay points on the 10. Most folks, rightly so, do not want to pay points.
why not pay the points?
Reply Quote
jja79
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
3:50p, 1/30/20
AG
It depends on what a point will buy. If it buys a half in rate then the buy down is recaptured in 3 years. Many people think that's a reasonable recapture period. Any less and it becomes a harder decision.

It's been mentioned but the rate market and overall environment has lessened the advantage ARM rates have over fixed rates. That won't always be the case. Things are always changing.
Reply Quote
1
rlb28
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
4:12p, 1/30/20
AG
just got 2.99 on a 15-year
Reply Quote
3
MR Gadsden
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
9:33p, 1/30/20
RBFCU has some pretty fantastic rates
Reply Quote
NoahAg
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
10:26a, 1/31/20
We just got pre-approved for 3.25 on a 30 year. Any sense in looking further?
Follow up question: This are moving faster than we expected. We will be keeping our current home and renting it out. What (if any) notification do I need to give the lender, Chase, about the home converting from our primary to now a rental?
Reply Quote
MR Gadsden
User Profile Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to NoahAg • 10:27a, 1/31/20
Don't notify them. Keep making your payments and they will never be the wiser.

Reply Quote
2
Ducks4brkfast
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to NoahAg • 10:34a, 1/31/20
AG
NoahAg said:
We just got pre-approved for 3.25 on a 30 year. Any sense in looking further?
Follow up question: This are moving faster than we expected. We will be keeping our current home and renting it out. What (if any) notification do I need to give the lender, Chase, about the home converting from our primary to now a rental?
I didn't notify my lender. I did talk to my insurance co tho.
Reply Quote
1
Diggity
User Profile
Private Message
Ignore User Stop Ignoring
How long do you want to ignore this user?
24 hours One week Permanently Cancel
In reply to NoahAg • 10:34a, 1/31/20
AG
Any points? If not, that's a great price
Reply Quote
 
×
subscribe Verify your student status
See Subscription Benefits
Trial only available to users who have never subscribed or participated in a previous trial.