Contemplating a refi. I've heard rumors of people getting sub 3.00% and possible as low as 2.75% on a 30 year fixed. Any truth to these rumors?
Is 2.75% an attainable interest rate today?
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Last: 3 yr ago by Mortgage Man
I've been under 3 since April so not a rumor. Contact info in my profile.
Depends on your stomach for closing costs. I'm in the process of refinancing to 2.0% for a 15 year. They've got some points in there that are adding 2k.Harman Rabb Jr. said:
Contemplating a refi. I've heard rumors of people getting sub 3.00% and possible as low as 2.75% on a 30 year fixed. Any truth to these rumors?
The rates are so low, I would consider going to a 15 year instead of a 30. My total interest over the life of the loan went from 270k to 42k. Thats a lot of money to be free from in just 15 years.
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Relative got 2.375% at par last week on a 30 year fixed cash out refi. They could have got 1.99% with $10k in points.
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I moonlight as a signing agent and I haven't seen anything north of 3% except for one closing. The best I've seen is 2.15 on a VA. Most everything is somewhere between 2.25-2.75.
What about on an investment property right now? I have 3 in the high 4's on 30-year notes. All less than 75%LTV. Is it possible to refi all 3 at the same time...do paperwork one time?
Just got 2.675! It's out there.
Confirmed 2.875
Do you mind sharing where you got it?
I would be happy to take a look for you and see what rates are available. There are so many variables that factor in the rates that it truly is unique to your situation. Some may want to pay points to get a lower rate if you plan on staying long term, and some may just want to reduce the rate for payment reasons with no points. We can factor in closing costs and see if it makes sense and how long it would take to recoup the difference. You can contact me at bbailey@gomycity.com if you have any questions.Harman Rabb Jr. said:
Do you mind sharing where you got it?
Brian
903 574 zero nine six zero
1.99% with $10,000 would be about a 50 month payback for me.Red Pear Realty said:
Relative got 2.375% at par last week on a 30 year fixed cash out refi. They could have got 1.99% with $10k in points.
Do you have a contact that you could share?
Just locked in 2.625% on a 30 year fixed.
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Shoot us an email at Office@MyRedPear.com.Harman Rabb Jr. said:
Do you have a contact that you could share?
Also, if you are going to get a quote from one lender, never hurts to get multiple quotes at the same time.
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What about NEW Construction loans? I have not seen such friendly rates as being quoted on here for New Construction loans.
Just refi about a year ago to 3.5. Looks like it's time again. What's best rate out there?
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Please understand MANY factors go in to a rate quote including loan to value, credit score, rate lock period, loan size, cash out or not and of course net costs. Not to mention timing of your rate lock as interest rates change 2-4 times a day on a good % of business days much less from week to week. Also, one size does NOT fit all meaning one person paying 10k in interest rate buy (points) down might make sense as they are in their retirement home where paying any buy down (or even refinancing at all) might not make sense for someone in a starter home that they plan to move on from in a year.
So, while comparing rates is fun and everyone wants to have the lowest rate on the block there are a lot of things to consider and understand well beyond the simple "what are rates" and "my neighbors best friend got.." are not the best measuring sticks. That all being said, yes rate are at more or less all time lows, so it is 100% a good time to look into refinancing.
So, while comparing rates is fun and everyone wants to have the lowest rate on the block there are a lot of things to consider and understand well beyond the simple "what are rates" and "my neighbors best friend got.." are not the best measuring sticks. That all being said, yes rate are at more or less all time lows, so it is 100% a good time to look into refinancing.
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Just for fun, I check the Chase mortgage website daily to see the rate change day to day. If both my wife and I have ~786 credit scores and plan on putting down 20% or more, can I use those rates as a good barameter for what I can expect? Our new build will be ready in February. When I see 2.5%, I alway expect there to be a reason I'm not able to qualify for such a rate. But I can't think of any actual reason why we wouldn't.
I'm sure I could ask the lender this, but it's fun for me to see the rates on that site go down down down and daydream a bit.
I'm sure I could ask the lender this, but it's fun for me to see the rates on that site go down down down and daydream a bit.
Chase always quotes with one point discount fee so actual market is 2.75. I locked a client yesterday with a perfect file, which Chase will need as well, for that rate. They can buy down if they want.
Keep in mind on a 30 year fixed it takes around 5.5 years to break even on paying points so you need to be pretty confident you will live in the house 7+ years to make it worth it.
Keep in mind on a 30 year fixed it takes around 5.5 years to break even on paying points so you need to be pretty confident you will live in the house 7+ years to make it worth it.
Sorry I'm a little ignorant on buying points. Could you give me an example why I would do that?
Example:
Home price: 100k
Down payment: 20k
Rate: 3.0%
I would, in this example, pay let's say 10k to make my rate 2.75%? So 20k would still be the down payment but now I'd get a better rate...? Why wouldn't I just add 10k to my down payment? How much savings are we talking by going from 3% to 2.75%?
I'll hang up and listen.
We're in a position where I'm going to put as much as I can into the down payment (around 23-24%). I guess my lender will be able to write up what it would look like at 20% down and some additional to buy points.
Example:
Home price: 100k
Down payment: 20k
Rate: 3.0%
I would, in this example, pay let's say 10k to make my rate 2.75%? So 20k would still be the down payment but now I'd get a better rate...? Why wouldn't I just add 10k to my down payment? How much savings are we talking by going from 3% to 2.75%?
I'll hang up and listen.
We're in a position where I'm going to put as much as I can into the down payment (around 23-24%). I guess my lender will be able to write up what it would look like at 20% down and some additional to buy points.
One point is 1% of the loan. So
100k sales price
20% down
80k loan
800 equals one point
100k sales price
20% down
80k loan
800 equals one point
it's just doing a breakeven analysis.
figure out how much you save by buying the points every month and divide that savings into how much you pay for the points. Steve is saying that take 5.5 years on average.
figure out how much you save by buying the points every month and divide that savings into how much you pay for the points. Steve is saying that take 5.5 years on average.
Cool - thanks for the info. We closed on the sale of our home today. Just got the text from our realtor we're funded so just waiting for the notification.
The stressful part is over - now I just have to live with my in-laws for a few months.... now that I type that out perhaps the stressful part is just beginning.
The stressful part is over - now I just have to live with my in-laws for a few months.... now that I type that out perhaps the stressful part is just beginning.
Just did one for 2.5, 30 year fixed, no points, minimal fees.
Are these rates just not possible for a new construction loan?
third coast.. said:
ugh 3 years in to a 15 year at 3.125 but the next few years is so uncertain on if we will be staying that i hate to refi but damn these rates are so good.
Yea my rate a few years ago at 3.75 which was great is now not so great. How much lower can we go tho is the question?
Would yall mind posting where you are getting this rates? I just got a quote for a refi with ~70% LTV, secondary home, 30 year and the best rate they were giving me without points was 3.625 on a 30 year but that included $2596.75 in points
Value of home 300K
Owe ~191K
No cash out
This would not be our main home.
Value of home 300K
Owe ~191K
No cash out
This would not be our main home.
NWE said:
Cool - thanks for the info. We closed on the sale of our home today. Just got the text from our realtor we're funded so just waiting for the notification.
The stressful part is over - now I just have to live with my in-laws for a few months.... now that I type that out perhaps the stressful part is just beginning.
We moved into my parents' house for 3 months between houses. They moved OUT to a family member's vacant house in another city. At the end of the time, closing rescheduling led to us all living together for 10 days. There was definitely stress due to a double move but the days eventually do pass by.
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Is the property single family or a condo? Idea of credit scores? what state is the property? all of these things included what a stated a few posts up effect the actual pricing. No one size fits all.
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Just got 2.75% without points on a 30 year mortgage and closing on Wednesday. Would have gotten 2.625% if we started today, but it was one of those deals where he met us halfway between 2.875% and the current rate today.
Not even sure if that's "bad" at this point but i'll gladly take it.
Not even sure if that's "bad" at this point but i'll gladly take it.
It is fine. I've offered the same rate and term this week.
we are currently at 4.0% for a 20 year fixed. I've been told that is high. At this point I would rather pay down 15 -20K per year extra principle than pay the cost of refi.
If you plan to pay down principal that much you might consider a 15 year at 2.375-2.5. That adds up fast
I'm looking at starting this process. There appear to be quite a few posters in the refinancing industry. If so, please contact me.
jsmoore76@hotmail.com
jsmoore76@hotmail.com
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