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Started By
Message
Mortgage Rates - Lock in now?
Posted on 1/16/15 at 10:26 am
Posted on 1/16/15 at 10:26 am
I was offered 3.75% + $600 or 3.875% with no extra fees. Difference in monthly payments would be ~$16 that I would make back that extra fee in about 3 years of my 30 year loan.
What do you see rates doing over the next month? Should I lock in now to take the 3.75%?
What do you see rates doing over the next month? Should I lock in now to take the 3.75%?
5
Posted on 1/16/15 at 10:32 am to StrawberriousJackson
Hang on...I've got Ms Cleo on the phone. She'll know what's going to happen a month into the future
Posted on 1/16/15 at 7:21 pm to iAmBatman
OP, I'm likely buying a place in the next month and may go ahead and get the rates locked in next week. Don't think the rates will go too much lower. 3.75% is good, what type of loan are you doing? How much are you putting down?
Posted on 1/16/15 at 7:38 pm to Sho Nuff
I just got 3.625% this week but I think anything under 4 is a great rate
Posted on 1/17/15 at 8:39 am to StrawberriousJackson
How many years are you into your current mortgage? Could you afford a 15 year mortgage?
Posted on 1/17/15 at 9:25 am to HurricaneDunc
quote:
Could you afford a 15 year mortgage?
Why bother? With a 30 you're still fairly close to the long-term inflation rate if you itemize tax deductions. Provided you want to buy real estate to start with, extending the term of the mortgage is still probably a good idea.
Posted on 1/17/15 at 2:38 pm to saderade
quote:
anything under 4 is a great rate
Posted on 1/17/15 at 3:00 pm to WPBTiger
My mortgage company lets me lock in a lower rate anytime between 16 days after I start the process to close.
Posted on 1/17/15 at 5:19 pm to foshizzle
quote:
Why bother? With a 30 you're still fairly close to the long-term inflation rate if you itemize tax deductions. Provided you want to buy real estate to start with, extending the term of the mortgage is still probably a good idea.
The lower interest rate typically more than offsets the tax deduction.
You monthly payment applies more to principal, assisting you in building equity
You can own your home in 15 years
You forgoe the additional years added on by a new 30 year mortgage, which frees up cash flow for the additional years
Posted on 1/17/15 at 5:21 pm to StrawberriousJackson
I won't own a house for the next 1.5 years minimum. fricki hope rates stay down
Posted on 1/17/15 at 9:21 pm to HurricaneDunc
quote:
You monthly payment applies more to principal, assisting you in building equity
If you are paying down a loan that costs less than the rate of inflation, you are not building equity.
Posted on 1/17/15 at 10:14 pm to StrawberriousJackson
Nobody knows 3.75 damn good rate. I'd lock in an not look back.
Posted on 1/18/15 at 6:31 am to foshizzle
quote:
If you are paying down a loan that costs less than the rate of inflation, you are not building equity.
I was going to give you an opportunity to reply
Posted on 1/18/15 at 8:21 am to foshizzle
I agree totally. This question always comes down to what are you going to do with the difference between the payments on the 15 and 30 year mortgages. If you invest the difference, it's better to go with the 30 and assume the market will outperform the interest rate which is effectively even lower since it is tax deductible. If you piss away the difference, go with a 15 and force yourself to be more responsible. The difference in interest rates between the is not as important as people make it out to be.
Posted on 1/18/15 at 8:54 am to StrawberriousJackson
Just refinanced for 3.5% on my 30 year. 
:
:Posted on 1/18/15 at 9:12 am to foshizzle
quote:
If you are paying down a loan that costs less than the rate of inflation, you are not building equity.
And what do you think the rate of inflation is right now?
ETA: looks to be well below 4% past 5 years or so LINK
Average from 1990-2014 is 2.64%
This post was edited on 1/18/15 at 9:18 am
Posted on 1/18/15 at 9:28 am to FLBooGoTigs1
Where at? Looking to do the same.
Posted on 1/18/15 at 10:03 am to SuperflyLSU
Bump for answer to the 3.5
Posted on 1/18/15 at 7:59 pm to FLBooGoTigs1
Well, are you gonna let us know where to get 3.5%?
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