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Started By
Message
Is 4% the standard mortgage rate right now for 30 year refi?
Posted on 3/4/12 at 10:05 pm
Posted on 3/4/12 at 10:05 pm
I am at 5.75 right now, and one company I spoke with quoted me 4%, or 3.875% with the closing costs being about $1000 more. Is that pretty standard across the board or should I shop around?
I am in BR, have over 20% equity in house and a 750 credit score fwiw.
I am in BR, have over 20% equity in house and a 750 credit score fwiw.
3
Posted on 3/4/12 at 10:19 pm to BullredsRus
I just got 3.75,no money down. VA loan though, don't know if that had anything to do with it.
Posted on 3/5/12 at 3:51 am to penthouse
Yes, I'd say somewhere around 4-4.25 is pretty much standard on a 30 fixed
Posted on 3/5/12 at 8:40 am to guttata
Yeah, just tell yourself 4%. If you lock a 3.875% or lower (had 2 of these last week), treat yourself to a whatchamadoodle
Posted on 3/5/12 at 8:56 am to BullredsRus
quote:
I am at 5.75 right now
Unless there's something really unusual about your situation, I'd refi asap. Yes, 4-ish percent is pretty common these days.
Posted on 3/5/12 at 1:32 pm to foshizzle
Could I refinance if I have less than 20% equity in my house or will I have to pay that down to get to 80% of the loan to get the rate?
Posted on 3/5/12 at 1:39 pm to Weaver
You need to have 20% equity to refi
Posted on 3/5/12 at 3:41 pm to BullredsRus
4% and under is a good rate for a single family home.
I'm buying a condo this month and just locked in at 3.25% for 15yrs. The 30 yr rate for condos would have been 4.25%.
I'm buying a condo this month and just locked in at 3.25% for 15yrs. The 30 yr rate for condos would have been 4.25%.
Posted on 3/5/12 at 9:46 pm to ItNeverRains
That is what I thought.
Posted on 3/5/12 at 10:06 pm to Weaver
quote:
Could I refinance if I have less than 20% equity in my house or will I have to pay that down to get to 80% of the loan to get the rate?
You will probably need at least 20%. But call around and ask, different lenders have (slightly) different standards and you should shop.
Posted on 3/6/12 at 6:50 am to foshizzle
Foshizzle, this used to be somewhat true, we have seen money loosen up a bit this year, however 20% equity on a refi by anyone I would refi with seems to be the protocol these days.
We also feel rates going up slightly after election regardless of outcome, expecting a steady climb to 5.5-6% in next 2 years.
Nashville has benefited greatly from rates, our foreclosures are drying up like the Sahara
We also feel rates going up slightly after election regardless of outcome, expecting a steady climb to 5.5-6% in next 2 years.
Nashville has benefited greatly from rates, our foreclosures are drying up like the Sahara
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