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re: Refinance rates #2
Posted on 3/16/20 at 12:52 pm to hawkeye007
Posted on 3/16/20 at 12:52 pm to hawkeye007
I thought mortgages tracked along the 10 yr? Which is up with the fed buying
2
Posted on 3/16/20 at 12:54 pm to Weekend Warrior79
quote:
I was talking to the attorney, and he was telling me that the mortgage rates are climbing because of supply & demand. There are so many people refinancing that he lenders are inundated with applications. As a result, they started raising the rates to try to slow things down and catch up
Had almost the same exact discussion. People just assume that the fed cutting rates means lenders will which isn’t always the case.
Posted on 3/16/20 at 2:06 pm to wasteland
its all about the investors not the FED and investors do not like these super low rates.
Posted on 3/16/20 at 3:11 pm to hawkeye007
They aren't going much lower, if lower at all, than this. Liquidity trap. The risk alone of someone with good credit is probably close to 3%
Posted on 3/16/20 at 3:26 pm to Overbrook
Any idea what new 30yr fixed are sitting at.
Waiting on my buyers to quit dicking around so I can rate lock on my new home, missed the boat last week.
Waiting on my buyers to quit dicking around so I can rate lock on my new home, missed the boat last week.
Posted on 3/16/20 at 4:20 pm to Polar Pop
3.75%ish?
I refied in 2012 at 2.9% for a 15 year.
The discount rate at that time was a little higher than it is now, but still below 1%.
Despite the 0% discount rate, I just don't see mortgage rates falling any lower - too much risk. Maybe they will do some deals on the edges (closing costs and other fees) - the new housing industry probably will eventually.
I refied in 2012 at 2.9% for a 15 year.
The discount rate at that time was a little higher than it is now, but still below 1%.
Despite the 0% discount rate, I just don't see mortgage rates falling any lower - too much risk. Maybe they will do some deals on the edges (closing costs and other fees) - the new housing industry probably will eventually.
Posted on 3/16/20 at 4:23 pm to Polar Pop
I got a 30 year today at 3.5
Posted on 3/16/20 at 4:38 pm to Polar Pop
Can probably get a purchase 30 yr as low as 3.250% today.
This post was edited on 3/16/20 at 4:40 pm
Posted on 3/16/20 at 5:19 pm to HYDRebs
I was just offered 3.25%. I was hoping to find 3%. I'm currently at 3.75% on a 30 so I wonder if it's worth it. I need to see all the fees.
Posted on 3/16/20 at 6:00 pm to Sho Nuff
quote:
Had almost the same exact discussion. People just assume that the fed cutting rates means lenders will which isn’t always the case.
common misconception is that mortgage rates are based on fed funds. They follow the bond market and bond yields on mortgage backed securities.
While it is true that the recent supply is causing strain on brokers to get deals done and that is driving price up, it is also because the investor market is slow to buy these MBS's. The supply just grew 10x in a week and rates had been so low that investors weren't buying. As the recent refinances get scooped up in the investor market and shore up the supply along with the Fed's QE, rates should come back down a little. In the near term, I wouldn't expect to see a rate near 3-3.25% on a 30 year fixed.
Posted on 3/16/20 at 6:00 pm to hawkeye007
I’m at 3.75 on a 15 year with 12 years left to go. With closing costs etc what interest rate would make sense to refi. I only owe about $80K.
Posted on 3/16/20 at 6:06 pm to wildcat3
Looking around2.5% ballpark for a worthwhile breakeven. Lower loan amounts breakeven is harder to meet as closing costs don’t scale up as fast as the interest does.
Posted on 3/16/20 at 7:51 pm to wasteland
I got 3.175 from my credit union today on a 30 year fixed.
Posted on 3/16/20 at 9:09 pm to tilco
quote:
I got a 30 year today at 3.5
Credit issues?
Posted on 3/16/20 at 9:25 pm to hawkeye007
I finished paperwork for a 15 year at 2.375 today. Not a definite lock yet, should know tomorrow.
Posted on 3/16/20 at 9:34 pm to SuddenJerk
quote:
I finished paperwork for a 15 year at 2.375 today. Not a definite lock yet, should know tomorrow
Care to share the lender? This is pretty close to what may make sense.
Posted on 3/16/20 at 9:35 pm to WPBTiger
quote:
I got 3.175 from my credit union today on a 30 year fixed.
shite, I’d take that. Just found out the 3.25% I was offered came with 2 points
Posted on 3/16/20 at 9:37 pm to TigerBite
quote:
Care to share the lender? This is pretty close to what may make sense.
Keesler Federal credit union.
Posted on 3/16/20 at 9:54 pm to hawkeye007
quote:
hey come out i locked 2 loans and then rates got suspended.
quit lying. those would have been pulled if true
Posted on 3/16/20 at 10:02 pm to Mr.Perfect
(no message)
This post was edited on 3/17/20 at 6:33 am
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