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Current interest rates
Posted on 9/13/19 at 5:34 pm
Posted on 9/13/19 at 5:34 pm
So I’m in the middle of refinancing to a 20 year loan and last week could have had a 3.375 and decided to wait thinking rates would go even lower and now the best rate I could get is 3.75. With the fed meeting next week does anyone think rates will go down or should I just take the 3.75? My current loan is fha 4.0 on 30 year term and I’m paying about 130 monthly pmi is why I def wanna refinance
3
Posted on 9/14/19 at 7:02 am to Keithpoka
quote:
I’m paying about 130 monthly pmi is why I def wanna refinance
This ain’t changing unless you have greater then 20% equity now? If you do, you need to talk to your bank about your options as you may be able to have it dropped for free or pay for a $400 appraisal and get it dropped.
Posted on 9/14/19 at 12:07 pm to baldona
FHA loans have PMI for the life of the loan. The 80/20 rule does not take away PMI on a FHA loan. You’d have to refinance to a conventional loan to remove it
Posted on 9/15/19 at 7:20 am to AFistfulof$
Good point on FHA I overlooked that. That’s part of the cost of the loan that is rolled into the APR.
Still though, many go FHA because they have under 20% for a down payment. So if OP doesn’t have 20% equity yet, he will still have PMI.
Still though, many go FHA because they have under 20% for a down payment. So if OP doesn’t have 20% equity yet, he will still have PMI.
Posted on 9/15/19 at 8:54 pm to AFistfulof$
Yes I’m doing a conventional loan and have well over the 80% to avoid pmi. I’m just concerned about the interest rates.
Posted on 9/16/19 at 11:47 am to Keithpoka
This may be too much info and it's certainly not perfectly correlated, but here is where you can go to check what the futures markets are expecting the Fed to do in future meetings: Fed Watch Tool
eta. click on "probabilities" tab on left hand side for an easy to read layout
Currently, the expectation is they will cut 3 more times by next March. Expecting 2 more by December.
eta. click on "probabilities" tab on left hand side for an easy to read layout
Currently, the expectation is they will cut 3 more times by next March. Expecting 2 more by December.
This post was edited on 9/16/19 at 11:48 am
Posted on 9/16/19 at 5:28 pm to Keithpoka
see what happened was President Twitter went hard at Iran friday and rates went up.5%. I am not joking about that. The rates started to come back down a little today. Hopefully they will be back down to last Thursday's rate soon. Waiting on rates to drop even more from earlier this month is a really dumb idea. I warned multiple customers not to do it and they ended up in the same boat.
Posted on 9/17/19 at 1:31 am to Keithpoka
We just locked in at 3.5% on a refi. She called me on Friday and said rates were looking to trend up so we needed to lock in.
Posted on 9/17/19 at 11:17 am to baldona
quote:
This ain’t changing unless you have greater then 20% equity now?
Not necessarily the case. Going from a 30 to a 20 would more than likely drop his PMI rate regardless as the lower terms have slightly lower calculated PMI rates.
The other benefit it would change is obviously going to the 20 means you are paying principle faster and will hit that 20% equity quicker to get it removed.
Posted on 9/17/19 at 11:20 am to AFistfulof$
quote:
FHA loans have PMI for the life of the loan. The 80/20 rule does not take away PMI on a FHA loan. You’d have to refinance to a conventional loan to remove it
False if you put at least 10% down, but in most cases for FHA since it is often a loan used for minimum down payment you are right.
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