re: Current Mortgage Rates

Posted by SDVTiger

Cabo San Lucas

Member since Nov 2011

93834 posts

Posted on 5/19/20 at 10:57 pm to MrJimBeam

Its rate/term or purchase only
Close in 22days
Couldnt have been with UWM last 18mnths

If you work with a broker that cant close a UWM loan in 22 days well just lulz

Posted by PureMetairie

Metairie

Member since May 2017

1012 posts

Posted on 5/19/20 at 11:11 pm to SDVTiger

We just got a 30yr at 3%. 20% down. Very happy.

Posted by ChewyDante

Member since Jan 2007

17109 posts

Posted on 5/20/20 at 1:18 am to PureMetairie

So what are the rates currently looking like outside of the UWM route?

Posted by Janky

Team Primo

Member since Jun 2011

35957 posts

Posted on 5/21/20 at 7:44 am to ChewyDante

I am looking to get pre-approved to start shopping. Have the rates moved much either way? Thanks.

Posted by HYDRebs

Houston

Member since Sep 2014

1519 posts

Posted on 5/21/20 at 8:46 am to Janky

Has gotten better over this week on almost all terms fixed and arms. 30 year you can probably get 3.125% fairly easily and a 15 year under 3%

Posted by Mudminnow

Houston, TX

Member since Aug 2004

34205 posts

Posted on 5/21/20 at 9:16 am to HYDRebs

We locked on Tuesday afternoon at 2.99% for 30 year with no points and no cost to buy in and received $350 lender credit.

But it took a while. We were going to lock in last Thursday but Experian site was down for an hr. So they had to wait to run credit. When they did, went to lock in and pricing changed on the 2.99% so everyday it was still high. It didn't return to the level we initially wanted 4 days later.

Just have all information and run credit and wait a couple days to see how rates and credits behave. They have been changing quite a bit.

3 ...

Posted by SoloTiger

Member since Aug 2016

10725 posts

Posted on 5/21/20 at 10:50 am to Mudminnow

You been hanging in there for quite a while on these rates.

Glad you are happy

Posted by bigblake

Member since Jun 2011

2591 posts

Posted on 5/21/20 at 12:14 pm to Mudminnow

(no message)

This post was edited on 6/4/20 at 1:45 am

Posted by Eric Nies Grind Time

Member since Sep 2012

25421 posts

Posted on 5/21/20 at 12:58 pm to Mudminnow

Who did you refinance through?

Posted by LSU_postman

Baton Rouge

Member since Jun 2005

2941 posts

Posted on 5/21/20 at 3:01 pm to Eric Nies Grind Time

If you are only putting down 10% is there any chance of 3% fixed 30 with a credit score at 720?

Posted by Fe_Mike

Member since Jul 2015

3702 posts

Posted on 5/21/20 at 4:08 pm to LSU_postman

Jumping into this thread for some advice 'cause I'm sure this topic has been discussed before.

I'm moving very soon and will have to sell my house and buy in new location. First time selling a house. Obviously would like to use equity from sale of current house towards down payment but not sure if that timing can work out. Can't hit 20% without it. Will banks consider the current house an asset? Measure it more as a liability? Will a smaller down payment really impact my potential rate? I put ~10% down when I purchased current house, had PMI waived, and got 3.7% at 30 yr. Do people still waive PMI?

Would love to grab a 3% 30 yr for myself now. How hard do I need to push to have my current house sold/closed before closing on the new house?

Posted by BilJ

Member since Sep 2003

162130 posts

Posted on 5/22/20 at 2:19 pm to hawkeye007

BH?

Posted by hawkeye007

Member since Feb 2010

6073 posts

Posted on 5/22/20 at 2:28 pm to BilJ

Posted by hawkeye007

Member since Feb 2010

6073 posts

Posted on 5/22/20 at 2:31 pm to Fe_Mike

banks will not look at current equity to waive PMI on the new house. A smaller downpayment will not affect the rate. credit score and loan amount drive the rate. Put 10% down and get quote to buy out the PMI. Also these rates are not going anywhere anytime soon. THere is no pressure on them to go lower or higher right now and thats a good thing. Sorry to highjack this btw.

Posted by hawkeye007

Member since Feb 2010

6073 posts

Posted on 5/22/20 at 2:31 pm to BilJ

i see . NB

Posted by Mark Makers

The LP

Member since Jul 2015

2398 posts

Posted on 5/22/20 at 3:23 pm to hawkeye007

I'm currently at 4.00% on a 30 year...should I be looking into refinancing my house?

Posted by molsusports

Member since Jul 2004

37145 posts

Posted on 5/22/20 at 3:51 pm to Mark Makers

That depends on how much you have remaining. I looked at refinancing very recently but ended up deciding it wasn't worthwhile. For me we're 60% of the way through the principal and would be reducing the rate by less than a point. If either of those things were different I might have chosen differently.

You should run your own numbers using a free online mortgage calculator and compare your potential options (e.g. stay with the current loan, pay down principal, or refinance). Don't be surprised if the broker wants to introduce closing costs as well as other fees and roll them into your loan - that costs you money too because it increases your principal and interest over the life of the loan.