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Mortgage rates: lowest now or future?
Posted on 12/23/16 at 7:49 pm
Posted on 12/23/16 at 7:49 pm
Looking to refinance my home, going to 15 year mortgage. Rate I was quoted was 2.875 & APR of 3.849. Should I wait to see if rates go down more or pull the trigger before they possibly climb? Is it better to refinance in a certain month/quarter of the year than another? Thanks for info in advance
7
Posted on 12/23/16 at 7:51 pm to CoachRobertson
Too bad you didn't do this in October. Since the election and with the rate hike we knew was coming in Dec the rates had steadily risen from after the election until a couple weeks ago. I think it has stalled some now. I would think doing it sooner than later is the better idea with 3 more hikes supposedly coming in 2017.
Posted on 12/23/16 at 9:21 pm to CoachRobertson
You're better off doing it now as chances are greater rates will go up as they have the last few weeks.
I just refinanced mine this week. I was going to refinance to 15 year, but decided to stick with 30 and invest the difference. I can still always pay like 15 year if I want to. The difference in interest makes the flexibility worth it especially if money becomes tight for some reason.
If I stick with the plan and invest the difference for 15 to 30 years, I should come out significantly ahead than going with a 15 year mortgage. This strategy is popular over on the Bogleheads forum. Borrowing money is cheap especially when you factor in the interest deduction.
If I'm not averaging at least a 6% return on my investments for the next 15 years then I'll be very disappointed.
I just refinanced mine this week. I was going to refinance to 15 year, but decided to stick with 30 and invest the difference. I can still always pay like 15 year if I want to. The difference in interest makes the flexibility worth it especially if money becomes tight for some reason.
If I stick with the plan and invest the difference for 15 to 30 years, I should come out significantly ahead than going with a 15 year mortgage. This strategy is popular over on the Bogleheads forum. Borrowing money is cheap especially when you factor in the interest deduction.
If I'm not averaging at least a 6% return on my investments for the next 15 years then I'll be very disappointed.
This post was edited on 12/23/16 at 9:23 pm
Posted on 12/24/16 at 5:37 am to CoachRobertson
If you haven't locked that rate it may be gone. Or your fees are outrageous. That is cheap. Those days are gone, at least for awhile. If available and fees are reasonable I'd lock that money down. I haven't seen a 15 year under 3.25% with reasonable fees.
Posted on 12/24/16 at 6:25 am to CoachRobertson
I had to borrow money for my business in 1981. Interest was 17%. Bought my home in 1991 and it was down to 9.5%. That might be the future. 
Posted on 12/24/16 at 1:16 pm to CoachRobertson
You missed the boat by a month or so. Rates only going higher with 3 expected fed funds rate increases next year
Posted on 12/24/16 at 2:02 pm to TigerTatorTots
This quote was done yesterday. Fees at $719 (lender and appraisal), I will jump on it next week then, as under 3% seems to be best way to go
Posted on 12/24/16 at 2:19 pm to CoachRobertson
That APR says there are discount points
Posted on 12/25/16 at 12:40 pm to TigerTatorTots
quote:
Rates only going higher with 3 expected fed funds rate increases next year
I'm not so sure they are going to make it to 3 additional raises. Definitely one more and possibly one after that then they will sit back and see if they get the results they desired.
Posted on 12/25/16 at 5:31 pm to ellesssuuu
Attended a closing earlier this week for a refinance. Rate/Term w/<1% cash out @ closing. Closed for 3 and 3/8ths (3.375%) on a 180 month amortization. It was the last day of their Lock according to the Borrower.
Posted on 12/25/16 at 6:03 pm to SippyCup
quote:I can agree with that...even 1 will make mortgage rates tick up so going back to the OP's question- now will likely be lower than future
I'm not so sure they are going to make it to 3 additional raises. Definitely one more and possibly one after that then they will sit back and see if they get the results they desired.
Posted on 12/25/16 at 8:46 pm to CoachRobertson
You are late to the party. Get it done NOW
Posted on 1/13/17 at 4:48 pm to 6R12
What are the rates now
Posted on 1/14/17 at 11:44 am to CoachRobertson
Now. Now. Now.
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