re: Refinancing question - currently at 7.25 30 fixed and NBKC just quoted me 5.6 no points

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Yeah OP playing with fire waiting.

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Why?

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i like the 5.6 rate..but if it can potentially go a few .x lower, i can be patient. no hurry;

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You just need to be conscious of the cost of waiting. Every month is $300 over this current rate. How long will you be in the house? Even if rates go lower, you’re not actually saving money until you pull the trigger on a refi.

I realize this is all hypothetical, but if you wait 12m to lock it in and save $400 at that time, it will take you another 3 years to make up the extra interest you paid over those 12m. Do that kind of math and make the decision accordingly.

Accurately predicting future interest rates is a fools errand. Don’t let anyone tell you differently (including me).

When this post was made the 10y was at 3.62. It’s at 3.71 today after a 50bps rate cut from the Fed.

You’d think predicting interest rates would be easy, but alas, even getting the direction of interest rates right is nothing more than a coin flip.

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When this post was made the 10y was at 3.62. It’s at 3.71 today after a 50bps rate cut from the Fed.

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But the 30yr MBS was up so rates got better
I bet if he paid a 1pt or 2 they could get him 4s right.
Lots laughed that 4s would never be seen yet they are here

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You’d think predicting interest rates would be easy

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Its not that hard if you get accurate data which is something we arent getting

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But the 30yr MBS was up so rates got better
I bet if he paid a 1pt or 2 they could get him 4s right.

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rates have bounced up a bit; .1-.3%

i'm looking at 5.6 no points (with a different lender than before as the prior lender is up to 5.8 today)

with 1 or 2 points, its only dropping a fraction to around 5.5. i guess if i move forward i'll request a lock-in with a 30 day float; something the prior lender did not want to do.

FYI i'm talking to allied mortgage group and nbkc both as they have the most attractive rates and closing costs.

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rates have bounced up a bit; .1-.3%

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Try finding a Broker who uses UWM then
They are around 5 at par

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Any concern for the Yuan/USD trade that is changing trend for the first time in a long while? Think central banks might stop hoarding USD notes

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Im more concerned about the longshoremen strike

You can yes search for brokers in their network
But they made Brokers choose between them or Rocket and would sue if you "pledge" alligence to them then sent buisness to Rocket

UWM is just a large wholesaler

But what I think you should do to blow the minds of the ppl you have already spoken to is to ask if they are pricing your loan Borrower or Lender Paid

Then tell them you want Borrower paid pricing

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so are you saying i can't shop on their site without 'committing' myself to using UWM?

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No. Just that UWM forced brokers to only work with tbem and not Rocket
Meaning some may have chosen Rocket so they dont use UWM since thays anti Broker

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just a cursory glance on the 'rocket mortgage' website shows rates of 6.187% / 2.125 pt pay down for 30y refi. that's not remotely competitive with what i've been seeing from other lenders so not sure where rocket fits into the equation.

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Everything you are looking at is retail. You dont want that. Bank rate, zillow any site you look at has the banks built in commission and its usually 2% or more

Wholesale isnt that way cause brokers bring them the buisness at no cost to them. Equals better rates. Brokers are better

So at this point go back to those lenders and ask them what the pricing is for a borrower paid loan vs lender paid. See what they say should be funny reaction and Id love to hear the response they give you

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Did you ever pull the trigger like I suggested?

Rates are up nearly .50% since then…

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I was reading historically rates go up after a cut in the short term because of false positivity. Then reality sets in and more rate cuts are needed a few months down the road.

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Yeah OP playing with fire waiting.

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aint that the truth.

<--- Team Slackster going forward