To Larry The Renter, In re-reading your post, perhaps I misunderstood your previous question.
I was referring to a 30 YR fixed NOT being available “no cost at 6%” Do you want another ARM ?
IF you qualify,
Below $417K with 40% equity,SFR, NON owner 30 YR fixed P&I, No cash out, WITH a 1pt cost,is 6% today.
For Interest Only ARMS:
5 YR 5.375%
7 YR 5.50%
10YR 5.75%
When you asked about “no points” I’m not sure if you are asking about a total “no cost” loan or just one without an origination point.
For a loan without origination point, but still paying 3rd party closing costs (Title, escrow, Recording, Notary etc)
ARMS
5 YR 5.875%
7 YR 6.00%
If you want a total NO COST/NO FEE loan:
5 YR 6.375%
7 YR 6.375% (Same as 5 YR!)
10YR 6.75%
30 YR fixed 6.625% (P & I)
This means that if your loan is $300K today, it will still be $300K when you are done. (It will require an impound account for the best rate, which is a bit extra)
The above depends on your loan amount, but it appears that you can get a much better loan than you have today by paying some costs. Worst case getting a true no cost loan without adding to your loan balance you can still have a better rate than what you have now, and fixing the rate for another 5-7 years.
(This assumes that you can qualify. Let me know if you need any additional info. As always, rates subject to change until locked)
