Lowest mortgage rates in history?

[23109VC]

when you say “no costs”… literally they just refi’d the loan with no costs? there has to be some kind of fees you’re paying?

I have just started calling around and shopping rates for a refi, and I had expected that I would have to pay something to do a refi.

when you say “no costs” do you mean no out of pocket or you mean you literally aren’t incurring any additional fees even rolled into the loan?

thanks.

[Coronita]

[quote=23109VC]where do you guys think rates will go? I am going to refi – I missed the massive low price a couple weeks back.. rates now are still low and much lower than what I have now, but I’m wondering if rates will back down.

I read online that the fed will start buying MBS’s… and while I don’t really fully get why that will impact rates, I’m reading that rates will go back down because of it.

what do you all think? I can refi now or I can wait afew weeks. I”m not in a rush but want to do it.

i’m currently in a 30 year fixed at 5.25. I was told I can refi now at 3.75 for another 30 or 3.25 for a 15.

my mortage balance is about $260k, on a house worth about $500.

if I take cash out the rates go up substantially.

thanks[/quote]

Do you need the cash? I think in times like these Im glad I have no mortgage on my primary , forget about everything else.

Maybe the goal on the primary could be to lower your payments rather than to take cash out. Reducing risk, and increasing cash on hand from what you currently normally make.

[Coronita]

[quote=23109VC]when you say “no costs”… literally they just refi’d the loan with no costs? there has to be some kind of fees you’re paying?

I have just started calling around and shopping rates for a refi, and I had expected that I would have to pay something to do a refi.

when you say “no costs” do you mean no out of pocket or you mean you literally aren’t incurring any additional fees even rolled into the loan?

thanks.[/quote]

If you get a loan with a slightly higher rate, often not only is is no fee no cost, they might even give you a rebate up front. Even then, it still might make sense because so long as your new loan is still a lower rate than the old , you still might pay less overall total interest over the new loan term or be able to pay it off sooner if you still make your current loan’s payment on the new loan. AN is a serial refinancer that did this a couple of times. Picking new cost/fee loan would make sense if you anticipate refinancing again in the future or paying your loan off sooner.

[Anonymous]

I would wait a month or two. I had coffee with the guy who does my Loans two days ago. He said when rates dropped down to three or lower they got a massive influx of loans to refinance and simply don’t have the staff to handle any more. Most of the lenders raise their rates to slow people down on refinancing. He said once they get through this all in about 60 days rate should be back down

[an]

I just locked in at 3.125% 30 years fixed 2 weeks-ish ago at almost no cost ($1900 in credit, lender fee of about $1100 and 3rd party fee of about $1100). So, my net cost to do the refi is ~$300-400. At the time, I could have gone up to 3.25% and get $2400 in credit, 3% with ~$900 in credit or 2.875% with a few $hundred in cost. I chose 3.125%. My current rate is 3.325% from about 4 years ago.

[23109VC]

My mortgage right now is it 5 1/4 so anything I refi into is will be better than what I currently have!

With all of this volatility I’m wondering if in the near future housing prices are going to take a big crash and I’d be wise to refinance now.

I probably have a couple hundred thousand in equity so I’m not at risk of having a bad loan to value even with a little bit of cash out.

I’m curious what you guys think about if real estate prices are going to take a big hit and how quickly that’s going to happen.

[DataAgent]

I just refi’d into a Jumbo 2.875% 10yr ARM 0pts with max cashout at Quicken Loans. The payments are Interest-Only. Since I’m a good Schwab customer, Schwab subsidized the rate and paid most of my closing costs.

My first mortgage was a VA 30yr fixed assumable @ 8.5% and no down in 1978. We thought we got a bargain because mortgage rates sky-rocketed to the low-teens a few years later. Mortgage rates stayed in the teens for most of the ’80s.

Can today’s mortgage rates go lower? I guess it depends on how high the unemployment rate gets.

[HLS]

If you’d like an explanation and quote for a no cost loan (or with cost)
I’ll be happy to provide you with this.
EJ’s loan (above) funded in 2 weeks. I’ve helped many dozens of Pigg’s get into a better mortgage situation over the years.
Unfortunately you have already wasted a whole bunch of money holding on to a 5%+ rate.
There is absolutely no reason to not refi to a lower rate, esp at zero cost. (Nothing gets added to your loan amount)
You will get an even lower rate with a cost.
You will understand your options after a conversation.
There are some strange movements in the mortgage market recently.
There is not one rate that applies to everyone. Loan pricing is based on credit score, % of equity and several other factors.
Not everyone qualifies to refinance. Pricing changes daily and often intra-day, there no pressure or obligation,
Just send a private message with a number to reach you. Sheldon
Saving money is about the interest rate, not the payment amount. The OP is confusing the two.

[DataAgent]

“Saving money is about the interest rate, not the payment amount. The OP is confusing the two.”

You’re wrong. I could have paid a huge monthly payment with a very low interest rate. I’ll take a low-interest rate mortgage and a low IO payment any day. Cash is king. Why pay a huge principal payment when you don’t need to?

[HLS]

I’m not wrong. I wasn’t referring to you Data.
I clearly said OP, which was completely flawed.
You can choose whatever you want.
In your case, don’t confuse conserving cash with saving money.

[Author]

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