Home › Forums › Financial Markets/Economics › What are people seeing in terms of loan rates, difficulty in getting loans?
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June 23, 2020 at 1:21 PM #22934June 23, 2020 at 2:26 PM #818434
millennial
ParticipantJust closed on a 30 year fixed for investor. Requirement was 25% down and rate was 3.875%. Rates for my personal residence was quoted at 2.875% 30 year fixed.
June 23, 2020 at 4:08 PM #818435
CoronitaParticipant[quote=millennial]Just closed on a 30 year fixed for investor. Requirement was 25% down and rate was 3.875%. Rates for my personal residence was quoted at 2.875% 30 year fixed.[/quote]
Wow.
June 23, 2020 at 6:18 PM #818437scaredyclassic
Participant[quote=Coronita][quote=millennial]Just closed on a 30 year fixed for investor. Requirement was 25% down and rate was 3.875%. Rates for my personal residence was quoted at 2.875% 30 year fixed.[/quote]
Wow.[/quote]
Hmm. Im not seeing no cost loans in that ballpark. More like 15 y 3.125 no cost.
Even tho rates are at all time low, i did better w refi in 2013.
Why????
June 23, 2020 at 9:03 PM #818441zk
ParticipantNavy Federal CU is not doing HELOCs at all right now. Too busy or something.
June 23, 2020 at 10:33 PM #818444CoronitaParticipantI think my HELOC might be ending soon, so I might need to get another one just for safety. Interesting that some places aren’t doing it.
My HELOC is prime minus 0.25%
June 24, 2020 at 7:39 AM #818448Participant[quote=scaredyclassic][quote=Coronita][quote=millennial]Just closed on a 30 year fixed for investor. Requirement was 25% down and rate was 3.875%. Rates for my personal residence was quoted at 2.875% 30 year fixed.[/quote]
Wow.[/quote]
Hmm. Im not seeing no cost loans in that ballpark. More like 15 y 3.125 no cost.
Even tho rates are at all time low, i did better w refi in 2013.
Why????[/quote]
The rate on the investor property I locked in beginning of May not sure where they are at now. Regarding my home mortgage the rate was 3.125 but was offered a 25bps discount for bringing in $500k in liquidity. Since this was done through my advisor they are likely offsetting yield with investment returns.
Heard rates are not following the 10 year because of a couple reasons. High refinancing activity (which leads to less competition among providers) coupled with low interest in mortgage backed bonds. I expect medium term as the 10 year rises mortgage rates should remain static.
June 24, 2020 at 7:54 AM #818449CoronitaParticipant[quote=millennial][quote=scaredyclassic][quote=Coronita][quote=millennial]Just closed on a 30 year fixed for investor. Requirement was 25% down and rate was 3.875%. Rates for my personal residence was quoted at 2.875% 30 year fixed.[/quote]
Wow.[/quote]
Hmm. Im not seeing no cost loans in that ballpark. More like 15 y 3.125 no cost.
Even tho rates are at all time low, i did better w refi in 2013.
Why????[/quote]
The rate on the investor property I locked in beginning of May not sure where they are at now. Regarding my home mortgage the rate was 3.125 but was offered a 25bps discount for bringing in $500k in liquidity. Since this was done through my advisor they are likely offsetting yield with investment returns.
Heard rates are not following the 10 year because of a couple reasons. High refinancing activity (which leads to less competition among providers) coupled with low interest in mortgage backed bonds. I expect medium term as the 10 year rises mortgage rates should remain static.[/quote]
Wait. So you got a loan through your advisor, who offered you a discount? Oh do tell. Very curious how this works.
June 24, 2020 at 8:15 AM #818452sdrealtor
ParticipantNot mortgage but just refinance a car loan yesterday from 3.875 to 2.875 on a 60 month loan. I’ll keep paying what I was paying if not a little bit more but that should cut 4 to 6 months off the original term and save me about two grand. Did it locally at my point credit union which is the old Rebranded point Loma credit Union
June 24, 2020 at 8:18 AM #818453Participant[quote=Coronita][quote=millennial][quote=scaredyclassic][quote=Coronita][quote=millennial]Just closed on a 30 year fixed for investor. Requirement was 25% down and rate was 3.875%. Rates for my personal residence was quoted at 2.875% 30 year fixed.[/quote]
Wow.[/quote]
Hmm. Im not seeing no cost loans in that ballpark. More like 15 y 3.125 no cost.
Even tho rates are at all time low, i did better w refi in 2013.
Why????[/quote]
The rate on the investor property I locked in beginning of May not sure where they are at now. Regarding my home mortgage the rate was 3.125 but was offered a 25bps discount for bringing in $500k in liquidity. Since this was done through my advisor they are likely offsetting yield with investment returns.
Heard rates are not following the 10 year because of a couple reasons. High refinancing activity (which leads to less competition among providers) coupled with low interest in mortgage backed bonds. I expect medium term as the 10 year rises mortgage rates should remain static.[/quote]
Wait. So you got a loan through your advisor, who offered you a discount? Oh do tell. Very curious how this works.[/quote]
My advisor had me work with the in-house mortgage lender who offered a better rate if I brought in more money. If you have one you should see if they have a program comparable; if not I would contact places like First Republic and Merrill Lynch who have a mortgage arm that can assist you. I imagine they can leverage pricing based on relationship rather than just the transaction.
June 24, 2020 at 8:27 AM #818455CoronitaParticipant[quote=millennial][quote=Coronita][quote=millennial][quote=scaredyclassic][quote=Coronita][quote=millennial]Just closed on a 30 year fixed for investor. Requirement was 25% down and rate was 3.875%. Rates for my personal residence was quoted at 2.875% 30 year fixed.[/quote]
Wow.[/quote]
Hmm. Im not seeing no cost loans in that ballpark. More like 15 y 3.125 no cost.
Even tho rates are at all time low, i did better w refi in 2013.
Why????[/quote]
The rate on the investor property I locked in beginning of May not sure where they are at now. Regarding my home mortgage the rate was 3.125 but was offered a 25bps discount for bringing in $500k in liquidity. Since this was done through my advisor they are likely offsetting yield with investment returns.
Heard rates are not following the 10 year because of a couple reasons. High refinancing activity (which leads to less competition among providers) coupled with low interest in mortgage backed bonds. I expect medium term as the 10 year rises mortgage rates should remain static.[/quote]
Wait. So you got a loan through your advisor, who offered you a discount? Oh do tell. Very curious how this works.[/quote]
My advisor had me work with the in-house mortgage lender who offered a better rate if I brought in more money. If you have one you should see if they have a program comparable; if not I would contact places like First Republic and Merrill Lynch who have a mortgage arm that can assist you. I imagine they can leverage pricing based on relationship rather than just the transaction.[/quote]
Gotcha. Thanks for the tips. will check with the forms.ibdo business with.
June 24, 2020 at 3:15 PM #818474gzz
ParticipantHere’s the national average rate:
“The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.35 percent from 3.33 percent, with points decreasing to 0.22 from 0.23 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 2.81 percent from 2.80 percent, with points increasing to 0.30 from 0.28 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.”
I have found 760+ credit + 30%+ down + online lender gets you about .3 lower than the national average rate with 0 points.
June 25, 2020 at 2:36 PM #818505pinkflamingo
ParticipantWe just refi-ed. 3 week close 30yr/2.875. Details on this thread. https://www.piggington.com/mortgage_rate_advice_needed_news_uwm_yesterday
June 25, 2020 at 4:52 PM #818506ParticipantFees?
Sebonic via Zillow, which is what I used for my last purchase, has a refi rate of 2.99 0 fees right now and 2.818 with 1 point. This is for 480k on 1+ mil property.
I’m inclined to 0 points or less likely go negative points.
June 25, 2020 at 9:31 PM #818510brg654
Participanti closed on a 30 year fixed refinance on june 15th at 2.625% with 0.4 points. loan amount was 488k. i also was able to negotiate the rate lower when they fell around memorial day despite already being locked at 2.875%. my credit score is 810, LTV is only 44%, and i have enough in savings to not need the mortgage. but at an after-tax interest rate of 1.4%, why not?
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