Mortgage rates at all time low

[Wyndru]

How long has this HARP program been around? I guess I've been eligible, and the last 2 refinances I've done on the house (we bought in 2006) no one from the bank even mentioned it. I've spent over 10k on refinances so far. I doubt I'm eligible now since I've already switched banks since 2009

 

[slightlyhuman]

I'm to the point where I want to just forego piling up the cash for 20% down and get in on these rates while I can. Granted I'm not convinced these rates are just going to skyrocket in the next month or anything.

I would wait until you have 20% down payment so you avoid PMI.

 

[Blackjack200]

How long has this HARP program been around? I guess I've been eligible, and the last 2 refinances I've done on the house (we bought in 2006) no one from the bank even mentioned it. I've spent over 10k on refinances so far. I doubt I'm eligible now since I've already switched banks since 2009

It's been around since 2009, but as far as I can tell, it only really got teeth in 2011.

 

[Ninjahedge]

The place we are going with is giving us a hard time.

We locked in until TOMORROW, and they dragged their heels. Now, after 2 mortgages, they can't seem to tell me apart from my father.

Morons.

 

[Capt Caveman]

Think I'm going to lock-in at 4.125% for 25 years, no points/no closing costs.

 

[spidey07]

Think I'm going to lock-in at 4.125% for 25 years, no points/no closing costs.

Make sure they aren't rolling the closing costs into the loan, that's what most of them do.

 

[Capt Caveman]

Make sure they aren't rolling the closing costs into the loan, that's what most of them do.

Well, it raises the interest rate, in this case. The rate would be 4% if I paid closing costs of 3k. The .125% spread would take me 10 years to cover the 3k closing costs.

 

[rcpratt]

Yeah, if the loan is $200k, 0.125% is only about $4k in interest over the life of the loan.

 

[Spikesoldier]

Well, it raises the interest rate, in this case. The rate would be 4% if I paid closing costs of 3k. The .125% spread would take me 10 years to cover the 3k closing costs.

dont forget about inflation. 3k now is going to be worth more than 3k in a decade, especially given the rate of 'printing' that goes on.

 

[AMDZen]

The place we are going with is giving us a hard time.

We locked in until TOMORROW, and they dragged their heels. Now, after 2 mortgages, they can't seem to tell me apart from my father.

Morons.

Why are you doing business with them then

 

[Capt Caveman]

Woot! From refinancing, I got my credit score in the mail. Equifax was 814 out of 818. I believe the credit inquiry dropped my score by 4 points.

 

[Jadow]

just locked 3.875 30yr no points today. woot

 

[spidey07]

just locked 3.875 30yr no points today. woot

Incredble. Take a look at your amortization tables. Its insane how good.

 

[Cal166]

Holy Crap! I refi 3 months ago @4.25 and thought that was decent.

 

[spidey07]

30 year treasury yields set an all time record low today.

 

[spidey07]

Ties record low of 3.91% again, expected to go lower.

 

[Golgatha]

I went with a mortgage broker that was recommended to me. The big banks won't work with you at all from my experience and were always rude.

I've found the same to be true. Just refinanced a couple of months ago to 3.375% on a 15 year. I went through Stonegate Mortgage Company. Very quick and straightforward process and no hidden gotchas in their contract or execution of my loan.

In contrast Bank of America and US Bank couldn't seem to get below 4% at the time (I stopped looking at traditional banks after those two experiences) I was looking and their loan officers seemed almost disinterested in me as a customer. 800+ credit score for both my wife and I, never missed a payment on our current loan, putting 35%+ down, and I want to give you business if you can give me a reasonable market rate...what was not to love?

 

[Wyndru]

Ties record low of 3.91% again, expected to go lower.

30 year? It's too bad I never see rates this low. The banks near me haven't gone below 4.02, and my current bank is only offering 4.25 as the lowest for 30 years. I want it to drop below 4 to make it worth it for me (I'm at 4.75 now).

 

[alent1234]

too bad my wife's employer is in Chapter 11

 

[Blackjack200]

30 year? It's too bad I never see rates this low. The banks near me haven't gone below 4.02, and my current bank is only offering 4.25 as the lowest for 30 years. I want it to drop below 4 to make it worth it for me (I'm at 4.75 now).

He's talking about the treasury yield.

 

[SandEagle]

<--- 15yrs @ 3.875 fixed. 13 yrs left. had to miss a few payments and threaten foreclosure before they took action

 

[spidey07]

He's talking about the treasury yield.

3.9&#37; is the 30 yr average mortgage loan rate. This is tied to treasury yields, which are expected to go even lower, which means mortgage rates are expected to get even lower than their current record low.

I didn't make it entirely clear.

 

[rh71]

We got in at 4.5&#37; last year. If we did 3.9% today, after 30 years, we would've saved enough to buy a mediocre car. That's assuming we never pay off early. After 30 whole years. Meh. Could be better.

Point is, just do it when all else is right and don't sweat the daily rates between now and 3 months from now.

 

[Wyndru]

I just hate the closing costs, and also resetting the mortgage to 30 years again. I've lived in my house for 5 years and refinanced 2 times already. Going back to 30 years again would just keep pushing this loan out further into my life. Yes I know I could pay it off early, and the money saved adds up but I don't know if I want to bother again.

Both times it was a pain in the ass and a ton of paperwork. First time the guy lost our paperwork, and we barely got it settled, but it was ugly. The second time I swore I wouldn't deal with that bank again, and instead we ended up with a company that said they would allow online payments, but didn't bother telling us that they charge you $11 to do it each month. I just hate dealing with these companies, I don't think a .7 drop is worth the BS.

 

[Blackjack200]

3.9% is the 30 yr average mortgage loan rate. This is tied to treasury yields, which are expected to go even lower, which means mortgage rates are expected to get even lower than their current record low.

I didn't make it entirely clear.

Gotcha.