What's a decent rate on a 30-year fixed mortgage with no points?

[Gunslinger08]

Question in title.

 

[Jadow]

in the current environment, about 5.9 to 6.1%

 

[Slew Foot]

Add a percentage point or so if youre going jumbo.

Go down to 4% if youre a licensed physician

 

[bwatson283]

5.9% with PERFECT credit. No glitches or hicups on your credit.

 

[Gunslinger08]

Just got pre-approved with a rate of 5.875%.

 

[PingSpike]

I'm refinancing for 6%...or less if it goes down between now and 3 weeks from now. I kind of got shafted since I bought my house right when rates spiked during the summer.

 

[JulesMaximus]

<--Hugs his 5.381% 30 year fixed.

 

[PClark99]

I am 5.375% and 15 yr term. :thumbsup:

Only 11 years to go.......

 

[alkemyst]

Decent rate you got...in reality though no one can quote you are rate without knowing quite a few things. We don't publish our rates because we feel it sets up the average buyer for disappointment.

First if you are going jumbo and/or non-owner occupied there is a big difference.

Your credit rating + the number/length of tradelines has a HUGE impact. Under 680 today is making it more expensive when last year you could slide down into low 600's and still get an ok rate.

Down payment is a big factor as well as lender paid PMI or not.

Then type of property makes a difference too.

Different programs have a lot of variables too.

 

[John]

Originally posted by: PClark99
I am 5.375% and 15 yr term. :thumbsup:

Only 11 years to go.......

A little over 3 years ago we refinanced our 7.25% 30 yr. mortgage to a 15 yr. fixed @ 4.25%. It's the best financial move we've ever made.

 

[randay]

I just got preapproved for 5.75% fixed 30-year, and the guy said I should cash-out refinance after that since itll get me a lower rate. He didnt say anything but I'm assuming if I do that ill have to pay points. I wont be getting a loan till next year but Im curious, would that be a good move?

 

[brunell8]

Got my loan in April/May of this year - 30 year fixed with a one year buy-down at 5.125%. After 1 year it goes up to 6.125% for the remainder of the loan. And that is about 18 months removed from bankruptcy. My lender took into consideration that my bankruptcy was basically not my fault - no missed payments, etc. I had to file simply because I couldn't find work after I retired from the Navy. I've had perfect credit my entire life, and continued since the bankruptcy. Just make sure you shop around.

 

[PingSpike]

Originally posted by: randay
I just got preapproved for 5.75% fixed 30-year, and the guy said I should cash-out refinance after that since itll get me a lower rate. He didnt say anything but I'm assuming if I do that ill have to pay points. I wont be getting a loan till next year but Im curious, would that be a good move?

It doesn't sound like it. Thats a good 30 year fixed rate, but I fail to understand how cash-out refinancing would give you a better rate. Was he planning on rolling the cost of points paid into the loan amount or something weird like that?

My opinion on points is that they aren't a very good deal. But some one more knowledgeably may have a better insight. It seems like back when interest rates were high but house prices were lower, paying 1% of the loan amount probably wasn't as expensive as now.

 

[GoatMonkey]

I'm currently in the process of refinancing. Doing a 5/1 ARM for 5.875% through ING Direct. Closing in about a week. I'm in a 2/2 condo that I don't plan on keeping forever (maybe 2 more years), so no idea about a 30 year.

 

[PingSpike]

I don't get ARMs now. I never read up on them since I'm in it for the long haul and don't like uncertainty...but it seems like now the interest rate is almost exactly the same as the 30 year fixed. The 30 year can be refinanced if rates go down...and it stays the same if they shoot up.

 

[Capt Caveman]

bankrate.com

 

[Joemonkey]

Originally posted by: JulesMaximus
<--Hugs his 5.0% 30 year fixed.

fixed!

also, had $0 down

 

[DBL]

Originally posted by: PingSpike
I don't get ARMs now. I never read up on them since I'm in it for the long haul and don't like uncertainty...but it seems like now the interest rate is almost exactly the same as the 30 year fixed. The 30 year can be refinanced if rates go down...and it stays the same if they shoot up.

Yeah. The disparity it too small now for them to make much sense unless you KNOW that you will move within the fixed time-frame.

 

[DBL]

Originally posted by: Joemonkey

Originally posted by: JulesMaximus
<--Hugs his 5.0% 30 year fixed.

fixed!

also, had $0 down

5.0% 30yr with 0 down? how? when?

 

[brunell8]

Mine was 0 down as well (posted above). Actually got cash back at closing, about $3000 IIRC.

Originally posted by: DBL

Originally posted by: Joemonkey

Originally posted by: JulesMaximus
<--Hugs his 5.0% 30 year fixed.

fixed!

also, had $0 down

5.0% 30yr with 0 down? how? when?

 

[Slew Foot]

You guys suck.

4.5%, 30 yr fixed, 1.5 mill, no down no PMI

Beat that.

 

[brunell8]

What the hell is 1.5 mill? Price of your house? :shocked:

 

[DBL]

Originally posted by: brunell8
Mine was 0 down as well (posted above). Actually got cash back at closing, about $3000 IIRC.

Originally posted by: DBL

Originally posted by: Joemonkey

Originally posted by: JulesMaximus
<--Hugs his 5.0% 30 year fixed.

fixed!

also, had $0 down

5.0% 30yr with 0 down? how? when?

What was the rate and terms? Those are the important details.

 

[brunell8]

Posted above, just like it says.

Zero down, no points, 5.125% on a one year buy-down, years 2-30 6.125% - 18 months after filing bankruptcy, and got cash back at closing.

 

[DBL]

Originally posted by: brunell8
Posted above, just like it says.

Zero down, no points, 5.125% on a one year buy-down, years 2-30 6.125% - 18 months after filing bankruptcy, and got cash back at closing.

IOW, 6.125 is your rate. Still decent considering 0 down but it's not 5% like your post says.

I'm confused. How do you buy down a rate while putting 0% down?