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

[Mermaidman]

Originally posted by: 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.

How high does your current % have to be to recoup the refinancing costs over two years?

 

[RagingBITCH]

Damn, how are ya'll getting that low of a rate? The best I've been quoted has been 6.25% on a fixed 30 year @ 5% down. ($150K) (That's a non-PMI mortgage though) The PMI based ones have been 6% and lower.

 

[DBL]

Originally posted by: RagingBITCH
Damn, how are ya'll getting that low of a rate? The best I've been quoted has been 6.25% on a fixed 30 year @ 5% down. ($150K) (That's a non-PMI mortgage though) The PMI based ones have been 6% and lower.

I just spoke with a broker today. Currently, in NYC you can get a 30yr fixed at 6% with optimal credit. It was 5.75% last friday. Apparently, the rates should change later today as the fed is meeting.

Personally, I'm waiting for 5 5/8 or even 5.5 before I would consider refinancing.

 

[Slew Foot]

Originally posted by: brunell8
What the hell is 1.5 mill? Price of your house? :shocked:

What Ive qualified for without a down payment. I can get 200K for 10 years fixed at ZERO PERCENT for a down payment from my work

 

[jandrews]

every f'ing thing has to turn into a damn e-penor contest. You cannot get any financial advise around here without 50 other swinging dicks trying to top the person.

 

[PingSpike]

Originally posted by: Slew Foot

Originally posted by: brunell8
What the hell is 1.5 mill? Price of your house? :shocked:

What Ive qualified for without a down payment. I can get 200K for 10 years fixed at ZERO PERCENT for a down payment from my work

Can you hook me up?

 

[ponyo]

Originally posted by: jandrews
every f'ing thing has to turn into a damn e-penor contest. You cannot get any financial advise around here without 50 other swinging dicks trying to top the person.

someone has penis envy.

 

[dainthomas]

Originally posted by: DBL

Originally posted by: RagingBITCH
Damn, how are ya'll getting that low of a rate? The best I've been quoted has been 6.25% on a fixed 30 year @ 5% down. ($150K) (That's a non-PMI mortgage though) The PMI based ones have been 6% and lower.

I just spoke with a broker today. Currently, in NYC you can get a 30yr fixed at 6% with optimal credit. It was 5.75% last friday. Apparently, the rates should change later today as the fed is meeting.

Personally, I waiting for 5 5/8 or even 5.5 before I would consider refinancing.

But the fed only controls short term rates don't they? How will that affect mortgage rates?

 

[DBL]

Originally posted by: dainthomas

Originally posted by: DBL

Originally posted by: RagingBITCH
Damn, how are ya'll getting that low of a rate? The best I've been quoted has been 6.25% on a fixed 30 year @ 5% down. ($150K) (That's a non-PMI mortgage though) The PMI based ones have been 6% and lower.

I just spoke with a broker today. Currently, in NYC you can get a 30yr fixed at 6% with optimal credit. It was 5.75% last friday. Apparently, the rates should change later today as the fed is meeting.

Personally, I waiting for 5 5/8 or even 5.5 before I would consider refinancing.

But the fed only controls short term rates don't they? How will that affect mortgage rates?

That's my understanding too. But she said it will probably affect the rates. Perhaps b/c of speculation? My understanding was that it could go either way and is not directly reflective of a drop. I did not go into any more detail. I just said call me when you can get 5 5/8 and preferably 5.5.

 

[jandrews]

Originally posted by: Naustica

Originally posted by: jandrews
every f'ing thing has to turn into a damn e-penor contest. You cannot get any financial advise around here without 50 other swinging dicks trying to top the person.

someone has penis envy.

I dont even have a loan out, I cant even join the reindeer games

 

[PingSpike]

Originally posted by: dainthomas

Originally posted by: DBL

Originally posted by: RagingBITCH
Damn, how are ya'll getting that low of a rate? The best I've been quoted has been 6.25% on a fixed 30 year @ 5% down. ($150K) (That's a non-PMI mortgage though) The PMI based ones have been 6% and lower.

I just spoke with a broker today. Currently, in NYC you can get a 30yr fixed at 6% with optimal credit. It was 5.75% last friday. Apparently, the rates should change later today as the fed is meeting.

Personally, I waiting for 5 5/8 or even 5.5 before I would consider refinancing.

But the fed only controls short term rates don't they? How will that affect mortgage rates?

I'm not expert by any means...but after watching rates the past 6-8 months for first a mortgage and then a refinance I have decided that the FED rate decisions mean roughly jack fucking shit in regard to mortgage rates, at least in the short term. I'm pretty sure mortgage rates are tied to 10 year treasuries...which are only partially affected by fed rates, along with a million other variables.

It *seems* like lately, fed rate cuts have equaled the stock market rising which seems to increase the yields on mortgage rates and make them go up. When the stock market gets shakey...I *think* investors get scared and run to buy nice safe treasuries which increases the prices, lowers the yields and lowers the mortgage rate. Again, no fucking idea what I'm talking about! But so far I haven't been any more wrong than the "experts" on bankrate. I think the answer is no one knows really, but if anyone has any insight I would enjoy being corrected.

 

[brunell8]

My post does not say 5%, that was quoted. No, my loan isn't as low as that. But considering the bankruptcy, and I got cash back, I got a helluva deal, IMO. The buy-down had something to do with the seller paying the points - I don't know. It was offered, and I jumped on it. I looked at Fannie Mae and some other mortgages on the net, and none of them even compared.

Originally posted by: 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?

 

[DBL]

Originally posted by: PingSpike
I'm not expert by any means...but after watching rates the past 6-8 months for first a mortgage and then a refinance I have decided that the FED rate decisions mean roughly jack fucking shit in regard to mortgage rates, at least in the short term. I'm pretty sure mortgage rates are tied to 10 year treasuries...which are only partially affected by fed rates, along with a million other variables.

It *seems* like lately, fed rate cuts have equaled the stock market rising which seems to increase the yields on mortgage rates and make them go up. When the stock market gets shakey...I *think* investors get scared and run to buy nice safe treasuries which increases the prices, lowers the yields and lowers the mortgage rate. Again, no fucking idea what I'm talking about! But so far I haven't been any more wrong than the "experts" on bankrate. I think the answer is no one knows really, but if anyone has any insight I would enjoy being corrected.

I think you are right on. What I was explaining was that the rate was likely to move (perhaps more than usual according to my broker) after the meeting. It has the potential to go either way but you may want to check later this afternoon or early tomorrow morning to see if the rate swung in your favor.

 

[lokiju]

We got 5.75% a few months back.

Not sure how much it's changed since then.

 

[Joemonkey]

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?

sister is friends w/ the guy that did our mortgage. This was in summer of 2003.

 

[DBL]

Originally posted by: Joemonkey

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?

sister is friends w/ the guy that did our mortgage. This was in summer of 2003.

I took a mortgage in Feb 2003 and I do remember the rate dropped further before coming back up. So, I'll take your word for it .

 

[shoRunner]

5/5 ARM for 5.625

https://www.penfed.org/product...ges/mortgageCenter.asp

 

[Kyteland]

Originally posted by: brunell8
My post does not say 5%, that was quoted. No, my loan isn't as low as that. But considering the bankruptcy, and I got cash back, I got a helluva deal, IMO. The buy-down had something to do with the seller paying the points - I don't know. It was offered, and I jumped on it. I looked at Fannie Mae and some other mortgages on the net, and none of them even compared.

Originally posted by: 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?

Perhaps if you stopped top-posting this confusion wouldn't exist.

 

[Slew Foot]

http://www.cnbc.com/id/22183392

Looks like rates have jumped since last week, and soon youll be paying extra fees as well if your credit sucks and you dont have 30% DOWN!

Cant wait for prices to keep on dropping.

 

[JulesMaximus]

Originally posted by: jandrews
every f'ing thing has to turn into a damn e-penor contest. You cannot get any financial advise around here without 50 other swinging dicks trying to top the person.

WHAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!!!!!

 

[RU482]

I am in the process of refinancing my 6.325 rate FHA 30yr fixed to 5.75 FHA fixed, no points. I locked one week ago today.
When I met with the broker yesterday, he informed me that rates were back up to where my old loan was (6.375, no points). I got lucky, I guess

The mortgage market was really counting on the Fed to drop rates 1/2%, instead of the 1/4% the announced today. My broker said rates are in daily flux lately.

~5% equity, BK 3 yrs ago , credit score back in the 690s

Have fun

 

[jandrews]

Originally posted by: JulesMaximus

Originally posted by: jandrews
every f'ing thing has to turn into a damn e-penor contest. You cannot get any financial advise around here without 50 other swinging dicks trying to top the person.

WHAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!!!!!

exactly, people are whining that they are better and I imagine you critisize because you were one of the aforementioned swinging dicks.

 

[brunell8]

Originally posted by: Kyteland

Originally posted by: brunell8
My post does not say 5%, that was quoted. No, my loan isn't as low as that. But considering the bankruptcy, and I got cash back, I got a helluva deal, IMO. The buy-down had something to do with the seller paying the points - I don't know. It was offered, and I jumped on it. I looked at Fannie Mae and some other mortgages on the net, and none of them even compared.

Originally posted by: 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?

Perhaps if you stopped top-posting this confusion wouldn't exist.

Perhaps if you looked at the box that the quote is in you would be able to read better.