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Arc · 03-22-2007, 07:23 PM

For those of you with mortgages, are you in an ARM or a fixed? And what is your current rate?

I have 30 Yr fixed at 5 1/8 - got it in July of 2003. I think I'm going to keep it!

wabmester · 03-22-2007, 07:40 PM

That's a keeper. We had a 5% 15-year mortgage, but we had to give it back when we sold the house. Otherwise, I would have kept it.

linkerbink · 03-22-2007, 08:35 PM

I've got a 15 year fixed at 5.25% I got in 2002. I'll have it paid off in 3 more years.

runchman · 03-22-2007, 08:38 PM

15 yr fixed with 12(?) remaining, 5 3/8.

I don't get doing an arm when rates are so low. Risk/reward just doesn't work for me, but I'm conservative when it comes to my house loan.

- John

laurence · 03-22-2007, 08:43 PM

20 year @ 5.125, and they paid me to take it. It would have been "no cost" @ 5.00%, but at the time the 2 grand in the hand seemed better than the couple a bucks a month forever...

**Gumby** · 03-22-2007, 08:56 PM

15 year fixed @ 5% obtained in September 2003. It was our third refinance after starting with 8.375% 30 yr in 1993. Each time, we just refinanced the balance and did not take any equity out.

Can't see paying it off anytime soon, although I might refinance if rates dropped low enough..

HFWR · 03-22-2007, 09:28 PM

30yr, 5.5%

bpp · 03-22-2007, 09:59 PM

30-year fixed, 2.6%

laurence · 03-22-2007, 10:01 PM

Quote:

Originally Posted by bpp

30-year fixed, 2.6%

O.K., you are going to have to give us details on this one!

wabmester · 03-22-2007, 10:02 PM

I thought all Japanese mortgages were 100-year.

lswswein · 03-22-2007, 10:03 PM

JAPAN!!!!

bpp · 03-22-2007, 10:14 PM

Quote:

Originally Posted by lswswein

JAPAN!!!!

Yup.

Quote:

Originally Posted by wab

I thought all Japanese mortgages were 100-year.

Not any more

Quote:

Originally Posted by Laurence

O.K., you are going to have to give us details on this one!

Not that exciting a story -- that was the going rate a couple of years ago. These days it is around 3.1-3.2%, I believe.

Oh, and did I mention the mortgage tax credit which knocks off 1 percentage point for the first 8 years, and half a percentage point for the next two years after that?

brewer12345 · 03-23-2007, 06:43 AM

4.99% for 15 years, taken out in '03. I imagine I will never have the opportunity to refi at a lower rate.

Stuart · 03-23-2007, 06:48 AM

I have a 15 year fixed at 4 7/8.

MikeD · 03-23-2007, 08:12 AM

15 year fixed 4 5/8.

Mike D.

Sue J · 03-23-2007, 09:12 AM

We bought our house in 1983 at 12 3/8%, 30 year fixed.

1988 - Refinanced to 9% 25 year fixed.

1993 - Refinanced to 7% 15 year fixed.

2003 - Paid off the mortgage with a HELOC at 3.5% variable. Took an additional $10,000 for home repairs.

2006 - the HELOC had increased to 7%. Paid it off with a balance transfer from a credit card with a rate of 2.99% for 1 year and then dropping to 1.99% for life.

Yes, we paid off our house with a charge card. As brewer12345 said, I can't imagine ever getting a lower rate. If this sounds familiar, I posted about this in another topic about secured debt vs unsecured debt.

justin · 03-23-2007, 09:20 AM

30 year ARM currently at 4.75% for another 15 months. Then it may go as high as 5.75% for 2 more years. Was at 3.75% for the first 2 years.

The margin is 2.5% plus 1 year constant maturity treasury. Rate adjusts up to 1% on every 2 year anniversary. Max of 12% or something.

I did an analysis on this loan versus the going rate for 15 and 30 year fixed loans at the time. The breakeven point for the ARM loan was 12 years. As long as I pay it off by then, I come out ahead. And there is the gamble on rates I made - 12 years was a worst case scenario. 1 year CMT rates could stay low, and I come out way ahead with an ARM. Or long term rates could stay low, and I could refi at some point in the future and come out ahead.

I also got the added bonus of dirt cheap closing costs, no appraisal required (stated value from some zillow.com-like database), and no PMI on a 90% loan. Gotta love credit unions!

I cashed out as much as I could and dumped it in the market back in mid-2004. Turns out it was a pretty good bet.

If I was going to redo my financing today, the numbers are different and I'd choose a fixed rate loan. I may refinance before next July when the rates go up on my ARM.