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Old 12-02-2008, 08:00 AM   #21
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Down to 5.25 with no points. Lower rates available with points, also 20 and 25 year mortgages. I may do it... 1% drop in my mortgage rate... Mortgage professor calculator crashed on my work pc with an error, I'll check around to see if I can find another.

Can't find another that will work to show break even if I finance HELOC as well. Can anyone run my numbers:

1st $118K at 6.25%, 24 years remaining
HELOC $37K at 3.75 VARIABLE, 10 years left, doing int only payments
New: 5.25, no points, 30 year term, $2000 closing costs (approx)

OK looks like I'd save $72 per month, so payback is just over 2 years. Will cost more in int, but I'm working to reduce monthly bills.
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Old 12-02-2008, 01:18 PM   #22
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Who's offering that rate? I can't find anything that low.
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Old 12-02-2008, 03:59 PM   #23
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PenFed is offering 15 yr @ 5.00 with .125 points. I was gonna pull the trigger today, but since the yield on the 10yr is still dropping, I'm waiting.
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Old 12-02-2008, 05:25 PM   #24
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locked in with countrywide today at 5.375% for my co-op. even going to take some cash out and they don't care.

going there in a few days to drop off the documentation and look at the loan docs to verify the numbers

i think the 10 year note has some more downside on the yield, but not going to take a chance on it or spreads going wider
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Old 12-02-2008, 07:32 PM   #25
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Quote:
Originally Posted by ziggy29 View Post
Why on earth would an employer place a filter on USAA?
Financial porn?
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Old 12-02-2008, 08:59 PM   #26
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Why on earth would an employer place a filter on USAA?

Anyway, my CU recently dropped their no-points 30-year FRM from 6.25% to 5.375%.

Hopefully mortgage rates this low will convince some people on the sidelines waiting for a housing bottom to get in now while rates are very low...
i used to manage websense and it's probably just a blanket block on all financial websites. you can customize the blocking, but it's too much trouble
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Old 12-03-2008, 01:24 PM   #27
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Bah, up to 5.375 today. I had to transfer some funds into my CU account to pay for the application. Took over night to get there.
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Old 12-03-2008, 01:43 PM   #28
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there is a story on cnbc.com that bill gross is predicting 4.5% mortgage rates soon. i think the 10 year has more downside on the yield, but i don't know if the spreads will stay the same.
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Old 12-03-2008, 02:49 PM   #29
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Wonder how the appraisal will turn out?
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Old 12-03-2008, 02:51 PM   #30
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Wow rates are getting good. Makes me almost wish I had a mortgage. Maybe Ill buy a house and flip it..
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Old 12-03-2008, 03:20 PM   #31
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I have been tempted by the PenFed 5/5 ARM as a refi loan, since they seem to price it extremely attractively. But after whipping out ye olde spreadsheete, I am wondering if refinancing will ever be attractive. With a 4.99% current note rate, just under 10 years to go, and $167k balance, it is hard to get a significant benefit when you tack on the thousand bucks or so it would require to refi.
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Old 12-03-2008, 06:12 PM   #32
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From the Washington Post: Trade groups are asking the Treasury Dept to intervene to drive mortgage rates lower.
New Treasury Plan May Lower Mortgage Rates - washingtonpost.com

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Old 12-03-2008, 09:15 PM   #33
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I have been tempted by the PenFed 5/5 ARM as a refi loan, since they seem to price it extremely attractively. But after whipping out ye olde spreadsheete, I am wondering if refinancing will ever be attractive. With a 4.99% current note rate, just under 10 years to go, and $167k balance, it is hard to get a significant benefit when you tack on the thousand bucks or so it would require to refi.
aren't you worried about rates going up in the future? how long do you think central banks will hold rates at these low levels?

when i looked at countrywide's rates a few days ago, the 30 year fixed was a lower rate than the ARM
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Old 12-05-2008, 12:36 PM   #34
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Yeah I heard discussion about 4.5% as well. Maybe I'll wait a bit...
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Old 12-05-2008, 02:36 PM   #35
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Well, now the ballgame's starting fo' real. For a minute this morning I thought my browser was malfunctioning.

NFCU has a 5.00% 30-year fixed mortgage for two points and a 5.125% loan for one point. According to the fine print their latter loan is the equivalent of the mortgage we got four years ago.

USAA claims to be offering 5.125% for 0.875 points and 5.25% for 0.5 points. Their quoted closing costs are much higher, although we could probably beat that locally.

With rumors of 4.5% in the air, we're paralyzed by analysis & indecision. Jump now or wait until February?
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Old 12-05-2008, 02:42 PM   #36
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Well, now the ballgame's starting fo' real. For a minute this morning I thought my browser was malfunctioning.

NFCU has a 5.00% 30-year fixed mortgage for two points and a 5.125% loan for one point. According to the fine print their latter loan is the equivalent of the mortgage we got four years ago.

USAA claims to be offering 5.125% for 0.875 points and 5.25% for 0.5 points. Their quoted closing costs are much higher, although we could probably beat that locally.

With rumors of 4.5% in the air, we're paralyzed by analysis & indecision. Jump now or wait until February?
What's special about February? Personally, I am content to wait as I think the gummint will do everything it can to drop rates.
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Old 12-05-2008, 03:28 PM   #37
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What's special about February?
After the inauguration. And I don't expect rates to go zooming back up anytime soon.

But I'm happy to be proven wrong. A few years ago we refinanced twice in a year and we've more than earned back the difference.
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Old 12-06-2008, 06:59 AM   #38
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I'm in the same boat as you Nords. Local CU rates beat USAA, 5.25 with no points. Not sure if I should wait a bit or not. I just saw a special with them to close before 15DEC and get $500 towards heating oil, but don't think I can close that soon.

Maybe I'll wait until 15DEC to see if they extend their special. Bankrate mortgage rate watch section shows most thinking rates will drop further.

Please, I need to borrow somebodys crystal ball!
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