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12-02-2008, 07:00 AM
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#21
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Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 1,645
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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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12-02-2008, 12:18 PM
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#22
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Moderator Emeritus
Join Date: Feb 2005
Location: San Diego
Posts: 5,267
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Who's offering that rate? I can't find anything that low.
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12-02-2008, 02:59 PM
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#23
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Recycles dryer sheets
Join Date: Dec 2006
Posts: 479
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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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12-02-2008, 04:25 PM
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#24
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 1,543
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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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12-02-2008, 06:32 PM
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#25
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,765
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 Quote:
Originally Posted by ziggy29
Why on earth would an employer place a filter on USAA?
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Financial porn?
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
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12-02-2008, 07:59 PM
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#26
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 1,543
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Quote:
Originally Posted by ziggy29
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...
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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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12-03-2008, 12:24 PM
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#27
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Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 1,645
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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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12-03-2008, 12:43 PM
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#28
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 1,543
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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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12-03-2008, 01:49 PM
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#29
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,298
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Wonder how the appraisal will turn out?
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12-03-2008, 01:51 PM
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#30
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Thinks s/he gets paid by the post
Join Date: Dec 2007
Posts: 4,764
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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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12-03-2008, 02:20 PM
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#31
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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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.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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12-03-2008, 05:12 PM
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#32
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 2,613
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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
-- Rita
__________________
Only got A dimple, would have preferred 2!
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12-03-2008, 08:15 PM
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#33
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 1,543
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Quote:
Originally Posted by brewer12345
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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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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12-05-2008, 11:36 AM
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#34
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Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 1,645
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Yeah I heard discussion about 4.5% as well. Maybe I'll wait a bit...
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12-05-2008, 01:36 PM
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#35
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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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?
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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12-05-2008, 01:42 PM
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#36
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Quote:
Originally Posted by Nords
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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What's special about February? Personally, I am content to wait as I think the gummint will do everything it can to drop rates.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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12-05-2008, 02:28 PM
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#37
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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Quote:
Originally Posted by brewer12345
What's special about February?
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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.
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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12-06-2008, 05:59 AM
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#38
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Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 1,645
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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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