BristolBane
Recycles dryer sheets
- Joined
- Apr 18, 2005
- Messages
- 62
Anyone else thinking of re-financing the mortgage at the new low rates this morning? I'm seeing some 5.30 APRs on bankrate.com for 30yr fixed w/ 0 points.
Wells Fargo is below 5% for a 15-year fixed.
And this 5/5 looks interesting from PenFed at 4.875%:
https://www.penfed.org/productsAndRates/mortgages/firstMortgageLoans.asp
I'm curious, and I mean this without any facetiousness, why would you want an ARM?
Now the question is how low could the rates go?
Hard to say. Treasury rates could grind down a bit farther, but probably not much from where they are now. The real issue is that mortgage spreads over treasuries have widened out quite a lot, so even with treasuries at very low rates mortgages have not moved that much. So I think that we will not see mortgage rates drop much unless the extra yield demanded on mortgages declines from here (and does so without treasury yields moving up much).
FWIW, I think the pen fed 5/5 ARM looks quite attractive. But I won't be holding my breath for the rate on that product to get far enough under my current 4.99% fixed note to make refinancing worthwhile.
I'm on a 20 year at 4.875%. Nothing to do except pay extra..........
I have a 5 year ARM at 5.25 that adjusts in another year and a half. I didn't think we'd be in our townhouse for any longer than 5 years but now that we've pretty much decided to keep it and rent it out when we buy a home I'll be looking to refinance into a 30 yr fixed. If I can get near my ARM rate, all the better.
Tell me about it.Anyone else thinking of re-financing the mortgage at the new low rates this morning? I'm seeing some 5.30 APRs on bankrate.com for 30yr fixed w/ 0 points.
I recently relocated and have only been in my house a year. I've got a 30 year at 6% right now. I paid one point for that rate a year ago.
I've been thinking of trying to refinance to a 15 or 20 year mortgage. Hopefully the rates will get a little lower. I've got about 15 years until retirement.