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Is 3.875% still the lowest mortgage rate you can get with a high credit score?
Old 02-11-2020, 06:42 AM   #1
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Is 3.875% still the lowest mortgage rate you can get with a high credit score?

As the title says, I was just wondering for someone with a high credit score, if 3.875% still the lowest possible mortgage rate you can get right now? I saw another poster in another thread mention this rate, which was the same as mine when I got my house a couple of years ago.
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Old 02-11-2020, 06:46 AM   #2
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There do seem to be lower rates available. Maybe start by looking here:
https://www.bankrate.com/mortgage.as...LoanTerms=30yr
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Old 02-11-2020, 06:48 AM   #3
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Considering the headline I read on a story yesterday was "The average interest rate for a 30-year fixed-rate mortgage fell to 3.45% last week", 3.875% is very likely not the lowest possible. 15-year is even lower. A buddy of mine in FL is currently closing on his 15-year at 3.0%, which he's had a lock on for a month or two.
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Old 02-11-2020, 08:14 AM   #4
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I just looked at the NASA FCU page, and they're showing a 30 year fixed for 3.125%, and a 15 year fixed for 2.75%. Dunno about points, closing costs, etc.

I'm at 3.875% fixed for a 30 year, right now. I had been at 4.75% when I bought the house in September 2018, but then rates dropped and I refinanced in April 2019. That drop saved me about $240/mo.

If I could refinance to 3.125%, I estimate it would save me about $195/mo. So, depending on closing costs, it might be worth it to me.
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Old 02-11-2020, 08:19 AM   #5
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IME often your local credit union will have the best rates.
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Old 02-11-2020, 09:01 AM   #6
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PenFed CU is showing 3.25%, 30 year, fixed, no points.
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Is 3.875% still the lowest mortgage rate you can get with a high credit score?
Old 02-12-2020, 05:24 PM   #7
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Is 3.875% still the lowest mortgage rate you can get with a high credit score?

Don’t drink the kool-aid on having a high credit score lowers your loan rate. Usually you only need a mid 700 score to get the best rate. You could pay more if your score is lower.

I just got an unsolicited offer for a rate of 3.25 w/ 2 points (APY=3.45). I always use APY rather than APR to compare rates. You can usually get a lower rate if you pay points but APY includes the impact of points and closing costs.
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Old 02-12-2020, 05:50 PM   #8
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I refinanced a few weeks ago for 3.625% and no points and looks like rates are lower on Zillow now. Wish I had waited a couple of weeks.
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Old 02-12-2020, 11:20 PM   #9
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I am in process of a refinance. Locked at 3.5% 30 year fixed. Credit score over 800 (my understanding is what mattered was being at 760 or above.
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