Might be Time to Refinance

[Another Reader]

Mortgage rates are the same as they were in December, 2012, and the lowest ever in my lifetime. If you want to refinance, now might be the time.

Mortgage Rates Hit All-Time Lows, Is It Time To Lock?

[ERD50]

My son just refinanced. I was a little surprised, they got below 3.5% on a 30 year.

-ERD50

[Andre1969]

I just noticed the NASA FCU is showing a 30-year fixed for 2.875%. I'm at 3.875%. I just emailed my mortgage guy, to see what he can do.

I just refinanced last April, so it seems a bit rushed to do it again so soon. But around 3%, possibly even less, seems too good to not look into it.

[jazz4cash]

NASA has the best rates. Got my eye on the 15 yr @ 2.375.

[Montecfo]

Quote:

Originally Posted by Andre1969 I just noticed the NASA FCU is showing a 30-year fixed for 2.875%. I'm at 3.875%. I just emailed my mortgage guy, to see what he can do. I just refinanced last April, so it seems a bit rushed to do it again so soon. But around 3%, possibly even less, seems too good to not look into it.

Yes there are some good deals out there. The timing of your last refi doesn't really matter. The value proposition of refinancing is not tied to your last refi.

[intent]

This thread convinced me to start looking at a possible refinance. Interestingly, as the Fed slashes rates, mortgage rates seem to be rising. NASA FCU, for example, is now offering 3.5% rates for 30- and 15-year mortgages.

I definitely don't know much about how mortgage rates are set, but I guess I thought they would lower (or at least stay the same) as the Fed lowered rates. Can anyone who knows more than me (which means pretty much everyone here qualifies) explain why mortgage rates are going up right now?

[wrigley]

D^mn. I'm at 4.375%...……..but my house will paid in full in 2 years!

Mike

[COcheesehead]

Quote:

Originally Posted by intent This thread convinced me to start looking at a possible refinance. Interestingly, as the Fed slashes rates, mortgage rates seem to be rising. NASA FCU, for example, is now offering 3.5% rates for 30- and 15-year mortgages. I definitely don't know much about how mortgage rates are set, but I guess I thought they would lower (or at least stay the same) as the Fed lowered rates. Can anyone who knows more than me (which means pretty much everyone here qualifies) explain why mortgage rates are going up right now?

The Fed adjusts one rate. The market adjusts all the others. So your mortgage rate is a function of the markets and rates have risen recently.

[Born2Fish]

I locked in 2 weeks ago at 2.875% for a 30 yr VA refi.

My current loan is 3.875%, so a full percent lower. I closed on the house 8 months ago and am making pmts to payoff in 19 yrs.

This rate will allow me to payoff in 17 years without increasing payment.

[RunningBum]

My GF has been looking to refinance. She was told that banks have limited money to lend and are prioritizing first mortgages, and putting off refinances. She was told it would be 6% to refinance. I haven't asked if she's looked elsewhere.

[wrigley]

Quote:

Originally Posted by Born2Fish I locked in 2 weeks ago at 2.875% for a 30 yr VA refi. My current loan is 3.875%, so a full percent lower. I closed on the house 8 months ago and am making pmts to payoff in 19 yrs. This rate will allow me to payoff in 17 years without increasing payment.

That's an awesome VA refi rate. The best I can find is 3.431% APR

Mike

[CRLLS]

I have read that mortgage rates in general are currently rising. Here is one reason from this morning on marketwatch.com.

https://www.marketwatch.com/story/mo...why-2020-03-19

Quote:

“Mortgage rates rose again this week as lenders increased prices to help manage skyrocketing refinance demand,” said Sam Khater, Freddie Mac’s chief economist, in the report. Those aiming to get a new mortgage — either to refinance their existing home loan or to purchase a mortgage — shouldn’t worry too much about interest rates staying this elevated. Economists have said lenders will likely bring rates back down to an extent once they’ve worked through their backlog of applications.

[COcheesehead]

Quote:

Originally Posted by RunningBum My GF has been looking to refinance. She was told that banks have limited money to lend and are prioritizing first mortgages, and putting off refinances. She was told it would be 6% to refinance. I haven't asked if she's looked elsewhere.

I just got a construction loan which are considered a higher cost product than a conventional loan. I got it at 3.375. 6% is outrageous.

[jazz4cash]

Quote:

Originally Posted by RunningBum My GF has been looking to refinance. She was told that banks have limited money to lend and are prioritizing first mortgages, and putting off refinances. She was told it would be 6% to refinance. I haven't asked if she's looked elsewhere.

Who told her that? Just sounds wrong.
Typically they charge a bit more for refi but the approval process should be easier. It’s still a first mortgage.

[RunningBum]

Quote:

Originally Posted by jazz4cash Who told her that? Just sounds wrong. Typically they charge a bit more for refi but the approval process should be easier. It’s still a first mortgage.

I believe they are a mortgage broker. She agreed that she probably ought to check elsewhere. It sounds wrong to me. This is a pretty new relationship so I don't want to butt in too much on financial matters, but I did suggest she look at other sources.

[jimnjana]

Considering a VA refi to 2.81 APR (2.75 rate) from a 3.25 30 year mortgage thru NASB. The costs are about $1400 less than with a local broker. Wish I had a crystal ball to know what way rates will move.