Mortgage rates

[plexiform]

What’s a good mortgage rate these days for refinancing a primary home? And what is a good rate and term for a commercial property? I know this is a general question but I’d like to get some opinions from people who are not interested in taking my money before making any commitments.

Numbers I’m getting told are 3.75% 30yr fixed for the home refinance and 4.5% 10yr fixed with amortization over 25yrs.

Appreciate any info you may have.

[WPOZZZ]

3.75% sounds high.

[look 171]

Yep, too high. 3.25 as of two days ago. Its crept up a tiny bit but not enough to make a difference. We just locked in all ours at 3.65.

[RNajarian]

I just locked in a 30 year fixed at 3.375 with 75% Loan to Value ratio (2-12-20). My mortgage broker is the KING!

I could have had an additional 1/2 point lower if my damn HOA would have submitted paperwork to get my complex VA approved.

[Nickshu]

I am closing on a refi next Monday on our home, 15 year fixed at 3.15%. Rate was 3.25% and I bought a point to get down to 3.15%.

[stevej37]

I can tell you what is not a good rate...
In 1981, the best rate I could manage to get was 17.75% on a 3 yr balloon mortgage.
At the end of the 3 years, the rates started backing down and I ended up with 15% till paid off.

[ramonesfreak]

Did a 15 year 2 weeks ago at 2.7%

[GH85Carrera]

Originally Posted by stevej37

I can tell you what is not a good rate...
In 1981, the best rate I could manage to get was 17.75% on a 3 yr balloon mortgage.
At the end of the 3 years, the rates started backing down and I ended up with 15% till paid off.

In that same era i got a fantastic deal for my 30 year mortgage, only 12.5%

I ran an amortization tables and after my first payment I paid like four bucks in principal. I was broke and had no money, interest rates were insane high. Later in life I accumulate some money and the interest relates dropped to .5% on a 10K CD.

[stevej37]

Originally Posted by GH85Carrera

In that same era i got a fantastic deal for my 30 year mortgage, only 12.5%

I ran an amortization tables and after my first payment I paid like four bucks in principal. I was broke and had no money, interest rates were insane high. Later in life I accumulate some money and the interest relates dropped to .5% on a 10K CD.

You were fortunate to get that rate!
Before signing the 3 yr balloon, I went to a different bank.
The best that they could do was something called a "home title purchase loan?"
Had to pay $500/month for a year. At the end of the year, they would re-evaluate the loan.
I asked the loan rep, "how much of the $500 monthly would go towards the principal after renewing the loan. His answer...."None"

[GH85Carrera]

Yea, I was lucky. The man that sold me his house financed it himself. He personally was getting the 12.5% return on his money. We was 82 years old, and gave me a 30 year mortgage.

The coolest part is I looked at the house on November 1st. I woke up in my house on the morning of November 10th. We shook hands, I signed my name 2 or 3 times, looked at some of his furnishings and his lawnmower. I bought the mower, and his bedroom suite. and kitchen table as I had no real furniture.

Mr. Miller was a nice guy to me.

[Sooner or later]

My first loan was at about 14%. After a few years I refinanced to a 5 year balloon. Slightly lower rate. I ate Ramen noodles for the next 5 years, cut most other expenses to the bone, and paid that sob off at the end of the 5 years.

[GH85Carrera]

Oh yea, I ate a lot of rice, potato soup, mac and cheese, and worked two jobs. It was tough on a single income to buy a house. My social life suffered, but back then telling a chick you owned a house was some sort of chick magnet. And I had a washer and dryer and a long ago paid for Porsche 914. I planted 18 rose bushes, and had roses to give away all summer.

[MBAtarga]

www.bankrate.com

[plexiform]

Originally Posted by ramonesfreak

Did a 15 year 2 weeks ago at 2.7%

Whats your mortgage brokers name? now that's a good rate!

[dan79brooklyn]

In Japan our 35 year mortgage is 1.5%

[plexiform]

Originally Posted by dan79brooklyn

In Japan our 35 year mortgage is 1.5%

^can't beat that!

[ramonesfreak]

Originally Posted by plexiform

Whats your mortgage brokers name? now that's a good rate!

I had to confirm with my wife it was 2.75 not 2.7. Still very surprised such a good rate.

I think it was a lender called Guaranteed Rate, Inc.

[plexiform]

Originally Posted by ramonesfreak

I had to confirm with my wife it was 2.75 not 2.7. Still very surprised such a good rate.

I think it was a lender called Guaranteed Rate, Inc.

Thank you! Will check it out.

[Chocaholic]

You can buy down to whatever rate you want. Make sure you’re comparing apples/apples.

[RNajarian]

Originally Posted by Chocaholic

You can buy down to whatever rate you want. Make sure you’re comparing apples/apples.

Great Point. (NO Pun intended)