Mortgage rates coming down !

[Drdogface]

I've been in the market for a refi since about April or so. Back then just missed out on one at 4.5% fixed for 15, zero pts. Just looked at Bankrate.com again and I can get 4.625 same terms. I called but the bank is back East and all loan officers gone home for the day. Cross my fingers it will be the same in the AM.

Anyone think they'll drop more or head back up ? My experience over the last 7 months or so says these windows only stay open a very short time.

[sammyg2]

I locked in a 5% zero cost refi loan last night, but the broker suggests he can probably do better before close of escrow.
Edit: by zero cost I meant to say zero out of pocket cost. some escrow fees will be added to the loan balance but it's nickel and dime stuff in the big picture.
The broker also mentioned that there's a good chance he'll be able to lock in a zero cost zero points loan with an even lower rate but couldn't guaranty that yet.

[Rick Lee]

I'd love to refi into a fixed, as my ARM has one more year to go before first adjustment. But since it's now an investment property, it'd probably a lot higher rate at zero points and my ARM might actually adjust down.

[sammyg2]

Originally Posted by Rick Lee

I'd love to refi into a fixed, as my ARM has one more year to go before first adjustment. But since it's now an investment property, it'd probably a lot higher rate at zero points and my ARM might actually adjust down.

It never hurts to ask ......

[blk911]

Market should be about the same tomorrow, if not even better. Last I looked the long bond was up almost two points, which means the yield is being pushed down, hence better mortgage rates. Don't get too greedy though, any little thing could upset the market. This is rather uncharted territory. Be sure and confirm the rate lock in writing and ask for a Good Faith Estimate and look at all the associated fees.

Good luck.

[Drdogface]

Originally Posted by blk911

Market should be about the same tomorrow, if not even better. Last I looked the long bond was up almost two points, which means the yield is being pushed down, hence better mortgage rates. Don't get too greedy though, any little thing could upset the market. This is rather uncharted territory. Be sure and confirm the rate lock in writing and ask for a Good Faith Estimate and look at all the associated fees.

Good luck.

Thanks...good advice. I've learned long time ago not to be greedy. It that one at 4.6 is there tomorrow I'll surely nail it. Fees incl in APR = $1K. Will check other fees though. My Schwab broker says to challenge them with best rate I can get on Bank Rate and they will likely meet it.

[lin7310948]

just locked in 4.46 per cent on a 15 year fixed with wachovia with 1750 total closing costs. that is the tomorrow rate, slightly lower than todays rate. might drop further but i suppose i will settle for this.

[Zeke]

Now's the time. Fortunately I've been in 4.375/15 year for around 5 years now. Won't be shopping that.

[Drdogface]

Originally Posted by lin7310948

just locked in 4.46 per cent on a 15 year fixed with wachovia with 1750 total closing costs. that is the tomorrow rate, slightly lower than todays rate. might drop further but i suppose i will settle for this.

Holy Hat, Batman! That's tomorrow's rate ? I need to be able to contact them !! Will Google to see if I can do it after hours.

[fintstone]

Navy FCU is at 4.250 for 15yrs.

[cantdrv55]

4.6% for 30 yr with 1 point is the best I can find.

[cstreit]

WHere are these rates again folks? I've got a 5.5/30 but could easily do a 15 if I go to 4.5

[onewhippedpuppy]

Damn, I need to call my bank. I'd love to refi to a 15 and save money.

[VincentVega]

Countrywide just sent me 4.75/30 but with 2 points. I'm not sure how long I'm staying in the house, but even if I roll the fees into the loan I'm saving $250/mo. Tempting.

[jyl]

Alas, jumbos still >7%

[Rick Lee]

Originally Posted by Chris Martin

Countrywide just sent me 4.75/30 but with 2 points. I'm not sure how long I'm staying in the house, but even if I roll the fees into the loan I'm saving $250/mo. Tempting.

You're not saving a dime until you've reached your break even point, which is probably years away at two points plus other closing costs.

[VincentVega]

Right, sort of. I guessed on several fees, but the calculator I used said 17 months to recoup costs. If I keep my current payment (including an extra 500) I would be way ahead. If I could get 1 pt I think I'd do it.

[Neilk]

I looked at BofA, when I was buying my house and their fees were twice as high as anyone else. I imagine Countrywide would be the same. It really pays to shop around.

[Rick Lee]

Originally Posted by Chris Martin

Right, sort of. I guessed on several fees, but the calculator I used said 17 months to recoup costs. If I keep my current payment (including an extra 500) I would be way ahead. If I could get 1 pt I think I'd do it.

What kind of loan amount are you talking about and are you planning to roll those points into the loan? I'll guess a base loan amount of $200k. Add $1500 to that for misc. closing costs, $4k for the points and you're at $5500. Divide that by your $250 saving and you're at 22 mos. before you save a dime. Remember, however, you skip a month between closing on your refi and your first payment and your escrows get redone.

[VincentVega]

~230k left, unsure of the market I've been putting down extra principal lately.

Good advice to shop around. My credit union is advertising 4.625 w/ 1.125 pt and 5% w/ 0 points. Another local bank shows 4.875, no points.

Deals are out there, shop around.