Mortgage Rates


#183

I am getting primary home rate at 4.375% (>1M), paying little premium so that purchase can go through smoothly. Present rate increased almost 0.125% recently (week ago).


#184

is it for new purchase or refinance…

For new purchase , I got 2.625 % for 7/1 ARM from Bofa for jumbo loan last summer


#185

Purchase


#186

This is the same ballpark i am hearing. Gone with the wind those 3.15% rates.


#187

You were missing for a long time. I’m glad that you still have not lost your membership :joy:


#188

Yes, this is for new purchase. Last year 2.625% possible, but this year 7/1 ARM is 3.625% and 30 year fixed for new purchase is possible 4.25% in WFC. I knew I am paying premium (over WFC 4.25%) as my mortgage is complex. I do not prefer ARM as I guess FED won’t lower rates in future and I do not have any plans to sell homes in near future, at least 15-20 years.


#189

I have an expired ARM that’s going to reset by 1% higher this year. That’s totally a mess, it’s even higher than current 30 year fixed. ARM is bad! I should have gotten a 30 year fixed rate a few years ago and don’t need to worry about this now. Refi is a lot of work.

Trump has made the mortgage interest rate jump and made the housing price jump. Too much!


#190

My bank said they can’t give people bigger loans based on an ARM rate because they use 30 yr fixed requirements to qualify applicants. Is this true?


#191

Can someone please show me a time machine to allow me to return to 2009? I could’ve done so many things so differently… :rofl:


#192

If you choose 7/1 arm, it could be ok. But the rate difference so small, why bother with arm now?


#193

I ran into the same problem with 3 of my mortgages but I have since re-fied them to a 30 year fixed.


#194

Why is refi a lot of work?


#195

Don’t care about the rate difference. Just want a bigger loan and then can refi back to a fixed rate later.


#196

It’s not too bad if you have all the paperwork ready. I refi each year until I got down to sub 3.5% starting from 4.25%.


#197

You are, as usual, smart and timely to get out of ARM.

This is the issue as finance rules are changing then and there. Better to go for 30 fixed once for all. I have been telling this since beginning of 2008.

The reason for my recent purchase is to lock the low rate once for all. The rates less than 4% or even 4.25% is going to be the lowest rate in this century ! Like short sale is history (not foreclosure), low rates are going to be history in USA.

Except ARM rate, rest of the treatments are same as 30 year fixed (esp stress testing buyers financing, yes all lender run multiple scenarios to make sure buyer has enough cash reserve and stability to repay loan)


#198

People at google are reporting 3.5% for primary on a 2M loan… crazy.


#199

30 yrs fixed?


#200

yes. their words were 3.5% on a 2M loan with 20% down for their primary.


#201

I know Google employees get discounts from some lenders but this # is unreal assuming accurate.


#202

That’s crazy. I know many banks provide rate discounts around 1/8 or 1/4 if open an account with them and transfer over some assets.