Mortgage Rates


#223

ONLINE refinance #s for 30 years look to be in the 4.5+ range.


#224

#225

2018?


#226

I stopped after 2016 since the rates started creeping up. Managed to get near the bottom.


#227

As people mentioned in this thread, it was possible to get 3.5 or even a little below that because you can get discounts for opening accounts with these banks. Top tier checking gets you 1/2 point shaving. I did that for an investment prop. Loan agent just said to open account, fund it, get mortgage discount points, and then close it after 3-4 months if I wanted to move it out :slight_smile: But obviously you need the additional liquidity to get the top tier account.

Rates so high now though cry


#228

:sob:


#229

Don’t some banks offer a discount if you auto pay the mortgage from a checking account with them? I’ve seen that promo before. I’m not sure if it exists today. It makes a lot of sense for the bank in terms of lowering servicing costs and retaining the checking account business.


#230

Yep, that’s how it works. You only need to keep it open for a few months though :slight_smile:

1/8 or 1/4 point for autopay, and then another 1/8 or 1/4 depending how high tier checking you do. Gives you about 0.5% off potentially.


#231

I’m at 3.625/$1300 net closing cost/30 year fixed.

So, doubt it that I can refinance lower today with zero/low closing cost. :expressionless:


#232

I never saw a rate at 3.65%. They all quote 3.625


#233

I suspect that’s what he meant. Highly unlikely to get lower than 3.625% today in a no cost refi.


#234

Corrected


#235

Mortgage rate is already in the inverse curve. Expired ARM rate is 5%, higher than 30 year fixed. Maybe mortgage rate will peak sooon


#237

ARM loans are often qualified at index plus margin. In todays market that’s a 4.5% rate, higher than a fixed loan. ARM’s present risks as well as rewards for borrowers. Banks are simply applying prudent underwriting, that’s all.

LoansbyJW


#238

Any idea who is funding these 3.x purchase 30 fixed rates? Not seeing anything like that unless there’s bigley funds with the Bank.

Thanks for reading,

LoansbyJW


#239

I think the rate that got quoted was 2-3 months old for one of them. The other said it was recent quote.


#240

Still fake news!!


#241

Current Rates

National Average Rate* Points
30-Year Fixed 4.6% 0.4
15-Year Fixed 4.08% 0.4
ARM 3.93% 0.2


#242

5/1 3.500% 3.623%
7/1 3.750% 3.788%
30y 4.250% 4.412%

3 months later, it’s pretty similar.


#243

BofA is very hard to work with. I would rather get a higher rate at a different bank