ONLINE refinance #s for 30 years look to be in the 4.5+ range.
I stopped after 2016 since the rates started creeping up. Managed to get near the bottom.
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 But obviously you need the additional liquidity to get the top tier account.
Rates so high now though cry
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.
Yep, that’s how it works. You only need to keep it open for a few months though
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.
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.
I never saw a rate at 3.65%. They all quote 3.625
I suspect that’s what he meant. Highly unlikely to get lower than 3.625% today in a no cost refi.
Mortgage rate is already in the inverse curve. Expired ARM rate is 5%, higher than 30 year fixed. Maybe mortgage rate will peak sooon
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.
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,
I think the rate that got quoted was 2-3 months old for one of them. The other said it was recent quote.
Still fake news!!
National Average Rate* Points
30-Year Fixed 4.6% 0.4
15-Year Fixed 4.08% 0.4
ARM 3.93% 0.2
5/1 3.500% 3.623%
7/1 3.750% 3.788%
30y 4.250% 4.412%
3 months later, it’s pretty similar.
BofA is very hard to work with. I would rather get a higher rate at a different bank