Where's all these all time low refinance rates?

[TheFalls]

Lot of headlines and friends in the social media feeds hyping these rates, but I'm seeing mid 4s on bankrate and nerdwallet. Are the banks too busy to take on anymore loans or they are trying to make more moneys?
I just finished a refi at 3.5% a couple months ago...but i'll do it again if it gets near 2.75%

 

[TheFalls]

I got quotes from 3.125-3.375 from my same lender at least.

 

[Knightrofins]

Just did a refi last week and closed at 3.5. Had I waited, I could have dropped another 1/8

 

[brendanjack]

Just did a refi last week and closed at 3.5. Had I waited, I could have dropped another 1/8

Did they hammer you on closing costs. I’m on a fixed 30 at 6.25 and a heloc . Been so tempted but don’t want to start over unless it’s a fixed 10 year .

 

[snoop]

Wait for 1-2 weeks, normally they're lagging behind current trading rate.

You could get a 15-yr mortgage at a fixed rate of 2% by end of March.

 

[seldomseen]

I got quotes from 3.125-3.375 from my same lender at least.

3.375 is about what I'm seeing with great credit. Mortgage companys are wildly inaccurate predicting rates. Rates dropped another 50 bps last week but you didn't really see a drop like you would expect. Can't speak for all but I'm seeing lenders keeping their margin up partly to curb volume and lastly because they can.

 

[Knightrofins]

Did they hammer you on closing costs. I’m on a fixed 30 at 6.25 and a heloc . Been so tempted but don’t want to start over unless it’s a fixed 10 year .

I paid under 5k in closing costs but I used the same broker who did my mortgage on the buy so he didn’t charge me for some things and my attorney does me well for the title.

if you are at 6.25 fixed then I would 100000% look into a refi (providing that u don’t plan on moving anytime soon). Even if u get hammered on costs, roll they back into the mortgage. Look to see what your break even point would be. I didn’t even move down a full percent but will be braking even at 18 or 19 months.

 

[seldomseen]

Did they hammer you on closing costs. I’m on a fixed 30 at 6.25 and a heloc . Been so tempted but don’t want to start over unless it’s a fixed 10 year .

You should absolutely refinance unless your mortgage is almost paid off. If youre in Montauk I believe that's a pretty nice area. Let's say you financed $200m, which is low for your area going from 6.25% to 3.5% would save you over $300 a month. Your break even should be within 36 months.

$5k for closing is high but you're likely including prepaids (things you would have to pay anyways). If you do refi close the beginning of the month and not the end.

 

[TheFalls]

I paid under 5k in closing costs but I used the same broker who did my mortgage on the buy so he didn’t charge me for some things and my attorney does me well for the title.

if you are at 6.25 fixed then I would 100000% look into a refi (providing that u don’t plan on moving anytime soon). Even if u get hammered on costs, roll they back into the mortgage. Look to see what your break even point would be. I didn’t even move down a full percent but will be braking even at 18 or 19 months.

I paid less than $1000 to close with a random bank in Ohio I'd never heard of...and the most closing costs I was seeing were closer to $1K - $2K

 

[razorbackpicks]

You can get 2.875 today on 30 year and 2.99 on Friday. Paying no points, less than 1% on orig and closing the. Plus your prepaid. Anything higher than that and the processor is making a high margin/profit off of you or your dti and or credit is not good

 

[TheFalls]

You can get 2.875 today on 30 year and 2.99 on Friday. Paying no points, less than 1% on orig and closing the. Plus your prepaid. Anything higher than that and the processor is making a high margin/profit off of you or your dti and or credit is not good

where at?

look how ridiculous these rates are...

https://www.bankrate.com/mortgage.a...0&refinancePoints=All&refinanceLoanTerms=30yr

 

[Knightrofins]

You should absolutely refinance unless your mortgage is almost paid off. If youre in Montauk I believe that's a pretty nice area. Let's say you financed $200m, which is low for your area going from 6.25% to 3.5% would save you over $300 a month. Your break even should be within 36 months.

$5k for closing is high but you're likely including prepaids (things you would have to pay anyways). If you do refi close the beginning of the month and not the end.

i think I paid $4700 but getting a check back for around $900. I didn’t pay anything out of pocket and the $4700 just went back into my mortgage. Saving over $200 a month now and breaking even in 18 or 19 months. The goal is to Keep making the same payment from what I was paying and put and extra $2,500 to principle every year

 

[razorbackpicks]

where at?

look how ridiculous these rates are...

https://www.bankrate.com/mortgage.a...0&refinancePoints=All&refinanceLoanTerms=30yr

simmons bank
first security bank
bank of Little Rock mortgage

rates will depends on debt to income ratio, credit score, and loan to value. I just locked in a very sizeabke near jumbo but not jumbo refi for less than 3.00 with about .5% in closing cost.

 

[Willie99]

Regional manager for national mortgage company told me they're so far behind in processing that they increased rates just to discourage new applications. The brokers ain't happy, but they have no choice.

 

[razorbackpicks]

Regional manager for national mortgage company told me they're so far behind in processing that they increased rates just to discourage new applications. The brokers ain't happy, but they have no choice.

this is all about making more profits. They can lock the rate for like 60-90 days. So processing can be done later. They can even pay to extend that window

 

[skins85]

im currently at 4.25 but thinking about it. may take cash out and pay off some other stuff if possible. was quoted 3.125% without any cash out, 3.25 with taking 20k out and paying off some debts. assume it will drop more so probably wait another few weeks, seems worth it to me though especially on the amount i would save monthly

 

[seldomseen]

.

 

[seldomseen]

Regional manager for national mortgage company told me they're so far behind in processing that they increased rates just to discourage new applications. The brokers ain't happy, but they have no choice.

This is entirely true. Commented on it earlier in this thread. Lenders increase/decrease margin as a way to promote/slow volume. Staffing will always be a challenge. You increase staffing for higher volume and 3 months later business is dead and you have employees who were operating at 150% capacity now at 50%.

Secondary markets are loosening requirements and most refis no longer require an appraisal. 2 weeks for a title search and your down but with current staffing models you're still seeing 30-45 days from intent to consummation.

 

[seldomseen]

A lot are offsetting through pricing exceptions and lender credits. Sales son't want to lose the business because of the rates.