Feeling good about my 3.75% 30 yt mortgage

[Anonymous]

I got 3.375 just over a year ago, but in hindsight I might have gotten an ARM for even lower. I don’t think I want to stay in this house much longer than a few more years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Congratulations. 30 yr 2.625% here, looking to try and increase monthly payments soon.

When did you get 2.625 for a 30? You'd be hard pressed to get that for 15 when rates were at their lowest.

2016

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Certainly no need to get a big head about a rate that is very similar to what most people received.

Yeah, that's my point about the OP. Don't pat yourself too hard on the back, everyone was able to get those rates and it's just luck of timing that you happened to be buying them.

I’m betting a lot of us refinanced into the rates that are being quoted. We certainly did. Bought 2003 with a first at 5 5/8 and a second at 6 1/2. Rolled everything into a 4 1/2 in 2012 and then a 3 1/2 later that year. Saved enough money per month to get a vacation home in 2013, also at 3 1/2.

[Anonymous]

Anonymous wrote:Builder and mortgage broker told me I was crazy 2 years ago to lock in at 3.75% for 30 years. My builder went into great detail describing his 2.75% ARM and how much he was saving. Did I pay more for a couple years? Yes. Rates could be close to 6% by then end of this year - and I’ve got 3.75% basically forever.

Whatever makes you feel good

There is no way that rates are pushing 6% at the end of the year - no evidence to support that

[Anonymous]

Anonymous wrote:

Anonymous wrote:Congratulations. 30 yr 2.625% here, looking to try and increase monthly payments soon.

30 yr rates never came close to that, unless you bought it down with points. The average never go much lower than 3.5%.

I'm sure they paid a lot of money in points.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Congratulations. 30 yr 2.625% here, looking to try and increase monthly payments soon.

30 yr rates never came close to that, unless you bought it down with points. The average never go much lower than 3.5%.

I'm sure they paid a lot of money in points.

Went back to read our documentation, bought down 1.5%.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Congratulations. 30 yr 2.625% here, looking to try and increase monthly payments soon.

30 yr rates never came close to that, unless you bought it down with points. The average never go much lower than 3.5%.

I'm sure they paid a lot of money in points.

Went back to read our documentation, bought down 1.5%.

Wow. That’s expensive to do, but makes sense if you hold it to term.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Builder and mortgage broker told me I was crazy 2 years ago to lock in at 3.75% for 30 years. My builder went into great detail describing his 2.75% ARM and how much he was saving. Did I pay more for a couple years? Yes. Rates could be close to 6% by then end of this year - and I’ve got 3.75% basically forever.

Whatever makes you feel good

There is no way that rates are pushing 6% at the end of the year - no evidence to support that

10 yr treasuries at 3.0% soon and will rise through the year. If they are at 4% by year end, youll see mortgage rates north of 5%.

[Anonymous]

Congrats! I had the same 15 months ago. Looking to lock in again at 4.25 before 12 months pass.

[Anonymous]

I basically refinance my mortgage into a HELOC at 2.25% in 2008. In retrospect, I think I paid it off too quickly.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Certainly no need to get a big head about a rate that is very similar to what most people received.

Yeah, that's my point about the OP. Don't pat yourself too hard on the back, everyone was able to get those rates and it's just luck of timing that you happened to be buying them.

I’m betting a lot of us refinanced into the rates that are being quoted. We certainly did. Bought 2003 with a first at 5 5/8 and a second at 6 1/2. Rolled everything into a 4 1/2 in 2012 and then a 3 1/2 later that year. Saved enough money per month to get a vacation home in 2013, also at 3 1/2.

These are my stats almost exactly (minus the vacation home). Bought in 2003 with two mortgages around 5 and 6, refinanced in 2011 into one around 4-something, and have since refinanced into 3.375%. But I want to move this year or next so will lose that rate.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Congratulations. 30 yr 2.625% here, looking to try and increase monthly payments soon.

When did you get 2.625 for a 30? You'd be hard pressed to get that for 15 when rates were at their lowest.

NP. I refinanced at 2.625 for a 15 year almost 5 years ago exactly.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Congratulations. 30 yr 2.625% here, looking to try and increase monthly payments soon.

When did you get 2.625 for a 30? You'd be hard pressed to get that for 15 when rates were at their lowest.

NP. I refinanced at 2.625 for a 15 year almost 5 years ago exactly.

That I believe. The other post was wildly misleading because of the points paid - which may be worth it but changes the calculus considerably.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Congratulations. I feel even better about my 15 year mortgage at 3%. We bought a little late in life but will be done paying it off (and have DS in college) in our late 50s.

That’s not a little late. It’s a lot late.

DP. How is it a lot late? Paid off house in late 50's sounds good to me.

This is the PP... I agree it's not late and I guess I could have mentioned we were late to buy our "forever" house. We have a "starter" house that is paid off and happily occupied by renters.

[Anonymous]

Anonymous wrote:Builder and mortgage broker told me I was crazy 2 years ago to lock in at 3.75% for 30 years. My builder went into great detail describing his 2.75% ARM and how much he was saving. Did I pay more for a couple years? Yes. Rates could be close to 6% by then end of this year - and I’ve got 3.75% basically forever.

You gonna own that house and not refinance for the next 28 years?