Feeling good about my 3.75% 30 yt mortgage

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

I also took out a 30 year loan at 3.75% a few years ago -- the unfortunate thing is we may need to move. So will likely have a higher rate in the future.

[Anonymous]

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

[Anonymous]

I lucked out and just happened to be buying in late November, locked in 3.825%.

But I try not to pat myself on the back too much. It's not like it was some amazing feat of brilliance on my part. It just so happened that's when we were ready to move and that's the loan product we felt most comfortable with. In a couple years, my life could change, I could need to move again, and the rates might not be like that.

I try to remember a lot of things are just luck/happy timing, not something I need to get a big head about.

[Anonymous]

We just got 30 at 3.75% in September and planning to convert to 15 year in the next 5 years if rates aren't too crazy.

We were pretty happy to be able to do that considering we took a bath on our 2006 home purchase and lost a ton of money that will likely never be recovered by waiting out the market.

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

Anonymous wrote:I lucked out and just happened to be buying in late November, locked in 3.825%.

But I try not to pat myself on the back too much. It's not like it was some amazing feat of brilliance on my part. It just so happened that's when we were ready to move and that's the loan product we felt most comfortable with. In a couple years, my life could change, I could need to move again, and the rates might not be like that.

I try to remember a lot of things are just luck/happy timing, not something I need to get a big head about.

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

[Anonymous]

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%.

[Anonymous]

I got 3.5% for 30 two years ago. I can’t imagine getting an arm when rates were so low and had nowhere to go but up!

[Anonymous]

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.

[Anonymous]

Anonymous wrote:I got 3.5% for 30 two years ago. I can’t imagine getting an arm when rates were so low and had nowhere to go but up!

ARMs are good when you buy on the size of your payment. Rising rates could be very bad for some. If you had a 2.5% 5 year arm from 2013/14, you will have some nasty surprises as those rates reset

[Anonymous]

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.

[Anonymous]

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.

I'm in my 50s and have a kid still in college (almost done) and still have a mortgage. I don't think that's unusual, although I do have many friends my age with younger kids who will have kids in college in their 60s, and a mortgage.