Refinance rate

[Anonymous]

We are expiring on our 7 year ARM this summer so really need to refi. We heard 3% rates were in the market but can't reach anyone to call us back. We are looking for no points which the larger banks don't seem to be offering. We wanted to lock in at 3% - thoughts on whether we should wait to see if they dip a bit more or is 3% the magic rate we should jump at? If we delay a couple wks will rates climb?

[Anonymous]

Big banks have raised rates. The lenders doing 3% have so many calls they can’t keep up.

[Steve]

Ever since my guy started locking at 2.875% yesterday he's been much less responsive to my new clients...

[Anonymous]

Amerisave.com

Fill out the info request and they will call you back, usually in minutes. I have refinanced 2X with them over a couple of houses and decade+. They will email you quotes as soon as you tell them what type of loan you want.

[Anonymous]

Looking at 2.5 for a 15 year.

[Anonymous]

AIM loan

[Anonymous]

We're just about to settle on a new mortgage at 2.625%.

[Anonymous]

Anyone getting a crazy good rate on a 30 year jumbo refi?

[Anonymous]

Anonymous wrote:Looking at 2.5 for a 15 year.

where?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Looking at 2.5 for a 15 year.

where?

I want to know too. Which bank is offering this?

[Anonymous]

3.375% for refi if $740,000 mortgage from B of A (they gave our original mortgage and called about refi)

They said interest rate cute last week didn’t impact this at all. Seems odd

Wondering if this rate is too high.

Cost is $750 for paperwork

[Anonymous]

There’s another Fed meeting in 10 days or so. If they cut again, we will see sub 3.0% for a 30 year. I didn’t think they would cut, but Dow futures for tomorrow are down big time. Oil will be near $30/barrel tomorrow. 10 year Treasury is trading at 0.5% in weekend markets.

This is a 5-alarm Fire. We are seriously on the verge of negative interest rates

[Anonymous]

Anonymous wrote:

Anonymous wrote:Looking at 2.5 for a 15 year.

where?

I'd love the name of this lender. I've been shopping around and no one has offered this yet.

[Anonymous]

Anonymous wrote:3.375% for refi if $740,000 mortgage from B of A (they gave our original mortgage and called about refi)

They said interest rate cute last week didn?t impact this at all. Seems odd

Wondering if this rate is too high.

Cost is $750 for paperwork

I get the same thing from my lender. I keep getting told "we need to see the market shift for the better by at least a quarter if not three eighths in order to gain an eighth back on the locked in rate." Which I don't really understand...like, if my locked rate is 3.375% and the rates are now, say, 3% with some lenders, why am I not able to get the 3%?

[Anonymous]

Well if you locked in already at 3%+ they are not going to give you market rate. They may cut a bit off your locked in rate but not give you what it is today. The other thing is - and I am ACTIVELY shopping for rates on my refinancing as I'm OP with the ARM that resets in June - there's not a lot of banks that are actually doing no points 3%. No big banks at all. The ones I found that would do 3% add at least .25-.50 of a point.

I was told that mortgage backed securities are investments that counter stock market. So while treasury rates and markets fall, the mortgage rates themselves aren't going to totally dive. There has to be something that's keeping up investments. They are tied closely with bond market but right now with volatility, the rates are changing multiple times daily. I'm working with one lender who suggests waiting as he thinks the rates will fall a bit more. I personally do not see them falling below 3% (with no points) and the minute it's at 3% no points, I'm locking.

I think the markets are fluctuating because of the unknown. Once there is a known - be it bad OR good news, the markets will recover. The economy is doing ok beyond the virus impact. This virus is going to go away even temp when the weather changes in the US. A lot of panic and unknowns are driving market. Once the virus becomes stable, see China, things will return. Yes, there is damage that's done and yes, there is a lasting effect with respect to certain industries - hospitality, airline/travel, etc. But there's also companies that will do better than expected too. And again, the overall health of the econ except for a market correction, wasn't too bad. Biden and not Sanders is also a big deal impacting market. I think if Sanders had done better, I would have absolutely said that rates would drop. I think by end March, as far as mortgage rates go, we will def see 3%+ again. They will continue to be low but not crazy low.