Mortgage Rates

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i do the math on the points though and it pays for itself in 26 months! i think on refi's the points aren't tax deductible, but they are on purchase so figure that the gov't is subsidizing it by your marginal fed and state tax rate.
 
stepping_up said:
i do the math on the points though and it pays for itself in 26 months! i think on refi's the points aren't tax deductible, but they are on purchase so figure that the gov't is subsidizing it by your marginal fed and state tax rate.
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Just add the points to the loan amount on a refi
 
usctrojanman29 said:
stepping_up said:
i do the math on the points though and it pays for itself in 26 months! i think on refi's the points aren't tax deductible, but they are on purchase so figure that the gov't is subsidizing it by your marginal fed and state tax rate.
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Just add the points to the loan amount on a refi
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if your appraisal comes in that's fine, but if not, then you have to do it out of pocket.
 
usctrojanman29 said:
tmare said:
freedomCM said:
wow, that is cheap! i found 5.125 with zero pts.
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Where is that, I found that for a 20 yr., what are they offering for a 15 and 20?
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15-year and 20-year have higher rates than the 30-year loan, go figure.
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Through my credit union, the 20 yr. has the best rates, I was baffled by the 15 yr. being higher. Is this a new phenomenon? In the past, the lower the years, the lower the rate. Personally I don't want to pay any points, even if they are added to the loan. I figure I can beat paying the points if I just add more to the principal with my current loan. Paying no points and getting at least 1% lower than the 5.75% I currently pay seems to be the best route financially. Does anyone agree or disagree with this? I have the credit score and the equity to do it, this is my logic, I'm open to suggestions. I also see no sense in starting over at a 30 years and would rather trade the 25 years I have left for 20 years if the payment is approximately the same. The old "use the money to invest" just doesn't work anymore, so I'd rather be mortgage free as soon as possible.
 
tmare said:
usctrojanman29 said:
tmare said:
freedomCM said:
wow, that is cheap! i found 5.125 with zero pts.
Click to expand...

Where is that, I found that for a 20 yr., what are they offering for a 15 and 20?
Click to expand...
15-year and 20-year have higher rates than the 30-year loan, go figure.
Click to expand...

Through my credit union, the 20 yr. has the best rates, I was baffled by the 15 yr. being higher. Is this a new phenomenon? In the past, the lower the years, the lower the rate. Personally I don't want to pay any points, even if they are added to the loan. I figure I can beat paying the points if I just add more to the principal with my current loan. Paying no points and getting at least 1% lower than the 5.75% I currently pay seems to be the best route financially. Does anyone agree or disagree with this? I have the credit score and the equity to do it, this is my logic, I'm open to suggestions. I also see no sense in starting over at a 30 years and would rather trade the 25 years I have left for 20 years if the payment is approximately the same. The old "use the money to invest" just doesn't work anymore, so I'd rather be mortgage free as soon as possible.
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Take the lowest rate and adjust your payments accordingly to pay off the loan sooner.
 
Zillow quotes national average rates at 4.7% today.

The question now is, how low are mtg rates going to go... I am thinking 4 - 4.25% for conventional 30 -year fixed at the nadir. Though it may be an appropriate time to start checking Japanese mortgage rates for some insight into mtg rates under a ZIRP.
 
I'm ready to re-fi and have been waiting to pull the trigger with my broker in CT. I can get 5% with 0 points today, 4.875% with 1/2 point. I called him an hour ago and tried to lock but HE WON'T DO IT ! He said, "As a friend, I am telling you rates are going lower...wait."

How's that for honesty ? I mean, he could have just locked me and not cared....took the fee and run. I'm impressed.
 
Trooper said:
I'm ready to re-fi and have been waiting to pull the trigger with my broker in CT. I can get 5% with 0 points today, 4.875% with 1/2 point. I called him an hour ago and tried to lock but HE WON'T DO IT ! He said, "As a friend, I am telling you rates are going lower...wait."

How's that for honesty ? I mean, he could have just locked me and not cared....took the fee and run. I'm impressed.
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That's an exception for sure. I see 30-year mortgage rates in the high 3% range by Spring of next year.
 
Got this e-mail today...

Our current 30 year fixed conforming loan (qualified borrower, primary residence) is 4.875% with NO points! If you are thinking about purchasing, have a 30 year fixed above 5.75%, or your loan will adjust in the future, please call me to discuss your options. Please tell your friends, family and colleagues!!!

Have a great day!

Regards,

Dave Pennington

RPM Mortgage

Direct: 619.994.9723

Fax: 866.793.7685

dpennington@rpm-mtg.com

www.rpm-mtg.com/dpennington

2611 South Highway 101

Suite 203

Cardiff by the Sea CA 92007
 
I see 30-year mortgage rates in the high 3% range by Spring of next year.

usc, seriously ? Tell us what makes you think that.... WOW ! That would be great !
 
sub-5% mortgage rates are going to create a real quandry in regards to rental parity.

Direct ownership costs, PITA, will be below rent quickly. Indirect costs, maintenance accurals, etc, while leave it close. Provided you can qualify and pony up the 20%.
 
usctrojanman29 said:
Trooper said:
I'm ready to re-fi and have been waiting to pull the trigger with my broker in CT. I can get 5% with 0 points today, 4.875% with 1/2 point. I called him an hour ago and tried to lock but HE WON'T DO IT ! He said, "As a friend, I am telling you rates are going lower...wait."

How's that for honesty ? I mean, he could have just locked me and not cared....took the fee and run. I'm impressed.
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That's an exception for sure. I see 30-year mortgage rates in the high 3% range by Spring of next year.
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I'm sure that would get some fence sitters moving. It would also pump some money into the mortgage market again. I wonder how the fees will compensate?
 
No_Such_Reality said:
sub-5% mortgage rates are going to create a real quandry in regards to rental parity.

Direct ownership costs, PITA, will be below rent quickly. Indirect costs, maintenance accurals, etc, while leave it close. Provided you can qualify and pony up the 20%.
Click to expand...

actually, rates on 90:10 LTV ratios are lower than 80:20 because the PMI gives lenders more insurance. you can do a 90:10 without PMI by paying 1/2% higher rate so ultimately it's not lower, but the point is that you don't have to put 20% down to get a really great rate right now, but you do need 10%.
 
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