HOME MORTGAGE RATES FALLING- REFINANCE?

[James48843]

Just an FYI- This morning with the rate cut, that's going to affect Home Mortgage interest rates as well.

I just bought a second home last summer at a 30 year fixed VA loan of 3.65%. And today, it looks like VA 30 year refinance rates are going to fall below 3%.


Might be a good time to asses whether or not a refinance makes sense for you- I am old enough to remember >20% HOME MORTGAGE RATES in early 1980's. I watch rates carefully now to see what might be possible. Just saying. USAA refinance rate yesterday was 3.01%. What will it be tomorrow?

 

[bmneveu]

Just an FYI- This morning with the rate cut, that's going to affect Home Mortgage interest rates as well.

I just bought a second home last summer at a 30 year fixed VA loan of 3.65%. And today, it looks like VA 30 year refinance rates are going to fall below 3%.


Might be a good time to asses whether or not a refinance makes sense for you- I am old enough to remember >20% HOME MORTGAGE RATES in early 1980's. I watch rates carefully now to see what might be possible. Just saying. USAA refinance rate yesterday was 3.01%. What will it be tomorrow?

I'd certainly be looking at it for myself but I am planning to sell when I move in 2 years. Doesn't make sense to sink a bunch of money into closing costs if I'm not gonna be around long enough to reap the benefits of the lower monthly payment for very long.

 

[wavecoder]

might be a good idea. wish i waited longer, i refi'd at 3.1% and thought i got a good deal. Well it was, but probably better now.

 

[weatherweenie]

We are planning on doing a 7/1 ARM at 3.18%, but with the rate drop today, we will see if we can get a lower rate.

Just an FYI- This morning with the rate cut, that's going to affect Home Mortgage interest rates as well.

I just bought a second home last summer at a 30 year fixed VA loan of 3.65%. And today, it looks like VA 30 year refinance rates are going to fall below 3%.


Might be a good time to asses whether or not a refinance makes sense for you- I am old enough to remember >20% HOME MORTGAGE RATES in early 1980's. I watch rates carefully now to see what might be possible. Just saying. USAA refinance rate yesterday was 3.01%. What will it be tomorrow?

 

[James48843]

might be a good idea. wish i waited longer, i refi'd at 3.1% and thought i got a good deal. Well it was, but probably better now.

3.1% is a hell of a deal. My first house was a 8.5% 20 year loan, and I thought that was a good deal at the time.


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[nasa1974]

Back in 2012 we refinanced from a 30 year 6%+ to a 15 year 2.96%. Don't get me started on what happen with our first home purchase when we got married in 1997.

 

[wavecoder]

3.1% is a hell of a deal. My first house was a 8.5% 20 year loan, and I thought that was a good deal at the time.


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Yeah it was, I can't complain too much. Knocked off a couple hundred off the monthly payment, but I'm paying the same amount and putting that extra money to principal. Should break even in 17 months or so and shorten the duration of the loan

 

[nasa1974]

Back in 2012 we refinanced from a 30 year 6%+ to a 15 year 2.96%. Don't get me started on what happen with our first home purchase when we got married in 1997.

Oops 1979. I even proof read it before I sent it.

 

[James48843]

Mortgage Rates this morning from USAA: I think these were set before the plunge today in T-Bill rates:

This is for new loans:


[TABLE="width: 730"]
[TR="class: table-header, bgcolor: #E6E6E6"]
[TH="align: left"]PRODUCT[/TH]
[TH="align: left"]INTEREST[/TH]
[TH="align: left"]APR[/TH]
[TH="align: left"]POINTS[/TH]
[/TR]
[TR="class: va fallback"]
[TH="align: left"]30-Year VA Loan[/TH]
[TD]Interest 2.875%[/TD]
[TD]APR 3.153%[/TD]
[TD]Points 0.875[/TD]
[/TR]
[TR="class: va jumbo"]
[TH="align: left"]30-Year VA Jumbo Loan[/TH]
[TD]Interest 2.875%[/TD]
[TD]APR 3.164%[/TD]
[TD]Points 1.125
[/TD]
[/TR]
[/TABLE]



Refinance rates for VA loans (Interest Rate Reduction)
[TABLE="width: 730"]
[TR="class: table-header, bgcolor: #E6E6E6"]
[TH="align: left"]PRODUCT[/TH]
[TH="align: left"]INTEREST[/TH]
[TH="align: left"]A P RAPR[/TH]
[TH="align: left"]POINTS[/TH]
[/TR]
[TR="class: va refi"]
[TH="align: left"]30-Year VA Interest Rate Reduction Refinance Loan (IRRRL)[/TH]
[TD]Interest 3.000%[/TD]
[TD]APR 3.088%[/TD]
[TD]Points1.000[/TD]
[/TR]
[TR="class: cash-out refi va"]
[TH="align: left"]30-Year VA Cash-Out Refinance Loan[/TH]
[TD]Interest 2.875%[/TD]
[TD]APR 3.271%[/TD]
[TD]Points 1.000[/TD]
[/TR]
[TR="class: va jumbo refi"]
[TH="align: left"]30-Year VA Jumbo IRRRL Interest Rate Reduction Refinance Loan[/TH]
[TD]Interest 3.000%[/TD]
[TD]APR 3.088%[/TD]
[TD]Points 1.000[/TD]
[/TR]
[/TABLE]

 

[Valkyrie]

I should have waited a little longer just refinanced last tuesday. the rate did drop from when I first applied, however if it drops much more I will refinance again. I saw the rates dropping never thought it would be like it is now.

 

[Bullitt]

Don't forget about the refinance fees. It's not a 'commission free trade' to refinance. (But maybe you'll get lucky and have fees waived.)

Historical mortgage rates, excel spreadsheet: http://www.freddiemac.com/pmms/docs/historicalweeklydata.xls

 

[nnuut]

Damn, I'd refinance but the house is paid for, as of 2007!

 

[pmaloney]

Good Dawg! :laugh:

 

[James48843]

Waiting ONE DAY and look what those USAA rates did!!



Talk about WILD SWINGS!!


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[bmneveu]

What are the potential implications if the mortgage industry collapses? Are we looking at another housing crisis where home values plummet, or is this different?

[h=2]11:47 am: Coronavirus mortgage bailout: ‘There is going to be complete chaos,’ says industry CEO[/h]A broad coalition of mortgage and finance industry leaders on Saturday sent a plea to federal regulators, asking for desperately needed cash to keep the mortgage system running, as requests from borrowers for the federal mortgage forbearance program are pouring in at an alarming rate.
The Cares Act mandates that all borrowers with government-backed mortgages—about 62% of all first lien mortgages according to Urban Institute—be allowed to delay at least 90 days of monthly payments and possibly up to a year’s worth.
Those payments would then have to be made at a later time through a payment plan. Servicers are granting the payment deferrals to borrowers with no questions asked, as is required by the law, but the servicers still have to pay mortgage bond holders.
In normal times, they have enough to cover these payments, and, in fact, at the end of last year the mortgage delinquency rate was near a record low, according to CoreLogic. Now that rate is skyrocketing, and servicers do not have nearly enough cash to cover those payments to bondholders. —Diana Olick

https://www.cnbc.com/2020/04/06/coronavirus-live-updates.html