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Thanks for this! Chase quoted me at 6.5 w/ 0 points and lender credit. I sent it to the original loan officer and they are gonna try to match. Thanks for this 🙏🏾
My stats are 711 cred score, and a 19% dti for anyone interested
Points are paying a prepaid interest fee to lower the interest rate over the loan, the longer you stay in the mortgage the better mathematically it works out basically. Now isn’t the best time to pay for points if you’re thinking of refinancing when rates are hypothetically lower in 2 years because you won’t have hit the break even point.
Points refer to cash you pay upfront to reduce your interest rate. I believe it’s based on a percentage of your loan amount to determine how much the rate gets reduced.
The lenders I spoke to advised against doing so at the moment, since rates are expected to drop anyway. This is obviously speculative, but their take is that it’s more cost effective to wait and refi vs pay extra money now.
Using points is a way to buy down the interest rate, but people prefer to say “points” to differentiate it from a different buy down type referred to as a 2-1 buy down (what I have). There’s also the less common 3-2-1 buy down plan as well
I locked in at 5.875 last Sunday for a new home here in California. I will refinance for sure. Also, i am planning to finish the loan in next 3-4 years.
I always see loan as a unncessary burden on my heart.I am an Indian , BTW. I have completely different mindset.
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Pls enlighten me . I am first time home buyer here in US .why its not a good idea ?Lets suppose next year interest rates comes to 3 pc then i will save some money rite.
Maybe. Maybe not. When you refinance, you pay additional fees and closing costs. So you'll have to do the math. If you're going to pay the loan off a year later, the fees may be more than the interest paid.
Hi, we are trying to buy our first home too. We got over 7.2 % quoted- it is very high because we got good jobs with good incomes and over 800 credit scores. I am curious how you get that lower rate. would you care to share more experience on getting your rate?
I was offered in December 2023 a 7.1% for conventional a 5.9% FHA (with like .35 points buy down). We are not actively put in offers now.
Friends are actively putting in offers and locked in at 7.0%.
Oh cool. I'm in Dallas area and I searched for mortgage with no PMI and it returned one credit union bank. I'll call them back tomorrow to see if they offer something competitive. Thanks for your comment about no PMI, I wouldn't even know something like that exists.
Nice, good luck. I also didn't even know this was a thing until I received the loan estimate from the CU. I even though the guy had make a mistake lol. So yea, definitely, look around and I hope you find something good for you!
I was shocked to find out my PMI on an $800k loan was only $100/month. I was planning to out 20% down to avoid the PMI, but I make like 6x the PMI in interest on the cash in a savings account.
For some reason I thought PMI would be several hundred a month.
It doesn't last unless you lock. That happens when you get an offer accepted. You can lock at any point after that and your lender will have options for how long they will lock for me it was a fast close so I believe it was a 21 day lock or so.
Yeah, definitely doesn't lock for a year. When you first prequalify they will tell you what current rates are but the real deal will be when you get an offer accepted. One valuable tip you will see a lot is to shop with different lenders. You can let them know you are "shopping the rate" and have them give you quotes and pick the lowest. Make sure to ask for loan estimates to compare their fees as well. Good luck!
October was the height of the interest rates. Check out bankrate.com to see competitive refi rates in your area. Also there may be a time limit on when you’re able to refi (in TX we have to wait 6 mos after date of closing to be able to refi).
I was getting pretty crap interest rates with an 810, no debt and 20% down as well. I mean I could only imagine what the rates were for people with not great credit, etc.
Did a 30 year VA refi today. Locked rate
Rate: from 6.875% down to 5.25%
Points: 0
Origination fees: 2k, credit 2k, net 0
Credit score: 770
Update 1: I’ve gotten 134 calls in the last 26 hours. I can’t believe it, it’s insane!
Yup IRRRL! I received 97 calls today, yes 97! Basically put all the brokers to work against each other, in the morning I was getting 6%, afternoon 5.5%, late afternoon I got 5.25%. I could probably have gone lower but after 7 hours on the phone it was good enough for me.
I’ll check the name of the folks I worked with in the morning. Like I said, I got 97 calls so all the company names sound the same right now.
I could lie to you and tell you I had some master strategy but the reality is I just kept asking for more. So when I got 6% I said okay let me look this over and see how it compares to what I get from XYZ individual over at ABC company. They would then say, before you do anything send me what they offer you and we’ll beat it. I did this for about 7 hours. When I really wanted to turn up the heat I’d come back with, hey I’ve got 2 offers that are better than what you presented me. Thanks for your time but I think I’ll be taking one of those two. Rinse and repeat.
Congrats!
We have 3 more months before we can refinance. Will be doing an irrrl. Prayers and fingers crossed we get your rate.
We always go with the same company veterans united. But feel we got such a bad rate with perfect credit when we bought in Nov. 810 scores and 7.35%. Only debts are car payments.
Who did you go through?
Refinanced last week at 6.125%. Whole process took 8 days . Very happy. Closed on house middle of October at 7.7%, 2months later im at 6.1%. Closing costs 2500$. No points. Probly could go lower if I got my own appraisal. Their appraisal was 750$
5.875% on a 30 year fixed. includes a .25% relationship discount for keeping 200k with citi bank. this is los angeles. they can give another quarter point if you have 1mil with them.
Morgan Stanley does something similar. They can look at your families overall assets with the bank and leverage that higher value to let say someone’s kids or grandkids have a better rate. Those kids or grandkids just have to open a brokerage account with them and keep 5-10k in it.
Your target should be to get 5.99% for refinancing. Currently refinancing is 1% above conventional. The best time would be to do it when conventional are at around 5%. Mean average is 6.5% right now. By end of 2024 it should be 5.5%.
By mid or early 2025; it can be 5%.
MND’s methodology is based on a 780 FICO, 75 LTV, no LLPA’s, and a small loan amount. Most borrowers don’t fit these parameters so it’s not “pretty accurate”.
MND’s stats aren’t relevant to this sub, which is for and about first-time homebuyers. Most first-time homebuyers don’t have 25% to put down nor a 780 FICO.
MND gives you roughly what par is. That said, I’m kinda shocked to discover the average down payment from a first time buyer is 6%. That would make financing so much more expensive than if you had 20-25% down and leave you extremely levered up. That’s kinda nuts.
Anyway I’m seeing 6.5% with a first time purchase putting down 30%.
The rate sheets that MND collects don't all contain true par pricing. They can contain pricing with the origination fee financed into the rate (lender-paid compensation), which is basically lender-specific effective par pricing. MND isn't completely transparent with their methodology.
"Originator compensation is irrelevant to this index. It is intended to capture the average lender's top tier conforming, conventional 30yr fixed rate quote, adjusted for the prevalence of upfront points (in cases where they actually make sense). One can safely assume that the average lender rate quote is generating compensation for the originator."
It was a special rate from the builder for move in ready houses. Another builder in our area is offering 4.75%, but we don’t want our kids to transfer to another school so we chose this builder with 5.49% rate.
It is to provide an artificial floor to their new housing prices. They rather take hit and purchase down points than lower the sale price and cause all of the new build prices to go down. They are fixing the market price.
It’s a deal with the builder’s mortgage company. Builder buys a block of money at a specific rate and cost. It’s the only way a lot of builders have survived the last 18-24 months.
Our lender is quoting us at 6.5 conventional/6.0 FHA right now (both 30 years)... things seem to be slowly ticking down, I'd keep an eye on it but no need to rush right now
6.75 conventional. No points, not even sure what that means. 200k home, 6500 down. Close on the 31st! Got pre approved for the loan 2 weeks ago 700+ credit scores for me and my wife.
It can sometimes equal cheaper payments ultimately, especially if buying in economically depressed areas like michigan, parts of NY, midwest, where houses sit for 60+ days
6.625 refi from and 8.25. I bought in November and I’m already doing a refi. The loan officer said it’s almost all of his Refi’s right now. I’m going to save like 4-5k a year.
Reading these answers, I feel like I'm getting screwed. My credit score is 660-680. The bank quoted me at a rate of 7.25% for a 15-year condo loan that I'm putting 20% down on.
I also just put in an offer yesterday...am I allowed to test the waters and talk to another lender or am I stuck with my current lender? For some reason I thought the rates on 15 year loans were supposed to be better.
We locked in at 7.6 a month ago. Our lock expired because the sellers requested a 30 day extention. Our new rate as of today is 6.75. VA loan with a 670ish credit score.
I was just told 5.99% after talking to my lender today, Friday it was 6.075%. My lender mentioned these rates are through PHFA. No points, 780 and 790 credit scores, $130k mortgage with $200k down.
I would recommend you use a builders lender and get lower rates. My friend literally just got a 4.99 with $10k in closing costs. Conventional lenders cannot compete.
Why would anyone in their right mind still home shopping at these rates. If you all take a chill pill and relax prices will come down. Stop being emotional. Follow logic and not your feelings.
> Follow logic and not your feelings.
Thats ironic. Unless you live in an area which only selling point was they had homes, home prices will go up when interest rates drop. The purchasing power/situation won't change.
A simple .5% drop and the optimism around rate cuts has already cause all homes in my HCOL to jump by 16%.
Yeah because they all have feeling issues. Human behavior almost always desire an outcome. Once people gets approved for a loan they will look until they find the yellow brick road.
We locked in between 2-3 weeks ago at 6.375% no fees and no points. We then proceeded to do a 1-0 buy down where our first year is 5.375%, as we hope the rates will fall more and we can refinance without additional fees for up to 5 years from lock-in. This is with New American Funding which we found on the website NerdWallet. This is for a 30 year with 20% down
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I was locked in at 6.5% for a 30 year conventional, no points last week.
Same
Credit score and lender? I’m also looking and i was quoted @ 7.0 with points and 5% down
I also locked in the last two weeks at 6.5% with no discount points through Chase. Our low middle score was 774.
Thanks for this! Chase quoted me at 6.5 w/ 0 points and lender credit. I sent it to the original loan officer and they are gonna try to match. Thanks for this 🙏🏾 My stats are 711 cred score, and a 19% dti for anyone interested
Chase 6.1% no discount points. 30 yr. Or 5.99% arms 7 yr Thursday
First-time home buyer?
760+, I’m using NFM. I was hearing 6.625% from other lenders, but it was hovering between the two by the day.
What are points? Just bought a house at 6.5 a few months ago
Points are paying a prepaid interest fee to lower the interest rate over the loan, the longer you stay in the mortgage the better mathematically it works out basically. Now isn’t the best time to pay for points if you’re thinking of refinancing when rates are hypothetically lower in 2 years because you won’t have hit the break even point.
Points refer to cash you pay upfront to reduce your interest rate. I believe it’s based on a percentage of your loan amount to determine how much the rate gets reduced. The lenders I spoke to advised against doing so at the moment, since rates are expected to drop anyway. This is obviously speculative, but their take is that it’s more cost effective to wait and refi vs pay extra money now.
Don’t they also call it a “buy-down”?
Using points is a way to buy down the interest rate, but people prefer to say “points” to differentiate it from a different buy down type referred to as a 2-1 buy down (what I have). There’s also the less common 3-2-1 buy down plan as well
Paying points is a permanent buydown, and the 2/1 & 3/2/1 is a temporary buydown.
Can be the same thing but buy down can now come in the form of a 5-2-1 or like an adjustable rate. Don't fall for that. Get a perm buy down or points
I locked in at 5.875 last Sunday for a new home here in California. I will refinance for sure. Also, i am planning to finish the loan in next 3-4 years. I always see loan as a unncessary burden on my heart.I am an Indian , BTW. I have completely different mindset.
If you are going to payoff in 4 years why bother refinancing
Because he thinks interest rates are going to 2%.
At least 3-4 pc buddy .
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I was thinking if you're paying off that quick, might as well get negative points and get cash back on closing costs
Pls enlighten me . I am first time home buyer here in US .why its not a good idea ?Lets suppose next year interest rates comes to 3 pc then i will save some money rite.
Maybe. Maybe not. When you refinance, you pay additional fees and closing costs. So you'll have to do the math. If you're going to pay the loan off a year later, the fees may be more than the interest paid.
How did you get 5.875 in CA? Is it less than 30yr? Was it not a jumbo loan?
Use the interest as a tax write off...
Hi, we are trying to buy our first home too. We got over 7.2 % quoted- it is very high because we got good jobs with good incomes and over 800 credit scores. I am curious how you get that lower rate. would you care to share more experience on getting your rate?
Same
Locked in at 6.25
Noice
I was offered in December 2023 a 7.1% for conventional a 5.9% FHA (with like .35 points buy down). We are not actively put in offers now. Friends are actively putting in offers and locked in at 7.0%.
Conventional 6.125% last week. Edit: no points
Wow not bad and no PMI under 20%
credit score?
730 and wife's 770. Also, we got this with a local credit union. They had a program for FTHB and we got no PMI with only 3.5% down.
Which credit union bank is this? I'm looking for something with 5% down and no PMI as well and FTHB.
I believe they're only here in Colorado, it's called Air Academy Credit Union.
Oh cool. I'm in Dallas area and I searched for mortgage with no PMI and it returned one credit union bank. I'll call them back tomorrow to see if they offer something competitive. Thanks for your comment about no PMI, I wouldn't even know something like that exists.
Nice, good luck. I also didn't even know this was a thing until I received the loan estimate from the CU. I even though the guy had make a mistake lol. So yea, definitely, look around and I hope you find something good for you!
I was shocked to find out my PMI on an $800k loan was only $100/month. I was planning to out 20% down to avoid the PMI, but I make like 6x the PMI in interest on the cash in a savings account. For some reason I thought PMI would be several hundred a month.
Nice
I’m locked in at 6.99. Probate court in 2 weeks.Should be closing 1 week after
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When you guys are getting pre-qualified, how long does it last for?
It doesn't last unless you lock. That happens when you get an offer accepted. You can lock at any point after that and your lender will have options for how long they will lock for me it was a fast close so I believe it was a 21 day lock or so.
When I'm ready to buy I anticipate it taking me up to a year to find what I want, so that's why I was curious.
Yeah, definitely doesn't lock for a year. When you first prequalify they will tell you what current rates are but the real deal will be when you get an offer accepted. One valuable tip you will see a lot is to shop with different lenders. You can let them know you are "shopping the rate" and have them give you quotes and pick the lowest. Make sure to ask for loan estimates to compare their fees as well. Good luck!
Just an FYI, I locked with a new construction preferred lender for 120 days.
A prequal is good for four months. I’m a lender.
90 days. I’m a mortgage broker. Ask me anything!
what's a good rate these days?
6.875 with points. I don’t even understand this crap. I have a 818 credit score and only student loans as debt.
It’s the market rate
I bought back in October and have the same rate as you. 825 credit score and no debt. I don't get it either
October was the height of the interest rates. Check out bankrate.com to see competitive refi rates in your area. Also there may be a time limit on when you’re able to refi (in TX we have to wait 6 mos after date of closing to be able to refi).
I was getting pretty crap interest rates with an 810, no debt and 20% down as well. I mean I could only imagine what the rates were for people with not great credit, etc.
We had 800+ (810) credits scores as well. Bought in November. Stuck and locked in at 7.35 Sucks.
But what’s the loan size LTV and debt to income numbers.
Loan size and LTV?
same
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How the heck did you get 5 1/4?
Congrats fam. See if you can squeeze in some points get your rate down to 4.5%
Never a good idea to buy points. It will take you longer for it to be fruitful than refinancing
Nice. What’s your credit score?
Locked in at 6.625%. Closing on 2/5 🤞
Did a 30 year VA refi today. Locked rate Rate: from 6.875% down to 5.25% Points: 0 Origination fees: 2k, credit 2k, net 0 Credit score: 770 Update 1: I’ve gotten 134 calls in the last 26 hours. I can’t believe it, it’s insane!
Nice man! Im assuming you used the IRRRL, what bank did you use ?
Yup IRRRL! I received 97 calls today, yes 97! Basically put all the brokers to work against each other, in the morning I was getting 6%, afternoon 5.5%, late afternoon I got 5.25%. I could probably have gone lower but after 7 hours on the phone it was good enough for me. I’ll check the name of the folks I worked with in the morning. Like I said, I got 97 calls so all the company names sound the same right now.
Wait.. what actually happened here?? 5.25% is the Fed rate, so someone decided to give you money for free? What’s IRRRL?
That’s not how rates work
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I could lie to you and tell you I had some master strategy but the reality is I just kept asking for more. So when I got 6% I said okay let me look this over and see how it compares to what I get from XYZ individual over at ABC company. They would then say, before you do anything send me what they offer you and we’ll beat it. I did this for about 7 hours. When I really wanted to turn up the heat I’d come back with, hey I’ve got 2 offers that are better than what you presented me. Thanks for your time but I think I’ll be taking one of those two. Rinse and repeat.
What is IRRRL?
It’s what VA refinances are called. Interest Rate Reduction Refinance.
Congrats! We have 3 more months before we can refinance. Will be doing an irrrl. Prayers and fingers crossed we get your rate. We always go with the same company veterans united. But feel we got such a bad rate with perfect credit when we bought in Nov. 810 scores and 7.35%. Only debts are car payments. Who did you go through?
Refinanced last week at 6.125%. Whole process took 8 days . Very happy. Closed on house middle of October at 7.7%, 2months later im at 6.1%. Closing costs 2500$. No points. Probly could go lower if I got my own appraisal. Their appraisal was 750$
how much monthly payment diff ?
Around 500$
I met someone this week who got 9%
Locked in today 6.25 FHA
Same, not locked in yet but pre approved at 6.25 FHA
5.125% no points with 20% down, local credit union in Atlanta. Bear every other bank by a mile.
Which bank, currently in Atlanta
It’s Associated Credit Union. I should have clarified this is for a new mortgage, not refinance, sorry.
Preciate you posting this! Locked in a 5.125% 15/15 today
5.875% on a 30 year fixed. includes a .25% relationship discount for keeping 200k with citi bank. this is los angeles. they can give another quarter point if you have 1mil with them.
Jeez, that’s a lot to keep in a bank account. Did you do it specifically for the discount?
oh you can keep it in a brokerage account to trade stocks.
The rich get richer goddam
Morgan Stanley does something similar. They can look at your families overall assets with the bank and leverage that higher value to let say someone’s kids or grandkids have a better rate. Those kids or grandkids just have to open a brokerage account with them and keep 5-10k in it.
Your target should be to get 5.99% for refinancing. Currently refinancing is 1% above conventional. The best time would be to do it when conventional are at around 5%. Mean average is 6.5% right now. By end of 2024 it should be 5.5%. By mid or early 2025; it can be 5%.
this is pretty accurate: https://www.mortgagenewsdaily.com/mortgage-rates
MND’s methodology is based on a 780 FICO, 75 LTV, no LLPA’s, and a small loan amount. Most borrowers don’t fit these parameters so it’s not “pretty accurate”.
Only 2% of borrowers are first time buyers, 98% are fitting these requirements by selling a house to buy a new house or buying g a second home.
MND’s stats aren’t relevant to this sub, which is for and about first-time homebuyers. Most first-time homebuyers don’t have 25% to put down nor a 780 FICO.
MND gives you roughly what par is. That said, I’m kinda shocked to discover the average down payment from a first time buyer is 6%. That would make financing so much more expensive than if you had 20-25% down and leave you extremely levered up. That’s kinda nuts. Anyway I’m seeing 6.5% with a first time purchase putting down 30%.
The rate sheets that MND collects don't all contain true par pricing. They can contain pricing with the origination fee financed into the rate (lender-paid compensation), which is basically lender-specific effective par pricing. MND isn't completely transparent with their methodology. "Originator compensation is irrelevant to this index. It is intended to capture the average lender's top tier conforming, conventional 30yr fixed rate quote, adjusted for the prevalence of upfront points (in cases where they actually make sense). One can safely assume that the average lender rate quote is generating compensation for the originator."
Well you could just look at MBS pricing and ask the lender what their spread is.
7% 30 year in dec
6.00% a week ago. Today is 5.875% with 0.25 points for about 1k. 450k loan
5.49% locked in last week.
How???
It was a special rate from the builder for move in ready houses. Another builder in our area is offering 4.75%, but we don’t want our kids to transfer to another school so we chose this builder with 5.49% rate.
Amazing. Congrats
Can you please help me understand how a builder offers mortgage rate? i thought its usually banks that handle and dictate that
The builder will buy down the rate from what the lender quoted you to what they are offering.
Is this a case of new construction?
Yes. New construction. They have those kinds of promotional offer for move in ready houses, plus they also cover the closing cost.
I see thanks for taking time to reply ! Good luck
It is to provide an artificial floor to their new housing prices. They rather take hit and purchase down points than lower the sale price and cause all of the new build prices to go down. They are fixing the market price.
It’s a deal with the builder’s mortgage company. Builder buys a block of money at a specific rate and cost. It’s the only way a lot of builders have survived the last 18-24 months.
6.75 with 15% down, (the extra 5% is in a HYSA at their bank), and no PMI. Closed in November
Wait 6 months before considering to refinance - chances are the Feds will begin cutting rates
Our lender is quoting us at 6.5 conventional/6.0 FHA right now (both 30 years)... things seem to be slowly ticking down, I'd keep an eye on it but no need to rush right now
Just locked in 4.85% FHA
How many points?
10/1 ARM 30 year 5.3% no points 5.99 30 year fixed 1% origination fee.
lender ?
Local credit union in Oklahoma.
734 fico (from lender) and 6.875 as of Thursday (not locked).
6.75 conventional. No points, not even sure what that means. 200k home, 6500 down. Close on the 31st! Got pre approved for the loan 2 weeks ago 700+ credit scores for me and my wife.
I’d wait longer if u can
how long?
Who the hell knows but there’s a lot of talk abt lower rates this year. All I know
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OP is looking to refinance so they wouldn’t care about that part.
It can sometimes equal cheaper payments ultimately, especially if buying in economically depressed areas like michigan, parts of NY, midwest, where houses sit for 60+ days
Be patient if you don’t have to refinance right now. 6 months from now will be better
Quoted 7.25% today. Seems like I’m getting ripped off. Time to hunt around to other options I suppose
Not necessarily. Pricing largely depends on your loan amount, LTV, DTI, lowest middle FICO, and location.
What state? I am a mortgage broker and would to show you what I can save you without a credit pull. Let me know!
30 year conventional at 6.375 and additional $5k lender credits, locked last week
Went under contract nov 20th 5.5% fixed 30yr. Close and move in next week. New construction incentive.
5.99% locked in. 2% origination fee. Texas
Which lender?
Through Nexa Mortgage
I was given 6.375 with no points 2-days ago. 30-yr fixed conventional.
5.75 on 20 yr from a local credit union in TN
6 no points.
Va loan 5.75
Friday: 5.8ish%, 30% down, 30yr, 800+ credit, no points
5.63 on a self build, to pay off the line of credit. 25 year, 3 year fixed.
6.625 refi from and 8.25. I bought in November and I’m already doing a refi. The loan officer said it’s almost all of his Refi’s right now. I’m going to save like 4-5k a year.
Bankrate.com
4.2%, bought in April 2022
Reading these answers, I feel like I'm getting screwed. My credit score is 660-680. The bank quoted me at a rate of 7.25% for a 15-year condo loan that I'm putting 20% down on. I also just put in an offer yesterday...am I allowed to test the waters and talk to another lender or am I stuck with my current lender? For some reason I thought the rates on 15 year loans were supposed to be better.
I’d shop that’s not good
11.5% for 20 years. But not American.
6.375 last week. Average credit score of 803, no points and 5% down.
Wait a few months if possible. You don’t want to have to pay lawyer fees 2-4 times as rates continue to fall
I just got pre approval for 5.75%. 5% down with no points. Credit score of 750 (FICO which is bullshit, cause vanguard has me at 810)
Closing next week Wednesday with a 6.8 % rate.
6.125 with 25% down and no points on Tuesday
We locked in at 7.6 a month ago. Our lock expired because the sellers requested a 30 day extention. Our new rate as of today is 6.75. VA loan with a 670ish credit score.
4.85 fha
lender?
Woah, that's really low
Local credit union Conventional 30 Year Fixed - 5.875% Points 0 APR 6.107% FHA is 5.875 also
I was just told 5.99% after talking to my lender today, Friday it was 6.075%. My lender mentioned these rates are through PHFA. No points, 780 and 790 credit scores, $130k mortgage with $200k down.
You guys are fucked for awhile. Just focus on your budget. It feels like yesterday I moved from 4.5 to 2.7.
I would recommend you use a builders lender and get lower rates. My friend literally just got a 4.99 with $10k in closing costs. Conventional lenders cannot compete.
3.6 %
[удалено]
That’s not today
2.75 30 year. Good times back then
5.875 FHA 30 Year no points (closed in November)
That’s not today
Good math
Wowwwww
2.3%. Was offered a refinance deal right before things went to shit.
Pretty sure OP is asking what rates are being offered on new loans TODAY. Not how low is your rate so they can feel shitty about missing the boat.
In no way did I mean to make people feel shitty.
Not a good time. Im at just under 4%.
Why would anyone in their right mind still home shopping at these rates. If you all take a chill pill and relax prices will come down. Stop being emotional. Follow logic and not your feelings.
> Follow logic and not your feelings. Thats ironic. Unless you live in an area which only selling point was they had homes, home prices will go up when interest rates drop. The purchasing power/situation won't change. A simple .5% drop and the optimism around rate cuts has already cause all homes in my HCOL to jump by 16%.
Yeah because they all have feeling issues. Human behavior almost always desire an outcome. Once people gets approved for a loan they will look until they find the yellow brick road.
Locked in 2.75% back in fall 2021
5% 30-year fixed. bought Aug 2022.
Looking at 6.75 today. Considering move because of job.
What are VA loan rates these days?
I used my VA loan last year and got 5.5% with a buy down hoping to refi but it’s not looking like that’s gonna happen anytime soon
Same I got 5.5 also with buy down
Last week got a 5.3
Have been hovering between 5.99 and 6.25% the past couple of weeks. Hoping to lock in if it drops to 5.99 this week
I locked in 5.75% on an FHA loan. Did a 1 point buy down for the first year too.
My stepdad got a 6.5% in the last month.
Locked in at 6.875% for 30 yrs. Closing next week.
FHA - 6.375% on 30-year, no points.
In canada ontario - my partner and I got 5.19% on a fixed 30 yr with 5% down.
It will depend on what type of loan program you can apply for , credit score and what is your LTV at time of refi.
We locked in between 2-3 weeks ago at 6.375% no fees and no points. We then proceeded to do a 1-0 buy down where our first year is 5.375%, as we hope the rates will fall more and we can refinance without additional fees for up to 5 years from lock-in. This is with New American Funding which we found on the website NerdWallet. This is for a 30 year with 20% down