What Rates are you getting right now? When Should I refi?

75 Replies

Hey BP! I'm sure everyone is actively watching the news and their impact on mortgage rates.

I'm personally losing sleep wondering if I can save more by waiting, or should I just lock in the rates today.

For those of us with loans that are well above market rate, the question of the day is: Will rates continue moving down from here? Or should a person refi immediately?

Second question that I think would help everyone: if you just got a quote, what was the rate, LTV and lender?

Thanks in advance!

@Craig Jeppesen Thanks Craig! I assume you're talking about an investment property loan. Do you mind if I ask what lender you like to use for the best rate?

@Jerry Padilla Thats the million dollar question, right?

I'm thinking about locking on a primary res. refi, in case there are no more major moves downwards. Hogs get fed but pigs get slaughtered, right?

Originally posted by @Sean McCluskey :

@Craig Jeppesen Thanks Craig! I assume you're talking about an investment property loan. Do you mind if I ask what lender you like to use for the best rate?

Yes that is an investor loan. Personal residence rates are 3.5% today or 3.75% for cash out. I use my local credit union: ICCU

 

@Sean McCluskey I'm mid refi on a SFH investment property at 4.75 fixed for 30 years. It might have ticked down a bit since the fed rate cut and China issue, but not much.

Honestly, if the interest rate being a 1/4 point different one way or another is an issue then that’s a problem you need to think about. We’re talking very small dollar amounts for these small rate changes.

@Sean McCluskey It really doesn’t pay to try and time the bond market not even the smartest economists do that well. It’s definitely worth getting pricing today from several lenders and seeing how much you can save especially if you are well above market rates.

Hi @Craig Jeppesen , @Cole Raiford and @Allan Szlafrok - thanks for the input! Yeah I'm looking at a personal residence refi and then cash out refis on 1-2 investment properties. The personal residence makes it feel like a bigger deal since the whole thing is just an expense, no cash flow coming off of that liability!

I just ran a sample on personal residence thru our best priced lender

280k property 75% Ltv- credit score 740 Rate is 3% with cash to close $2400- 15 year fixed- if property is eligible they waive the appraisal

@Sean McCluskey

I did a cash out refi on a SFR I own outright in June. My rate for a 15 year loan was 4.125% with 1.9 points. Took 4 weeks to get the cash. Not great, but not bad for an investment loan.

@Jason McKinney Are you referring to projections of market rates ie the bond market, inverted yield curve etc? Or projections of mortgage rates specifically (or the aggregated RMBSes)?

@Sean McCluskey I was referring to the 10 year which I've read is a good indicator for mortgage rates generally. I heard a presentation from a healthcare credit guy at TD bank a couple weeks back and the expectation of lower rates is hurting transaction volume. They said consensus across all the major banks was lower rates for a "soft landing" as growth slows . I'm no expert but sounds likely rates head lower. I paid 5% on 30 year second home 80% LTV in late December and want to refi.

@Jason McKinney I'm with you - the inverted yield curve agrees with you, that rates are expected to come down. That makes me want to wait a while longer. But then I'm looking to refi my primary in Southern California and I feel like sooner might be better in case market pricing softens. 

I'm thinking I might refi soon, and then if rates are appreciably lower in a year, look for a no cost refi to drop payment again.