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

75 Replies

Was just quoted 3.67% Interest, half point to close on a 20 year / 77%LTV REFI. Out the door closing about $1280 with appraisal and I drop from 5.25%, drop PMI + move to a 20 year vs 30. Payment barely changes. 3.20% if I went 15 year. I do owner occupy this 4 unit multi.

Also anyone who is looking to refi or purchase a primary, if you have a large banking relationship (or start one) with any of the large banks, they will bend over back for you on your mortgage.




I''m a broker, on the loan.  We are licensed in Michigan, Texas, Florida, Colorado.

I can help you out if your in one of those states.

Originally posted by @Brett Palmer:

@Tim Johnson

Which lender is this? I would be interested in refinancing at this rate

 

I know this is a dumb question, but are you even allowed to do a CO Refi if you would end up with a HIGHER rate than your current one?  I have roughly $300K in equity on my primary but the rate is 3.625%.  I'm assuming any CO I got would have a higher rate than that.  Thanks in advance!

@Sean McCluskey We just closed on a duplex two days ago under our LLC. 20% down payment, 4.6% interest amortized over 25 years, 10 year balloon. Local bank that we've done business with previously. We also do not escrow taxes and insurance, so that money isn't sitting dead in the lenders account for 6 months at a time.

Personally, I'd lock in now if I had a property under agreement. 

Originally posted by @Chad McLeod :

I know this is a dumb question, but are you even allowed to do a CO Refi if you would end up with a HIGHER rate than your current one?  I have roughly $300K in equity on my primary but the rate is 3.625%.  I'm assuming any CO I got would have a higher rate than that.  Thanks in advance!

Cash out is considered a benefit to the borrower

 

Wow @Kevin Blanchard , @Forrest Lennhoff , @Taylor Shaw , @Sam Adcock , @Syed H. , @Curtis Rasmussen , @Michael Cleary , @Nicholas Baughman , @Alan Grobmeier , @Tony Kim , @Manuel Fontan , these are great rates! Thanks so much for sharing, this is what makes Biggerpockets such a great community!

It's incredible how wide the variation in quotes can be for the same borrower. I got a quote from a popular internet lender, they tried to get $10k in points (1.6 points) for a 3.99% rate on my primary residence! 80% LTV, 780+ FICO. Crazy talk.

Then I talked to my primary banking relationship, and they said if I was able to lock today it would be 3.3%, but they need a full underwriting and can't finish it until Monday. Now I'm holding my fingers crossed.

Going to call a mortgage broker back as well, who seemed very honest, and see what she can put together from the market.

Closing on the 15th SFR 15% Down 5.375 30 year fixed. Current refi in the works at 3.375... no points ....

- Make your money on the buy!

@Larkin Adey is that a refi of the SFR that you're closing on the 15th? 3.375 with no points on an 85% LTV is great, can I ask who your lender is?

@Sean McCluskey 

UHM United Wholesale Mortgage, and no the closing today was 85% 5.375 with no points - SFR.

Refi closes in 2 weeks at 3.375 no points same lender, but personal residence. 

Respectfully 

Larkin L Adey

@Adam Kay I think that these rate cuts are already being priced into the forward yield curve. The real question is, will the new larger spread between the 10 year treasury and the mortgage backed securities that our individual 30-year mortgages feed into, remain in place? Or, will MBS yields chase the 10-year treasury downwards when fixed income investors start looking for yield again?

I'm betting that the spread maintains itself longer than I want to wait, as fixed income investors currently want to lock in safety and the MBSes already traded on the market are going to be faced with substantial refi prepayments (which no new MBS buyers would want to receive right now, without a place to reinvest the proceeds).

Yup, my 3.8% quote was for primary not investment.. I’m seriously getting so tired of the incompetency of the people in the world.  It feel it’s a constant battle trying to make sure someone else’s stupidity doesn’t interfere with my success.  True rate 4.5%... skipping the cash out, going to raise hell for standard refi since I didn’t bother shopping around when I heard 3.8.  I’m hoping for 4.25 or less for standard refi with recent drop in 10 year. 

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