Best refi rates available right now?

Question

Looking to possibly do a cash out refi on a property I own free and clear. Looking to see what rates you have come across recently.

Leonel Barradas · Answer

Hi there.. I'm also interested and following on this very closely..   I'm in the process of refinancing one of my rentals and  been working with  local and smaller banks here in Los Angeles to find out what they are offering and expecting that they would offer lower rates than the big guys.  The lowest refi rate I was able to find from a local credit Union last week was 3.625 on a 30-year refi loan (w/o points)... I then checked again today as I was getting ready to pull the trigger and their rate went up to 4.375%..  there is a lot of volatility and they feel rates may come down again, but it's not guaranteed...

My approach is to have a loan in process unlocked until we have normalized rates again...but someone else may have a different perspective..  glad to hear other thoughts.

Guifre Mora · Answer

Rates are fluid, this morning may not be tomorrow's morning rates. If you can lock a low rate go for it but the mortgage market is volatile. Lenders are at capacity and there are many other factors to consider. Appraisals are taking 3++ weeks and county offices are closing or getting restricted, escrow and title companies are also getting bombarded another factor to consider. As I mentioned if lenders cant with the volume they will increase rates or stop offering low low rates.