Were there origination points or fees? If there weren’t then the slightly higher rate is to compensate for that. Same goes for if there isn’t Pmi
4.9% seems about right. Is your bother aware this is for an investment property and not primary residence? Interest rates are slightly higher on investment properties.
I just refinanced my investment property at 4.99% at the end of June (locked in before the latest Federal rate increase). Credit score is 780+, 75% LTV, had to ~2 points, 30 year term (15 and 20 year terms were slightly lower rate).
Yeah for no more ARM.
@Kelly I. he said he bought it with an owner occupied FHA loan. In my experience that interest rate should be around 4.5 currently
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