If you have a mortgage, the 15 year rates are down in the 2.5% range now. Good time to refi if you can swing the 15 year and if your credit is good.
Just thought I'd give a heads up.

My wife is a realtor, it's crazy here right now! Anything in the $150-$250k range will sell same day or maybe 1 day with multiple offers. These mortgage rates are gonna hold that up for a while. If you can save 2 points or more it's worth it. JB

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These mortgage rates are gonna hold that up for a while.

Great for people, at least for now. But, of such things bubbles are built. And as what goes up must come down, so do bubbles burst. If it weren't for central banks (i.e. the Federal reserve) manipulation there wouldn't be boom and bust cycles. But alas there are and that's reality. Unrealistic interest rates, for worthless money, ultimately comes at a price.

My banker said this dip is exactly following corona mortality. If it’s a bad corona weekend the rates may be lower by Monday

There will be a time when you need a mortgage to cover your property taxes even if you own the home.

^^^^^^^ Shortly after Bernie gets elected

I have to admit, my BIL is a heavy investor. All i know is what i don't know. He pulled out 3.5 weeks ago completely.

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Originally posted by markemark:
^^^^^^^ Shortly after Bernie gets elected

He can’t explain where the moneys coming from to pay for his socialist agenda! Thinking Big Joe has the upper hand and will win their ticket.. painful to watch and listen. Ugh!!!
Dead on Makemark!

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He can’t explain where the moneys coming from to pay for his socialist agenda!

That's what QE, fiat money and printing presses are for. No news there.

If a person can drop 1 to 1.5 percent on a refi is it worth it? Like in my case i have a 4.125% 30 year. We paying a lot extra each month. trying for 15-20 yr payoff. We can afford up front fees to save money in long run. Thanks for any advice or knowledge.

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Originally posted by JPosey:
If a person can drop 1 to 1.5 percent on a refi is it worth it? Like in my case i have a 4.125% 30 year. We paying a lot extra each month. trying for 15-20 yr payoff. We can afford up front fees to save money in long run. Thanks for any advice or knowledge.

Absolutely. You can drop that 4.125% down to 2.75% this morning. Better yet, refi with a 15 or 20 yr at under 2.5%.

Refi fees probably wouldn't exceed $1500-$2000 as long as your credit is good and aren't getting cash out.

As a former mortgage banker my advise is this. If you can recoup the cost of refinancing within the first 18/24 months and shorten the term, then go for it. Don't pull cash out, defeats the purpose of the refi., if you are trying to save $$$.

Locked 2.375 this morning. 15 year. $2k refi charge. No brainer. Thought it might drop again, but chickened out.

401k was ugly this morning. Good thing I don't need it for a long time.

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Originally posted by Bucky:
Locked 2.375 this morning. 15 year. $2k refi charge. No brainer. Thought it might drop again, but chickened out.

401k was ugly this morning. Good thing I don't need it for a long time.

You made the right call...

Been @3.350. Not worth it here on 15. 8 years left. Her 401, like all others.Bad day at bedrock.

quote:

Originally posted by Bucky:
Locked 2.375 this morning. 15 year. $2k refi charge. No brainer. Thought it might drop again, but chickened out.

401k was ugly this morning. Good thing I don't need it for a long time.

Who did you go with,local or big company? I think I can drop to a 15 year and have the same payment and knock 4 years off the loan,because I will lose the PMI.

With Prime at 4.25% you are also seeing rate on Home Equity Line low right now. They will be variable with prime rate changes however. Even a Home Equity Loan can be had in the 3% range right now for 240 months and generally do not come with the closing cost of traditional mortgage.

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Originally posted by 369dragster:

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Originally posted by Bucky:
Locked 2.375 this morning. 15 year. $2k refi charge. No brainer. Thought it might drop again, but chickened out.

401k was ugly this morning. Good thing I don't need it for a long time.

Who did you go with,local or big company? I think I can drop to a 15 year and have the same payment and knock 4 years off the loan,because I will lose the PMI.

Local bank. No PMI for us before or after.

Guess I got the short end of the stick. Everything I have is paid for and at almost 79 I am in the virus critical zone. So I went up to the bank and gave them some money so they will have more to loan out.....then I went to the grocery store and watched the hoarders in action. Now I am getting my motor home loaded up and will go to VMP in the morning to race--and pay cash!!!!!!

We have been at 3.25% 30 year fixed since April 2013 so we got in at the right time. Also bought our place from a local bank that had it from a foreclosure. Got it at the time for $40,000 under appraised price because we were able to jump on it and put $50,000 down. Seems good to me where I'm at so I'll probably just stand pat.

Curtis