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Thread: Mortgage rates

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    Mortgage rates

    Thinking about refinancing my 5.0%/30yr to a 3.0%/15yr. My question is: should I lock now at 3% or do you think they will go down more?



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    Re: Mortgage rates

    Quote Originally Posted by 1100011CS View Post
    Thinking about refinancing my 5.0%/30yr to a 3.0%/15yr. My question is: should I lock now at 3% or do you think they will go down more?
    I got 3.375 not long ago. I would jump at the 3.0 in a heartbeat. No brainer.



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    Re:Mortgage rates

    Hard to imagine it getting much lower.



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    Re: Mortgage rates

    3 is pretty damn low. Dont gamble. Just take it.



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    Re: Mortgage rates

    Quote Originally Posted by Ciclone View Post
    I got 3.375 not long ago. I would jump at the 3.0 in a heartbeat. No brainer.
    Quote Originally Posted by Cyclonepride View Post
    Hard to imagine it getting much lower.
    That's what I was thinking but trying to convince myself to pull the trigger.



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    Re: Mortgage rates

    Could they drop another 1/8th or maybe even a quarter? Absolutely, but the odds of them moving away from you if you wait are a lot greater. 3% is a helluva rate. Congrats.



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    Re: Mortgage rates

    Quote Originally Posted by 1100011CS View Post
    Thinking about refinancing my 5.0%/30yr to a 3.0%/15yr. My question is: should I lock now at 3% or do you think they will go down more?
    I'm in the process of a refi, doing a 3%/10yr.

    I've been asking myself the same question, will they go down more? Obviously they can't go down much more but they certainly could go down. And eventually, they will go up. To take the emotion out of missing the best deal, I rationalize it. I look at it this way, I'm saving a tremendous amount of interest in the long term and I don't expect this type of deal to be around for along time. I had a 5.75%/30yr. I essentially have the same payment per month (a little higher with the refi) but I'm saving 10's of thousands of dollars in interest expense.



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    Re: Mortgage rates

    What bank is giving you 3%? Looking to buy a house shortly, wondering who has the best rates.



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    Re: Mortgage rates

    Quote Originally Posted by Ciclone View Post
    I got 3.375 not long ago. I would jump at the 3.0 in a heartbeat. No brainer.
    Do it, you will be glad you did.



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    Re: Mortgage rates

    I have seen 2.87-3.00 per cent for 15 year. Much better than 30 year rates.


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    Re: Mortgage rates

    mortgage company where I work... for a 15 fixed @ 3.00 you gotta pay 1.5 points

    take it.




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    Re: Mortgage rates

    Quote Originally Posted by BloodyBuddy View Post
    What bank is giving you 3%? Looking to buy a house shortly, wondering who has the best rates.
    Iowa Bankers via my hometown bank. I think a lot of smaller banks write loans through them. Keep in mind, rate will be different for longer terms.

    I looked in to ARM but they aren't as competitive for what I'm trying to do. I also have a decent amount of equity in my home already so this was the best option. It will most likely be different for someone buying their first home (my assumption), depending on how much you plan to put down.

    ING is a big bank that usually has very competitive rates. I went with the local bank because it was a lot easier for my situation.



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    Re: Mortgage rates

    Going from a 30 to a 15 is the most important thing here. You are going to love it when you immediately start chopping at principle payment #1. Rates may go down, but run some figures, it doesn't make the payment go down enough to hurt.



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    Re: Mortgage rates

    Quote Originally Posted by AllBig12Drinker View Post
    ING is a big bank that usually has very competitive rates. I went with the local bank because it was a lot easier for my situation.
    If you can't find anything local, I'd add in ING Direct as an option as well.. I refinanced to their equivalent of a 5 yr balloon last year



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    Re: Mortgage rates

    ING doesn't do fixed rate do they?



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