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[cyfan92]

The Fed has said they expect to keep rates low thru at least 2022. Everyone (including myslef) who refi'd before it hit the fan this spring will have plenty of opportunity in the coming years. Powell really wants to see strong inflation and the rest of the globe is so much lower than US rates. Don't beat yourself up

 

[Cyclonesrule91]

Lowest rates I've seen for a 15 yr fixed was Quicken at 1.99%. I considered that but they want 2% discount point fee plus $1,250 origination plus $1,500 is closing costs which in my case would have been $8,500.

 

[Cyvilian]

Locked a refi last week at 2.5% for a 30 year. Old rate was 3.875.

This week the gov't stuck their hand in the cookie jar and announced a .5% fee on all refinance loans starting in September. Lenders are stuck with those in process and already locked (like me), but they are already pricing the federal fee into their rates.

https://www.housingwire.com/articles/new-fee-on-mortgage-refinances-could-cost-homeowners-1400/

 

[1UNI2ISU]

New purchase closing on Sept 10. 2.275%.

Stupid Ridiculous.

 

[DesertClone1]

Refinanced from 4.5% down to 3% saving around$200 per month. Just checked the rates this morning at the credit union we refinanced from... 2.65%. I'm pissed.

 

[Cyvilian]

Refinanced from 4.5% down to 3% saving around$200 per month. Just checked the rates this morning at the credit union we refinanced from... 2.65%. I'm pissed.

It might be worth a call to see if you can renegotiate. My lender told me if the rate dropped more than 1/4 point, they could renegotiate with the servicer. The wild card is the new federal fee.

 

[Fitzy]

Bump. Anyone actually know of a place with competitive rates that hasn't frozen new applications?

 

[Boxerdaddy]

What fees did you pay?

 

[Boxerdaddy]

Refinanced from 4.5% down to 3% saving around$200 per month. Just checked the rates this morning at the credit union we refinanced from... 2.65%. I'm pissed.

Where was this?

 

[mj4cy]

We are looking at going from 3.625% to 2.625% - keeping 30 year fixed.

In any other time aka not Covid/uncertainty, we'd push to get the 15 year even better rate but that would increase our mortgage by $400/month. This one is going to lower it by $200/month. Can always refi again in a couple years after this one pays for itself.

 

[Boxerdaddy]

Locked a refi last week at 2.5% for a 30 year. Old rate was 3.875.

This week the gov't stuck their hand in the cookie jar and announced a .5% fee on all refinance loans starting in September. Lenders are stuck with those in process and already locked (like me), but they are already pricing the federal fee into their rates.

https://www.housingwire.com/articles/new-fee-on-mortgage-refinances-could-cost-homeowners-1400/

That explains the gap between refi and new mortgages. Thanks and looks like I missed out!

 

[ArgentCy]

That explains the gap between refi and new mortgages. Thanks and looks like I missed out!

I think that I saw that they reversed that fee pretty soon after implementation.

 

[Gunnerclone]

About to get a new mortgage. Looks like we could buy it down to 2.875 for a 30 yr. anybody locked in recently on a buy?

 

[spierceisu]

I am getting a new mortgage and one bank offered 2.875 with a lender credit to buy it down to 2.75. I am checking with Veridian because they list 2.5 on their website, but waiting to hear back from them after putting in a loan application. I guess worst case scenario it is 2.75 which is pretty darn good.

 

[dtISU]

I think that I saw that they reversed that fee pretty soon after implementation.

They did, but it's back on. Effective 12/1/20. 50 basis points. It's raised most quotes by about an eighth.

 

[Cyvilian]

That explains the gap between refi and new mortgages. Thanks and looks like I missed out!

As dtISU said, they dropped it and reinstated it. I think another reason for the difference between purchase and refi rates is that the loan writers are choking on the volume of refis they are getting. They raised the refi rates to try to cut down demand.

 

[DesertClone1]

Where was this?

this was down in AZ. Mountain America credit union.

 

[spierceisu]

I am getting a new mortgage and one bank offered 2.875 with a lender credit to buy it down to 2.75. I am checking with Veridian because they list 2.5 on their website, but waiting to hear back from them after putting in a loan application. I guess worst case scenario it is 2.75 which is pretty darn good.

I was able to get 2.375 for a 30 year with Veridian with an October 29 close. I am super thrilled.

 

[CYdTracked]

I was able to get 2.375 for a 30 year with Veridian with an October 29 close. I am super thrilled.

Is that on a new or refi because Veridian's website currently says they are not accepting new applications for refinances right now due to high volume.

I just applied for a refi earlier this week and was able to lock in a 15 year at 2.25 which was actually 0.25 better than what this particular bank had advertised on their website. Knocking off over 2% interest and about 8 years of our current loan and monthly payment is going to be nearly the same if not less than what we pay now and maybe can pay it off quicker than 15 years too. Have been shopping my current 30 year mortgage around this summer and finding that no one wants to give you their best rates if your loan is around 100k or less, if you were over 200k loan seems to get better rates the more you still owe which obviously they will make more off you bigger loan.

 

[ArgentCy]

Is that on a new or refi because Veridian's website currently says they are not accepting new applications for refinances right now due to high volume.

I just applied for a refi earlier this week and was able to lock in a 15 year at 2.25 which was actually 0.25 better than what this particular bank had advertised on their website. Knocking off over 2% interest and about 8 years of our current loan and monthly payment is going to be nearly the same if not less than what we pay now and maybe can pay it off quicker than 15 years too. Have been shopping my current 30 year mortgage around this summer and finding that no one wants to give you their best rates if your loan is around 100k or less, if you were over 200k loan seems to get better rates the more you still owe which obviously they will make more off you bigger loan.

Lenders aren't going to make any money on a 100k loan at these rates. Especially since they figure its only going to last 5-7 years. They do have some costs they will have to make up. And this is why I haven't bothered even refinancing even though I'm at 4.5%, just not enough principal to make the hassle worthwhile.