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      04-01-2020, 02:52 PM   #1
Yugo
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Mortgage Interest Rates

Anyone on here work in the industry that has some insight into near term rates? In the processing of selling our house and buying a new one. I know that currently there's a ton of volatility in the market and wanted to hear from the pros what their thoughts are whether rates will move up or down over next 2 months.
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      04-01-2020, 03:38 PM   #2
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The Bank of Canada lowered the prime rate to .25% this week and the banks raised their mortgage rates which pisses me off because we have to renew in the next few weeks. Having said that they are pretty low here in Canada and you lock in for 5 years at about 2.5%. I'd be inclined to lock a rate down right now because who the hell knows what the next year or two looks like.
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      04-02-2020, 12:44 PM   #3
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In the beginning of a purchase here in AZ. You are correct with your statement. The market is all over the f n place. Ive found lenders don't want to "Lock you in" to a rate until the last possible second because of this. Rates are around 3.25 and you can buy that down for not much. Do your homework. Talk to plenty of lenders. Im sure you will find something that works for you. Having your docs ready to send asap will probably get you moved to the top of there list.
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      04-02-2020, 12:52 PM   #4
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I would get in sooner than later personally. If this goes on any longer than planned and there is an increase in mortgage defaults or they just want to increase their spread to make up some of the money, rates will go up. I don't really see them going down much if at all.

I would look into a local credit union, I know some of the ones around me are offering 3% 30yr fixed and 2.5% 15yr fixed without points. Hard to argue with those rates and even if they do go down, it wouldn't be more than a quarter of a point or so IMO.
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      04-03-2020, 01:56 PM   #5
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gotten a few different quotes ranging from 3% to 3.875% for a 30 yr fixed, credit unions were on the lower end of that
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      04-03-2020, 02:35 PM   #6
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I got a 20yr for 3.3% well it was for refinancing but still
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      04-03-2020, 02:54 PM   #7
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Quote:
Originally Posted by kanovic View Post
I got a 20yr for 3.3% well it was for refinancing but still
funny that you mention that right before we decided to sell, rates took a deep dive (mid february) so I refied ours at the rate/term you mentioned above, our house is under contract and in case things go south at least i'll feel good about my refi terms
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      04-03-2020, 03:11 PM   #8
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I'm really considering a 15 year fixed to kill off some payments.
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      04-03-2020, 05:00 PM   #9
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Originally Posted by infinitekidM2C View Post
I'm really considering a 15 year fixed to kill off some payments.
If you can afford it, w/o sacrificing investing for retirement I would advise
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      04-03-2020, 06:08 PM   #10
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We are building and I had the option to lock in my rate up to 120 days out. That day came in mid Feb so we locked in @ 3.125%, 30 year fixed conforming. Then all hell broke loose, the 10 year treasury dropped to 0.5% and I thought mortgage rates would fall to 2%. NOT. They are all over the friggin' place. No clue what is going on, but I am liking my 3.125% rate. I can lock lower within 10 days of closing which should be in July.

I was just going to pay cash, but at that rate, I am going to keep the mortgage for a while. Now that we have a good bear market with a recession to follow, I can see what happens with the recovery. Should be short and sharp until coronavirus comes back in the fall.
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      04-03-2020, 06:13 PM   #11
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Originally Posted by infinitekidM2C View Post
I'm really considering a 15 year fixed to kill off some payments.
My thoughts originally but my wife is stay at home with the little one and my payments would have gone up $300 so it wasn’t something I wanted to risk. I saved 8yrs going to 20yr loan and my payments went up 50bucks.
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      04-03-2020, 06:14 PM   #12
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I refi’d into 20 at 3.25 with no points (closed 2 weeks ago)
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      04-03-2020, 07:14 PM   #13
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We got 3 percent for a 15, thought they would be coming down more but not yet.
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      04-06-2020, 08:33 AM   #14
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Quote:
Originally Posted by kanovic View Post
I got a 20yr for 3.3% well it was for refinancing but still
Quote:
Originally Posted by 3002 tii View Post
I refi’d into 20 at 3.25 with no points (closed 2 weeks ago)
Quote:
Originally Posted by 1MOREMOD View Post
We got 3 percent for a 15, thought they would be coming down more but not yet.
Were these through credit unions? It surprises me at how different they are based on location as you don't have to really "buy" local with mortgages.

It has not closed yet (still just finishing some paperwork) but I refinanced for 2.75% at 30y fixed with no points. My friend got into 2.375% for a 15y.
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      04-06-2020, 08:55 AM   #15
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Crap that's good, think was cmg.
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      04-06-2020, 09:05 AM   #16
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Quote:
Originally Posted by Hawkeye View Post
Were these through credit unions? It surprises me at how different they are based on location as you don't have to really "buy" local with mortgages.

It has not closed yet (still just finishing some paperwork) but I refinanced for 2.75% at 30y fixed with no points. My friend got into 2.375% for a 15y.
I went with ally bank
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      04-06-2020, 03:19 PM   #17
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Quote:
Originally Posted by Hawkeye View Post
Quote:
Originally Posted by kanovic View Post
I got a 20yr for 3.3% well it was for refinancing but still
Quote:
Originally Posted by 3002 tii View Post
I refi’d into 20 at 3.25 with no points (closed 2 weeks ago)
Quote:
Originally Posted by 1MOREMOD View Post
We got 3 percent for a 15, thought they would be coming down more but not yet.
Were these through credit unions? It surprises me at how different they are based on location as you don't have to really "buy" local with mortgages.

It has not closed yet (still just finishing some paperwork) but I refinanced for 2.75% at 30y fixed with no points. My friend got into 2.375% for a 15y.
Holy shit, who did your friend go through for that 15 year rate and how much were the fees?
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      04-06-2020, 04:41 PM   #18
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Originally Posted by rebekahb View Post
Holy shit, who did your friend go through for that 15 year rate and how much were the fees?
It was a local credit union, no fees and no closing costs (he has enough paid down).

I just bought my house last August so I had no points (fees) but I had to pay ~$1500 in closing costs.
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      04-06-2020, 05:00 PM   #19
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Quote:
Originally Posted by Hawkeye View Post
Quote:
Originally Posted by rebekahb View Post
Holy shit, who did your friend go through for that 15 year rate and how much were the fees?
It was a local credit union, no fees and no closing costs (he has enough paid down).

I just bought my house last August so I had no points (fees) but I had to pay ~$1500 in closing costs.
Thank you!

I was working with BOA & they were 3.125% no points for 15 years and my fees were $2400 total. I found a credit union locally who is at 2.5% and she said if I send her the documents that she can talk to upper management & try to match it. I left a message with another credit union has extremely low closing cost so will wait to hear from them before I make a final decision.
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      04-08-2020, 10:55 AM   #20
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Currently purchasing a home, and wife & I were locked in at 3.375% for 30yr (0 discount rates paid). However, if rates go down any further within 2 weeks of our closing date (05/01), our lender will drop our rate down to match that for a one-time $300 fee.
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      04-08-2020, 08:30 PM   #21
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I have an over 800 credit score and the best 15 year I can get is 3.125 % at my Credit Union with $3900 closing costs. Who is offering in the 2% range?
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      04-08-2020, 09:27 PM   #22
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Quote:
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I have an over 800 credit score and the best 15 year I can get is 3.125 % at my Credit Union with $3900 closing costs. Who is offering in the 2% range?
I found a local credit union who is doing 2.5% for 15 years. I called another local credit union and they were 3.25% for 15 years which was higher than BOA.
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