Mortgage rates at all time low

[spidey07]

Thinking about buying a home or refinancing? Do it now.
30 year = 4.15
15 year = 3.35

It also closes the gap on jumbo loans which are around 4.7%

http://finance.yahoo.com/news/Rate-...15ZWE-?x=0&sec=topStories&pos=2&asset=&ccode=

-edit 9/8-
new all time low - 4.12%

-edit- 9/21
Setting new records at below 4.0%. Treasury yields dropping even more based on FED action.
http://www.nytimes.com/2011/09/22/business/fed-to-shift-400-billion-in-holdings-to-spur-growth.html

-edit- 10-6
New record.
http://www.businessweek.com/news/20...-s-decline-with-30-year-falling-below-4-.html

-edit- 11/10
Back under 4% for 2nd time in history
http://www.usatoday.com/money/economy/housing/story/2011-11-10/Record-low-mortgage-rates/51151306/1

-edit- 1/5/12
Ties all time low 3.91% 30yr
http://www.usatoday.com/money/economy/housing/story/2012-01-05/weekly-mortgage-rates/52388780/1

-edit- 2/2/12
New record low - 3.87%
http://www.usatoday.com/money/story/2012-02-02/weekly-mortgage-rates-new-low/52928272/1

-edit- 5/15/12
Treasury yields looking to set new low. could set new record low for mortgage rates. Average now 3.59%
http://online.wsj.com/article/SB10001424052702304371504577405920711381832.html?mod=googlenews_wsj
http://online.wsj.com/article/BT-CO-20120515-716384.html

-edit-5/30
10 year treasury yields sets new record low.
http://www.foxbusiness.com/economy/...yield-sinks-to-60-year-low-amid-euro-worries/

-edit-9/20/12
Match record low for 30yr, new 15yr low
15yr = 2.77%
http://abcnews.go.com/blogs/business/2012/09/mortgage-rates-match-all-time-low/

 

[OILFIELDTRASH]

I got a 3.875 locked in on aug. 10th
30 yr fixed FHA. No points. Rates are negotiable.

 

[IndyColtsFan]

Interesting. Do you guys know who is advertising the lowest rate currently?

 

[AMDZen]

My ARM FHA is at 1.5% right now

 

[lokiju]

I got a 3.875 locked in on aug. 10th
30 yr fixed FHA. No points. Rates are negotiable.

Did you have equity in your home or pay out any money to accomplish this?

What lender did you use?

I REALLY want to do this but it'd have to be some deal that'd loan more than the house is worth or something like that cause there's no way it'll appraise for what I owe after the market took a hit.

 

[Fingolfin269]

Yeah this is crazy. I've been going back and forth on buying a new place and doubt I'll see a better time than now. If I do then it sure as hell won't be by much.

 

[OILFIELDTRASH]

Interesting. Do you guys know who is advertising the lowest rate currently?

I went with a mortgage broker that was recommended to me. The big banks won't work with you at all from my experience and were always rude.

 

[IndyColtsFan]

I went with a mortgage broker that was recommended to me. The big banks won't work with you at all from my experience and were always rude.

Thanks, I'll look into it. My own rule of thumb has always been wait for a point drop before considering it, and it looks like rates are right there.

 

[Fingolfin269]

With rates this low I may just try to sell my place for whatever I can get, even if its a little short, and pay the rest. I'm in a condo for the short term so the upside on unloading now and getting a nice house that I want to stay in long term with rates like this really makes sense to me.

Either that or I'm just rationalizing to trick myself... you know the drill.

 

[spidey07]

With rates this low I may just try to sell my place for whatever I can get, even if its a little short, and pay the rest. I'm in a condo for the short term so the upside on unloading now and getting a nice house that I want to stay in long term with rates like this really makes sense to me.

Either that or I'm just rationalizing to trick myself... you know the drill.

Not a bad idea at all if you can get outta that condo without a ton out of pocket. Just think - nobody next to you and you can crank your stereo/home theater as loud as you want.

 

[IndyColtsFan]

With rates this low I may just try to sell my place for whatever I can get, even if its a little short, and pay the rest. I'm in a condo for the short term so the upside on unloading now and getting a nice house that I want to stay in long term with rates like this really makes sense to me.

Either that or I'm just rationalizing to trick myself... you know the drill.

No, it is a good plan if you want to upgrade. When the housing market tanked in 2008, I sold my house (made a small profit) and upgraded to a much larger home with a much larger yard, fenced back yard, etc. for a bargain price.

 

[OILFIELDTRASH]

Did you have equity in your home or pay out any money to accomplish this?

What lender did you use?

I REALLY want to do this but it'd have to be some deal that'd loan more than the house is worth or something like that cause there's no way it'll appraise for what I owe after the market took a hit.

I sold my house and this is the new interest rate on the new one. I'd recommend finding a good mortgage broker. Closing costs are right in line with the big banks except I got 3.875% vs the 4.25% chase, wells Fargo were offering.
I didn't pay any points for the loan. I actually dropped this mortgage broker once and was going to go with another broker with a slightly better deal and this broker called me back and got the numbers right.

 

[Fingolfin269]

Yeah that's the one silver lining to buying when I did. It was on the upside of the market ~2006ish, but since I bought so small my potential loss is much easier to swallow. Even if I walk away owing only $5-$10k after the sale is done then that's so much better off than some of my friends who bought massive houses back then. Spread that out over the last 5 years of ownership and the tax break I got with it then I basically just paid rent for 5 years in a place much nicer than a normal apartment.

I'm okay with that. It could be so much worse.

 

[Corporate Thug]

I locked in @ 5% a year ago but the principal is so low (and I intend to sell in the next 3 years) that I don't want to bother with a re-fi. thought about it though.

 

[PingSpike]

I'm still waiting for my appraisal to come back before I get to excited. Anyway, an extra $105/mo will be nice if things work out.

One thing I hadn't noticed is that rentals around here have really gone up even since we bought 4 years ago. I'm not saying its cheaper to own after you have to pay for repair work but I'm not sure its more expensive either. And that's with rip off property taxes accounted for.

 

[JTsyo]

My ARM FHA is at 1.5% right now

Why get an ARM when rates are at its lowest? Plan on paying it off before the rate changes?

 

[OILFIELDTRASH]

I'm still waiting for my appraisal to come back before I get to excited. Anyway, an extra $105/mo will be nice if things work out.

One thing I hadn't noticed is that rentals around here have really gone up even since we bought 4 years ago. I'm not saying its cheaper to own after you have to pay for repair work but I'm not sure its more expensive either. And that's with rip off property taxes accounted for.

Same where I'm at. There are a lot of people renting that don't have the credit to buy (people with a foreclosure, lost job and got behind, etc..) and the slum lords know this and they are getting raped. If I was to rent the place I'm buying it would be several hundred dollars more a month to rent vs owning it.

 

[D1gger]

Time to buy more real estate using OPM!!!

I've used this strategy for over 20 years to acquire assets.

OPM = Other People's Money

 

[AMDZen]

Why get an ARM when rates are at it's lowest? Plan on paying it off before the rate changes?

I bought my house 7 years ago, and the choices at the time were an ARM at 4.5 or a fixed at 6.5, based on all the information the ARM was the better choice - and I clearly made the right decision, in those 7 years, it went up once to 5.5 percent and has gone down every year since.

It can only go up 1 pt a year and only 2 pts in 5 years. Even if I kept this house for 10 more years the highest rate it would be at is 5.5.

I took the advice of many people and there is clearly tons of bad information out there on ARM's, my ARM was the right choice for me and I can say that for sure.

 

[Imp]

Income too low. Need to marry something or find a sugar mommy/daddy.

My area's plateauing in property values right now. Should be a moderate drop over the next year or two. Banking on that plus a better job.

 

[BlahBlahYouToo]

just refi'd at 4.125% last year, not sure if it's worth going to a 3.5%.

i'd be paying an extra year, but only save a few thousand on interest over 15 years.

 

[Saint Nick]

Bleh. I wish I had some money for a down payment. I feel like I am going to miss the boat.

 

[Via]

I must be missing something somewhere.

I owe about 94,000; my house is appraised at 154,000. My monthly mortgage payment is around 624 and I'm just about 2 years into a 30 year at 5.25.

I get intrigued about refinancing to a 15 year mortgage with the low rates and I do those monthly payment calculators you find online. If I put in $90,000 for the loan amount (I can swing the extra $4000 in cash) the payment amount comes up about the same: a little over $600. That sounds great to me.

But everytime I follow through and actually call someone to get a quote the amount ends up being much higher, usually over $900 or even $1000 even though they quote me around the same interest rate I used when I did the calculations myself. So I say thnks but no thanks and hang up.

Where is my math fuzzy? What am I missing?

 

[spidey07]

You might not be including taxes/insurance.

 

[gevorg]

there are also points