Mortgage rates at all time low

[spidey07]

Update bump.

http://www.businessweek.com/news/20...-s-decline-with-30-year-falling-below-4-.html

The average rate for a 30-year fixed loan dropped to 3.94 percent in the week ended today from 4.01 percent, Freddie Mac said in a statement. That’s the lowest in the McLean, Virginia- based company’s records dating back to 1971. The average 15-year rate declined to 3.26 percent from 3.28 percent last week.

 

[purbeast0]

i literally locked in my rate about 20 minutes ago.

we're first time home buyers putting 5% down and we locked in at 4.75% on a conventional loan. when we did our preapproval it was at 4.875% so it dropped a little bit since then. there is this "freedom lock" promotion going on right now with the company so we can lock it in again for free at any time before now and closing if it drops again.

where do you all recommend i check to keep track of rates? i was just doing some google searching, but i am not finding any specific place that will just show a history of the rates and one that i can check daily to see what happens to them.

 

[Cal166]

WoW, that's just amazing! Should had waited a little longer.

 

[JTsyo]

We locked in our rate about a month ago but still don't have a closing date since they are too busy.

 

[Cal166]

We locked in our rate about a month ago but still don't have a closing date since they are too busy.

New or Refi?

Started my process a month ago, just called me agent and said I can close anytime.

 

[Saint Nick]

So it's still a good time to buy, huh? Are these rates always fixed? I know jack shit about buying a home.

 

[Cal166]

So it's still a good time to buy, huh? Are these rates always fixed? I know jack shit about buying a home.

If you have a good down payment, it's a good time to buy. The rates changes everyday.

 

[JTsyo]

New or Refi?

Started my process a month ago, just called me agent and said I can close anytime.

It's for a refinance. Going from 30yr @ 4.875% to 15 year @ 3.625%. :thumbsup:

 

[sunzt]

i got a new 30yr fixed @ 4.375 in mid august before market dropped. Maybe I can refi.....

 

[bucwylde23]

I wish I could refinance.. I've tried 2 banks and they tell me I don't have enough equity to do it. Sucks.
I bought my house with no down payment - 2 mortages. This was back in 2006 when the market was still pretty high.

 

[ThePresence]

Just got a 30 yr @ 3.75%. Special first time homebuyer program, but still.

 

[Mike Gayner]

American loans are crazy cheap. BTW, are Americans aware what a bizarre concept a 30 year fixed loan is for the rest of the world?

 

[ThePresence]

American loans are crazy cheap. BTW, are Americans aware what a bizarre concept a 30 year fixed loan is for the rest of the world?

In England: The standard mortgage term in the UK is 25 years. Some lenders are prepared to make advances over longer periods, up to 30 and in rare cases even 50 years while you may always negotiate a shorter term yourself.

 

[Ninjahedge]

Rumor has it (Zillow?) that rates have been found as low as 3.5% for 30 and 3% for 15....


I think I am at 4.35% now.

I just get pissed at financial companies charging $K to refinance when most of it is either paperwork or electronic. Since when does it cost a % of the funds being refinanced to do the same amount of work?

 

[Cal166]

Rumor has it (Zillow?) that rates have been found as low as 3.5% for 30 and 3% for 15....


I think I am at 4.35% now.

I just get pissed at financial companies charging $K to refinance when most of it is either paperwork or electronic. Since when does it cost a % of the funds being refinanced to do the same amount of work?

I don't mind much about the 1% charge but why the hell do I need to go thru the whole process again when I'm refinancing with the same lender. Take my $ and take 10 seconds to edit from 5% to 4.25%.

 

[Blackjack200]

It's for a refinance. Going from 30yr @ 4.875% to 15 year @ 3.625%. :thumbsup:

Trying to refi now; if I can do it I would go from a 30 year to a 15 year mortgage for the same monthly payment. It would almost cut my interest rate in half.

 

[airdata]

it's crazy...

My parents bought their first house that they still live in in 1988 for around $85k @ 13% interest. So they were paying around $2k I think for mortgage... which is ridiculous by todays standards.

What sucks about all of this is that I'm a couple years into a 30y @ 5%... if I had the money right now to refinance, I could convert to a 15y and payments would probably be less than what I pay now.

 

[Mike Gayner]

In England: The standard mortgage term in the UK is 25 years. Some lenders are prepared to make advances over longer periods, up to 30 and in rare cases even 50 years while you may always negotiate a shorter term yourself.

I'm not talking about the term of the mortgage. My own mortgage is 20 years but we could have asked for 30. I'm talking about the long fixed period. Typically here in NZ loans are fixed for 2 - 5 years, or simply floating. My mortgage is half fixed for four years at 6.5% and half floating at 5.5%.

A quick google search shows that uk mortgages are more like nz than US. fixed for a few years at a time. That's because we dont have The government essentially subsidizing risk on home loans.

 

[Mike Gayner]

Rumor has it (Zillow?) that rates have been found as low as 3.5% for 30 and 3% for 15....


I think I am at 4.35% now.

I just get pissed at financial companies charging $K to refinance when most of it is either paperwork or electronic. Since when does it cost a % of the funds being refinanced to do the same amount of work?

You don't know know a base price adjustment wokrks do you? There most certainly is a cost involved in the bank refinancing your loan.

 

[spidey07]

I don't mind much about the 1% charge but why the hell do I need to go thru the whole process again when I'm refinancing with the same lender. Take my $ and take 10 seconds to edit from 5% to 4.25%.

You're getting a new loan on property. There's a whole ton of laws, regulations and legal stuff involved. We've got a place that will do a 250 dollar flat fee re-fi. They are not adding any costs onto the loan, it's a flat fee.

 

[Tweak155]

I've been debating buying a house. I have a decent chunk of change for a down payment, but I'm torn on having freedom of moving (which I hate doing) or knowing I'm picking my spot for at least 5 years. I guess at least with a house I'm building equity, but right now it is hard to beat my monthly expenses, so it just encourages me to keep saving to put more down.

But at <4&#37; it is like I could come close to losing money on inflation. Decisions decisions.

 

[Ninjahedge]

it's crazy...

My parents bought their first house that they still live in in 1988 for around $85k @ 13% interest. So they were paying around $2k I think for mortgage... which is ridiculous by todays standards.

What sucks about all of this is that I'm a couple years into a 30y @ 5%... if I had the money right now to refinance, I could convert to a 15y and payments would probably be less than what I pay now.

You may want to see if you can take a loan out against your 401K.....

You have to pay it back, but if you refinance for a larger amount, you could pay back your 401K and eventually break even because of the lower rate.

YMMV.

 

[AMDZen]

Whats the best place to go to find out what interest rates are at? Was told they are still trending down but want a reliable source to confirm

 

[Wyndru]

Whats the best place to go to find out what interest rates are at? Was told they are still trending down but want a reliable source to confirm

Lately I just check this site, http://www.bankrate.com/national-mortgage-rates/

It has a listing of different banks current rates based on zip code.

A couple of years ago I had a really good site that had historical data with graphs, trends and projections but I lost the link.

 

[AMDZen]

Lately I just check this site, http://www.bankrate.com/national-mortgage-rates/

It has a listing of different banks current rates based on zip code.

A couple of years ago I had a really good site that had historical data with graphs, trends and projections but I lost the link.

Thanks for the link. Was hoping more for the link you lost, just with current data

Maybe someone else?