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Mortgage Rates

Man...last summer we closed at 4.325% and even though it stayed low all last year I don't know anyone who closed lower. I saw today it's 4.15%? I am jealous ;-)
 
We just refinanced like a year or two ago at 4.75, I've been tempted to jump down to a 15yr.
 
At the risk of committing a humble brag, I locked a 30 year mortgage at 4.125 with no points, plus a lender contribution to closing costs. (This included a lender credit for some other business we do with the bank). Hope some other folks can make hay while the sun shines. I have said it before (including when rates were at 4.75), but I can't imagine the rates getting much lower.

http://www.charlotteobserver.com/2011/08/18/2536277/rate-on-30-year-mortgage-falls.html
 
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I would love to refinance if I am staying in my current house, but I can't. I went independent last year, so I don't have two years of tax returns while being "self-employed." Oh well...
 
Cost/benefit - how long will it take for the monthly savings to catch up to the transaction costs?

For a simple answer, and IMHO, if you can drop more than a half a point (and depending on the size of your loan, costs and how long you will be in the house), it probably makes sense to at least consider your options. If you are above 5% and can get below something like 4.2% w/o points, you should almost certainly consider your options.
 
Went from 6.5 to below 4 earlier this year. Cut more than $300/mo off our payment.
 
i went from 6.625 to 4.25 last year. keeping the same payment changed the ammo from 23 years to 15 years.
 
Looking for some math magician to help me.
I refinanced in 2003 (for 30 years) at 5.25% for $170,000.00.
Since then I've done 2 loan recasts to bring my principle and payment down.
I've got $60,000.00 of principle left and paying no PMI.
My current $640.00/ month payment is broken out:
$122 principle.
$267 interest.
$250 escrow.
If I refinanced I would not want to do more than 15 years. With only $60k in principle would I be better refinancing or just trying to pay some extra each month?
 
Went from 30 year @ 6.4 to 15 yr at 4.125 last year.

Basically, my payment went up $87 and my house will be paid off before my first kid gets to college.
 
The Pit:

Where every dude is 6+ feet tall, has their McMansion paid off in 7 years, is married to a supermodel and has a 9" cawk.
 
GoDeacsGo said:
Looking for some math magician to help me.
I refinanced in 2003 (for 30 years) at 5.25% for $170,000.00.
Since then I've done 2 loan recasts to bring my principle and payment down.
I've got $60,000.00 of principle left and paying no PMI.
My current $640.00/ month payment is broken out:
$122 principle.
$267 interest.
$250 escrow.
If I refinanced I would not want to do more than 15 years. With only $60k in principle would I be better refinancing or just trying to pay some extra each month?
Click to expand...

Refinancing to a 15 yr loan @ 3.25% and your principle payment will equal $259 and the interest will be $126 and your payment would be about the same. Todays' rates showed the buyer receiving a credit of 1% for the selected rate and a 1.5% Origination Charge.
 
And by now, the original poster clearly means "anytime between now and mid 2013 at the earliest."
 
Would appreciate some advice here... I purchased ~ 2 yrs ago and got a rate of 4.875 on a 30yr mortgage. Trying to determine if it is worth it to refinance to get down to 4.25. Current mortgage is with Wells Fargo. Really don't want to put ANY money on the table to refinance. Is it possible to have ALL of the refinance costs rolled into the new mortgage? Smart to do it that way or not? Who would you recommend talking to (as far as lenders) as a potential company to go with. Any advantage to stay with Wells Fargo vs moving it elsewhere?
 
We're within a week of closing on 3.75.
 
Your goal is realistic depending on credit score, equity, etc. I would try talking to some other banks, as well. I am using Fifth Third for my re-fi. A good mortgage banker will be able to work out the numbers for you to show you if it makes sense.

Wake95 said:
Would appreciate some advice here... I purchased ~ 2 yrs ago and got a rate of 4.875 on a 30yr mortgage. Trying to determine if it is worth it to refinance to get down to 4.25. Current mortgage is with Wells Fargo. Really don't want to put ANY money on the table to refinance. Is it possible to have ALL of the refinance costs rolled into the new mortgage? Smart to do it that way or not? Who would you recommend talking to (as far as lenders) as a potential company to go with. Any advantage to stay with Wells Fargo vs moving it elsewhere?
Click to expand...
 
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