Mortgage Rates continue to drop!!!

Discussion in 'Budget Board' started by robb01, Dec 17, 2008.

  1. robb01

    robb01 Mouseketeer

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    Ive been reading on other forums that people are getting new 30 yrs for under 5% now, and being able to re-fi at under 5% as well. This is getting quite awesome. :cool1: :cool1: :cool1: :cool1:
     
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  3. smiller

    smiller DIS Veteran

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    I'm seriously considering a refi. My ARM is up next August, so I'd like to get a headstart on that.

    I'm at 5% right now, and the way it's figured (considering current rates), I'd be at about 5.01% come August. Not too shabby, but not really a risk I want to take.

    I'd love to lock in at lower than 5%! :thumbsup2
     
  4. CarolA

    CarolA <a href="http://www.wdwinfo.com/dis-sponsor/index.

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    I am hoping for lower.... My ARM is at 5.25% Right now it's a "toss up" I was never worried about the reset. It was a reasonable ARM with a cap etc plus even at max the payments weren't an issue. I just thought that I would not stay here for five years. Now... I am not willing to take the loss LOL!
     
  5. punkin

    punkin <font color=purple>Went through pain just to look

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    I have an ARM that is not due to reset for another 4 years, and I am tempted to get into a 30 or 20 yr. fixed; just waiting for the rates to go down to 4.5%. ;)
     
  6. madge

    madge ... is soaking in it

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    ditto.

    Punkin - I know you & I have talked about the Penfed 5/5 before. I'm watching that rate, too. I'm glad I procrastinated doing our refi - the rates are so much better than they were even 3 months ago!
     
  7. kydisneyfans

    kydisneyfans <font color=blue>It may be because they are too em

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    Same here, I have a 5 3/8 ARM the resets in 2012, I'll start shopping at 4.75, but will look harder at 4.5.
     
  8. punkin

    punkin <font color=purple>Went through pain just to look

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    Yes, Madge. You made the right decision, but 3 months ago no one could have predicted this huge drop. Well, at least I couldn't.
     
  9. chemysterygal

    chemysterygal Mouseketeer

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    I'm sorely tempted to refi our 30 year bi-weekly (actually 24 year) mortgage to a 15 year biweekly as we'd be saving more than 1% on the rate! I can't believe how low these rates are!!
     
  10. esulerzy

    esulerzy Mouseketeer

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    I just refinanced from a 30 year to a 15 year at 5.125% - lower payment but if I still pay the same amount I was paying, it will be done in 10 years! :cool1:
     
  11. lenshanem

    lenshanem <a href="http://www.wdwinfo.com/dis-sponsor/" targ

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    I dunno what to do! We were locked at 5.625 and were supposed to close yesterday. We postponed the closing and they renegotiated for us and came back with 5.25. We've actually renegotiated five times. They want to close before Christmas. I was told the rates dropped this morning, then went back up around 11:00 AM. Anyone know??? DH is not answering his cell! :confused3
     
  12. mom2aiden

    mom2aiden Mouseketeer

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    The rates did drop this morning. We had an offer of 5% yesterday, and it dropped to 4.875 this morning. It's been volatile today though. Oh, and this is for a refi.
     
  13. minnie1928

    minnie1928 WDW addict

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    Can everyone post what rate they're being quoted and from whom? I'm looking at Wells Fargo, but I'd like to look at others that might be worthwhile.
     
  14. chemysterygal

    chemysterygal Mouseketeer

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    For a 15 year bi-weekly, 4.625% as of this afternoon. The 30 year bi-weekly was more...about 5.25 I think. HTH!
     
  15. pixiewings71

    pixiewings71 <marquee><font color=deeppink>Sweet!!! Totally!!!!

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    This is us, and we are tempted as well. Our big worry tho, our home is not worth what we owe so we don't think anyone will actually refi us. We have GREAT credit (almost 800) but we also have cc debt and a car loan that we wanted to pay off before trying to refi. Does anyone have thoughts on that? Should we even try to contact a lender?
     
  16. lisaluvsmickey2000

    lisaluvsmickey2000 Mouseketeer

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    We're trying to get re-fi'd too! We have an ARM with bad, bad terms. We're currently over 12% on our loan and are locked in at 5.5% I'm happy with that, but since it's dropped again and they haven't finished it I'm hoping we'll grab an even lower rate!
     
  17. Kay1

    Kay1 <font color=red>Check out Ricki's hidden Mickey!<b

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    I agree. It would be really helpful if people would name companies.
     
  18. kandemom

    kandemom Mouseketeer

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    Thanks so much for this, we actually have a FHA loan and I heard you can refi at a lower rate without having to pay any closing costs. Im calling my DH now:cool1:
     
  19. seeking pixie dust

    seeking pixie dust Mouseketeer

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    I'm trying to decide, too. We can get 5.125 today @ Chase (we're at 6.5). Will they drop lower...that is the question. They say we don't have to pay closing...but remember "there are no free lunches". You still have to pay Title, etc...so saying you aren't paying closing costs isn't really being honest.
     
  20. duketennisgal

    duketennisgal DIS Veteran

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    I'm wandering what things are going to look like a year from now. I'll be looking to buy my first house in a year, I wish I could do it now with the way the housing market is, there are some great deals out there.
     
  21. minnie1928

    minnie1928 WDW addict

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    I just spoke w/ Wells Fargo. They quoted the following:

    30yr Fixed Rate

    5.00% (with .5 point)
    4.75% (with 1 point)

    The only upfront cost would be $495 for the appraisal fee. All other fees could be rolled into the mortgage (if need be) if you have at least 20% equity in the house.
     

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