Mortgage Interest Rates

[Piglet]

We are thinking of refinancing and can get an interest rate of 5.99% adjustable every 5 years. Thought it was pretty good, but was just wondering from anyone else that has refinanced or just borrowed what kind of interest rates are available in your area.

We could also get something like 4.24 that is adjustable every year.

So what are your rates like????

Melinda

 

[ennazus]

We just signed (locked in last month) at 4.75%. Our lender checked the rates today and they are higher (although I'm sorry I don't recall the rates)

I'm not a banker, but the rates are extremely low & you might want to look at a fixed percentage rate.

 

[Mishetta]

Being that we got this quote last week, it's already very outdated information, but for a 30 year fixed, it was 5.75, for a 15 year fixed, it was 5.25%. We may go for the 15 year. Hope we can swing it!

 

[Meriweather]

Yep...we're signing tomorrow for the 15 year fixed at 5.25%.

That drops our payments $75/mo. on a 30 year.........we will keep paying the same and pay off faster (at least that's the plan )

 

[Fizban257]

We closed in March, refinanced with a 30-year ARM that adjusts every 3 years with a 5% flat rate for the first period. We plan on moving before then, so we have no worries about what the rate might do after the first adjustment. We took out some equity to pay off other bills, and are pocketing the monthly mortgage savings for the down payment when we move.

 

[MrsMud]

Being that mortgage rates are still very low and are not expected to stay that way for the long term, I would look into a fixed rate rather than an adjustable. JMHO. We refinanced a few months ago at 6.05% for a 15 year, and of course the rates went down after that. Oh, well. You win some, you lose some!

 

[beattyfamily]

Just refinanced to 5.25% fixed 30 year...

 

[dandave]

We locked about two weeks ago at 5.875% for a 30 year fixed, no points, no origination fees. I'm happy with that.
It could have gotten better, but it could have gotten worse. Locking onto a rate is nerve wracking.

 

[RUDisney]

Piglet, have you asked your lender about a loan modification? That's where they modify the rate on your existing loan, for a fee. The fee is usually less than the refi costs that include appraisals and title insurance.

I agree with the others, a fixed rate is your best bet in this economy if you're planning to stay put for longer than 5 years.

 

[elgerber]

5.99% for an adjustable rate is very high!! You should be able to get a 30 year fixed for that or less.

Erika

 

[dandave]

I should add that mine is for a new mortgage, not a refinance. I'm not sure if that makes a difference. I've never refinanced.

 

[NancyIL]

We refinanced in Feb. with our current lender at 5.125% for a 15-year fixed-rate mortgage with no points or closing costs.