Mortgage Rates continue to drop!!!

[robb01]

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.

 

[smiller]

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%!

 

[CarolA]

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!

 

[punkin]

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%.

 

[madge]

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%.

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!

 

[kydisneyfans]

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.

 

[punkin]

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.

 

[chemysterygal]

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!!

 

[esulerzy]

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!

 

[lenshanem]

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!

 

[mom2aiden]

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.

 

[minnie1928]

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.

 

[chemysterygal]

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!

 

[pixiewings71]

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%.

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?

 

[lisaluvsmickey2000]

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!

 

[Kay1]

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.

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

 

[kandemom]

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

 

[seeking pixie dust]

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.

 

[duketennisgal]

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.

 

[minnie1928]

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.