Refinancing -- Rates Seem To Be Going Down Again

[momtosam]

I just checked with two lenders I've been watching and they've both gone down to 4.85% tonight. Now I"m wondering how low it will go and how long to wait. Anyone locking in now or still waiting?? It's like being in Vegas.

 

[minnie1928]

I just locked about 10 minutes ago. I got 5% with no points on a high balance conforming mortgage, which usually track a little higher than a traditional 30yr fixed rate conforming mortgage. My rep at Wells Fargo said that they have never gone below 5% on this product, so I figured why risk it going back up?

That saves me $281/month!!

 

[momsavealot]

Which two lenders? I saw that Wells Fargo was down to 5.0 w/ one point today. I 'm hoping for 4.5 with one point but you know, "pigs get slaughtered" so maybe I should lock in now.

 

[minnie1928]

Which two lenders? I saw that Wells Fargo was down to 5.0 w/ one point today. I 'm hoping for 4.5 with one point but you know, "pigs get slaughtered" so maybe I should lock in now.

They dropped again, they are now at 4.875

 

[hiddenj]

I am closing this week on a 30yr fixed at 4.75%.

 

[alexandmaddie]

Is this for a 30 year? We'd like to refinance, but we're currently at 5.5%. We're having a really hard time finding a rate that will make it worth it.

 

[momtosam]

Wells is at 4.85 for a 30 year. The other lender was my local bank.

 

[T. Lynn]

Is this for a 30 year? We'd like to refinance, but we're currently at 5.5%. We're having a really hard time finding a rate that will make it worth it.

Same here...we are at 5.625% on a 15 year loan. Actually, we have only 9 1/2 years left so I don't think we will be changing anything.

 

[DawnM]

We are at 5.37% right now for a 30 year fixed. I want 4.5% with no points and very little closing!

Dawn

Is this for a 30 year? We'd like to refinance, but we're currently at 5.5%. We're having a really hard time finding a rate that will make it worth it.

 

[alexandmaddie]

We are at 5.37% right now for a 30 year fixed. I want 4.5% with no points and very little closing!

Dawn

That would make me so happy! We've checked with 3 different lenders. The lowest amount we've been quoted for closing costs was $3500 (with our credit union), the highest was $6000 (with our current lender).

 

[minnie1928]

That would make me so happy! We've checked with 3 different lenders. The lowest amount we've been quoted for closing costs was $3500 (with our credit union), the highest was $6000 (with our current lender).

Will your current lender consider modifying your loan? Sometimes they'll do that if you pay a fee, but then you avoid the typical settlement costs ($$$).

 

[alexandmaddie]

Will your current lender consider modifying your loan? Sometimes they'll do that if you pay a fee, but then you avoid the typical settlement costs ($$$).

I'm not sure? Our current lender is Countrywide When we talked to the loan officer at the credit union, she said if we were to refinance to a 15 year at 4.65%, we would only be saving $96 a month. We have 20 years left to pay on our mortgage right now. We have very good credit and owe 196k on our house that is worth about $350k. She suggested just paying an extra $242/month on our mortgage and if we did that we would end up in roughly the same place. So I am slightly confused about the entire situation.

 

[DawnM]

Oh my, that wouldn't be worth it for us.....we plan on moving in a couple of years if we can. We wouldn't even break even I don't think.

Dawn

That would make me so happy! We've checked with 3 different lenders. The lowest amount we've been quoted for closing costs was $3500 (with our credit union), the highest was $6000 (with our current lender).

 

[madge]

Will your current lender consider modifying your loan? Sometimes they'll do that if you pay a fee, but then you avoid the typical settlement costs ($$$).

I wish I could get a returned call or email from my current lender.

 

[StephMK]

I'm not sure? Our current lender is Countrywide When we talked to the loan officer at the credit union, she said if we were to refinance to a 15 year at 4.65%, we would only be saving $96 a month. We have 20 years left to pay on our mortgage right now. We have very good credit and owe 196k on our house that is worth about $350k. She suggested just paying an extra $242/month on our mortgage and if we did that we would end up in roughly the same place. So I am slightly confused about the entire situation.

We have Countrywide too & I am so hoping to re-fi & change. I haven't actually had trouble w/the loan service but the constant mailings & phone calls are annoying. Then when I do bite & say go ahead & check, they could never do any better. So take me off your mailings already.

Now that rates are low, I think they are trying to sell cash out re-fis mainly. I had one woman on the line try to sell me an FHA 95% cash out w/$6K closing from what I figured from her generalized figures.

I just want a straight rate drop, no cash out, we have roughly 20% equity w/the housing price drops. I checked again tonight asking for a straight no cash out re-fi & tonight's guy on the line quickly told me our house was valued about $10-15k less than it is "based on sales in our zip code". I know the market is bad but I know recent sales in our neighborhood too. They are down but not to that level. I just think they are looking for people they can lend more to, not drop their rates and collect less.

 

[alexandmaddie]

We have Countrywide too & I am so hoping to re-fi & change. I haven't actually had trouble w/the loan service but the constant mailings & phone calls are annoying. Then when I do bite & say go ahead & check, they could never do any better. So take me off your mailings already.

Now that rates are low, I think they are trying to sell cash out re-fis mainly. I had one woman on the line try to sell me an FHA 95% cash out w/$6K closing from what I figured from her generalized figures.

I just want a straight rate drop, no cash out, we have roughly 20% equity w/the housing price drops. I checked again tonight asking for a straight no cash out re-fi & tonight's guy on the line quickly told me our house was valued about $10-15k less than it is "based on sales in our zip code". I know the market is bad but I know recent sales in our neighborhood too. They are down but not to that level. I just think they are looking for people they can lend more to, not drop their rates and collect less.

I agree completely with your entire post! I haven't had any problems with the Countrywide's loan servicing either, but I agree, they are the biggest pests!

They told me closing costs would be $6k as well. That must be their standard line. I asked about a no-closing cost option. I was told yes, that was possible, but the interest rate would be 7.5%. Umm, I don't think so!!

We are in the same boat - I don't want to borrow anymore money, I just want to lower my interest rate.

I think for us to even consider re-financing rates will need to be down around 4%, and I can't imagine that will happen, but who knows I guess?

 

[4boys531]

I know this is a little late, but we locked in 4.5% with 1/8 of a point for a 30 year on Tues, Jan 6 with Wachovia. Closing costs are about 4k but we rolled that into the new loan amount so there is no out of pocket. Their website is great...you put in your state and loan amount and it will show all the different options. The rates also change during the day so if you are serious, you need to check a couple of times per day.

 

[tavettava]

They dropped again, they are now at 4.875

We got 3.87% with WaMu last week.

 

[tavettava]

They dropped again, they are now at 4.875

Our payment is down to below $400,

 

[lisaross]

Were pretty much in the same boat - i have a 15 year at 5.5% w/also about 9 years - i'm thinking maybe if it goes to 4.5% do a 30 year and pay it off in the 9?

lisa

Same here...we are at 5.625% on a 15 year loan. Actually, we have only 9 1/2 years left so I don't think we will be changing anything.