30 year mortgage under 3%

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
RobLyons
Posts: 895
Joined: Tue Oct 31, 2017 12:55 pm

Re: 30 year mortgage under 3%

Post by RobLyons »

jmann2380 wrote: Mon Mar 02, 2020 12:59 pm 1.5 years into a 30yr @ 4.44%. Just locked a 15yr @ 2.625% with negative points bringing the closing costs down to ~$800. Craziness. Lenderfi was the company and they handily beat AimLoan and significantly crushed my local banks I have relationships with.

Wow! So what was the total expenses for the refi ?
"Great parenting sets the foundation for a better world"
wootwoot
Posts: 598
Joined: Tue Jan 27, 2009 7:37 pm

Re: 30 year mortgage under 3%

Post by wootwoot »

Lenderfi back up to 3.25% for a no cost refi as of tonight. I've seen it sitting at 3.125 the last few days. Waiting and watching.
Wings5
Posts: 189
Joined: Sun Nov 16, 2014 5:17 pm

Re: 30 year mortgage under 3%

Post by Wings5 »

For those who've never used an online bank, how much of a hassle is the paperwork and lack of a brick and mortar office? Where did you physically close on the refi?

These rates look very attractive for sure.
“Ronald James Read was an American philanthropist, investor, janitor, and gas station attendant.”
manatee2005
Posts: 1613
Joined: Wed Dec 18, 2019 9:17 pm

Re: 30 year mortgage under 3%

Post by manatee2005 »

Wings5 wrote: Thu Mar 05, 2020 2:20 am For those who've never used an online bank, how much of a hassle is the paperwork and lack of a brick and mortar office? Where did you physically close on the refi?

These rates look very attractive for sure.
You upload all the documents to a website. Notary comes to your house. I've never done a refi at a physical brick and mortar office.
wilked
Posts: 1890
Joined: Thu Mar 24, 2011 1:50 pm

Re: 30 year mortgage under 3%

Post by wilked »

regularguy455 wrote: Wed Mar 04, 2020 8:30 pm
manatee2005 wrote: Wed Mar 04, 2020 8:20 pm It’s amazing to me that it’s 2020 and only lenderfi is able to give good quotes without having to talk to anyone.
I would think this would have been commoditized long time ago.
American Federal Mortgage has been great. All contact through email. Very user friendly application and documentation process. The only downer is they require a $750 lock fee that is reimbursed at closing. I guess this is to prevent people from getting cold feet.
Agreed, I’ve been very happy with them
Count of Notre Dame
Posts: 267
Joined: Fri Oct 11, 2013 1:08 pm

Re: 30 year mortgage under 3%

Post by Count of Notre Dame »

Per my friend who is a mortgage broker:

"The rates aren't moving after the Fed cut. Seems the banks are in cahoots and not moving the rates with the bond. Instead they are just making big margins...."
FiscallyResponsible
Posts: 93
Joined: Mon Feb 22, 2016 9:02 pm

Re: 30 year mortgage under 3%

Post by FiscallyResponsible »

I just locked in 2.99% for a 30 year fixed. I used one of the lenders through Costco. When I talked to the mortgage broker on the phone, she gave me a better rate than the listed 3.25% that costco's website told me. Closing costs (not related to escrow) are around 1800, but I expect 530 of that to go away (appraisal waived).

The crazy thing is, I think I could have done a little better with some more shopping around. I have heard a few people down at 2.875 or even 2.7 for a 30 year. This doesn't make up for the loss of full SALT deduction, but it's a start!
Count of Notre Dame
Posts: 267
Joined: Fri Oct 11, 2013 1:08 pm

Re: 30 year mortgage under 3%

Post by Count of Notre Dame »

FiscallyResponsible wrote: Thu Mar 05, 2020 12:42 pm I just locked in 2.99% for a 30 year fixed. I used one of the lenders through Costco. When I talked to the mortgage broker on the phone, she gave me a better rate than the listed 3.25% that costco's website told me. Closing costs (not related to escrow) are around 1800, but I expect 530 of that to go away (appraisal waived).

The crazy thing is, I think I could have done a little better with some more shopping around. I have heard a few people down at 2.875 or even 2.7 for a 30 year. This doesn't make up for the loss of full SALT deduction, but it's a start!
What is your credit score, LTV and jumbo status?
FiscallyResponsible
Posts: 93
Joined: Mon Feb 22, 2016 9:02 pm

Re: 30 year mortgage under 3%

Post by FiscallyResponsible »

Count of Notre Dame wrote: Thu Mar 05, 2020 12:49 pm
FiscallyResponsible wrote: Thu Mar 05, 2020 12:42 pm I just locked in 2.99% for a 30 year fixed. I used one of the lenders through Costco. When I talked to the mortgage broker on the phone, she gave me a better rate than the listed 3.25% that costco's website told me. Closing costs (not related to escrow) are around 1800, but I expect 530 of that to go away (appraisal waived).

The crazy thing is, I think I could have done a little better with some more shopping around. I have heard a few people down at 2.875 or even 2.7 for a 30 year. This doesn't make up for the loss of full SALT deduction, but it's a start!
What is your credit score, LTV and jumbo status?
Credit scores all around 800, I owe 405k on home worth ~650k.
Count of Notre Dame
Posts: 267
Joined: Fri Oct 11, 2013 1:08 pm

Re: 30 year mortgage under 3%

Post by Count of Notre Dame »

FiscallyResponsible wrote: Thu Mar 05, 2020 12:50 pm
Count of Notre Dame wrote: Thu Mar 05, 2020 12:49 pm
FiscallyResponsible wrote: Thu Mar 05, 2020 12:42 pm I just locked in 2.99% for a 30 year fixed. I used one of the lenders through Costco. When I talked to the mortgage broker on the phone, she gave me a better rate than the listed 3.25% that costco's website told me. Closing costs (not related to escrow) are around 1800, but I expect 530 of that to go away (appraisal waived).

The crazy thing is, I think I could have done a little better with some more shopping around. I have heard a few people down at 2.875 or even 2.7 for a 30 year. This doesn't make up for the loss of full SALT deduction, but it's a start!
What is your credit score, LTV and jumbo status?
Credit scores all around 800, I owe 405k on home worth ~650k.
Thanks for the quick reply - maybe you're getting a rate discount for a near 60 LTV?
TheOscarGuy
Posts: 1132
Joined: Sat Oct 06, 2012 1:10 pm
Location: Where I wanna be.

Re: 30 year mortgage under 3%

Post by TheOscarGuy »

wootwoot wrote: Thu Mar 05, 2020 1:49 am Lenderfi back up to 3.25% for a no cost refi as of tonight. I've seen it sitting at 3.125 the last few days. Waiting and watching.
Thats my experience as well. Too bad I didnt bite the bullet yesterday morning.
FiscallyResponsible
Posts: 93
Joined: Mon Feb 22, 2016 9:02 pm

Re: 30 year mortgage under 3%

Post by FiscallyResponsible »

Count of Notre Dame wrote: Thu Mar 05, 2020 12:52 pm
FiscallyResponsible wrote: Thu Mar 05, 2020 12:50 pm
Count of Notre Dame wrote: Thu Mar 05, 2020 12:49 pm
FiscallyResponsible wrote: Thu Mar 05, 2020 12:42 pm I just locked in 2.99% for a 30 year fixed. I used one of the lenders through Costco. When I talked to the mortgage broker on the phone, she gave me a better rate than the listed 3.25% that costco's website told me. Closing costs (not related to escrow) are around 1800, but I expect 530 of that to go away (appraisal waived).

The crazy thing is, I think I could have done a little better with some more shopping around. I have heard a few people down at 2.875 or even 2.7 for a 30 year. This doesn't make up for the loss of full SALT deduction, but it's a start!
What is your credit score, LTV and jumbo status?
Credit scores all around 800, I owe 405k on home worth ~650k.
Thanks for the quick reply - maybe you're getting a rate discount for a near 60 LTV?
LTV > 75% I know helps quite a bit. The larger mortgage values (while still conforming) are a sweet spot for cheap mortgages. It's definately worth talking to a few brokers. If I had to do it again, I would probably ping 3 or 4 of the costco backed lenders to find the minimum. The woman I am working through with First Choice Mortgage has been great though.
autolycus
Posts: 269
Joined: Thu Jul 31, 2014 3:01 pm

Re: 30 year mortgage under 3%

Post by autolycus »

manatee2005 wrote: Thu Mar 05, 2020 3:36 am
Wings5 wrote: Thu Mar 05, 2020 2:20 am For those who've never used an online bank, how much of a hassle is the paperwork and lack of a brick and mortar office? Where did you physically close on the refi?

These rates look very attractive for sure.
You upload all the documents to a website. Notary comes to your house. I've never done a refi at a physical brick and mortar office.
This process will vary a bit from state to state. Georgia, for instance, requires an attorney do the closing, so in Georgia it will be a contract attorney who comes to your house. From the borrower's practical purposes, there's no real difference in that vs. what you described, but other states may be different still.
nic3456
Posts: 66
Joined: Fri Dec 19, 2008 10:42 am

Re: 30 year mortgage under 3%

Post by nic3456 »

Is anyone aware of lenders that don’t have a big rate jump for doing a cash out refi? It’s annoying how 65% LTV gets the best rate but then a 70% LTV from taking cash out has a big Jump ( when a 70% LTV non cash refi would get the same rate as the 65% LTV )
downtownrb
Posts: 16
Joined: Tue Oct 25, 2016 12:13 pm

Re: 30 year mortgage under 3%

Post by downtownrb »

nic3456 wrote: Thu Mar 05, 2020 4:09 pm Is anyone aware of lenders that don’t have a big rate jump for doing a cash out refi? It’s annoying how 65% LTV gets the best rate but then a 70% LTV from taking cash out has a big Jump ( when a 70% LTV non cash refi would get the same rate as the 65% LTV )
I think I paid .125 points for cash out with Bank of America. 15 year @ 2.875 - August 2019. $350k loan on a $520k appraisal. From what I recall, they would allow me to go up to $390k (75 %) at that same rate and cash out points.
PJHawk
Posts: 2
Joined: Fri Nov 08, 2019 8:47 am

Re: 30 year mortgage under 3%

Post by PJHawk »

14 months into 15 Year Jumbo at 4%. Refi-ed at Navy Federal Credit Union at 2.75%, zero Origination costs, zero Points, 60 day downside re-lock up to .25%
User avatar
NRI
Posts: 22
Joined: Mon Aug 24, 2015 6:31 pm

Re: 30 year mortgage under 3%

Post by NRI »

I locked a 30 year fixed refinance through LenderFi today at 3.00% with 0 cost and closing fees covered. Unreal.

I live in SoCal, great credit and LTV for what it's worth.
User avatar
unclescrooge
Posts: 5526
Joined: Thu Jun 07, 2012 7:00 pm

Re: 30 year mortgage under 3%

Post by unclescrooge »

Wings5 wrote: Thu Mar 05, 2020 2:20 am For those who've never used an online bank, how much of a hassle is the paperwork and lack of a brick and mortar office? Where did you physically close on the refi?

These rates look very attractive for sure.
I locked rates on Tuesday. Uploaded all documents the next day. Now a notary will come to me house at a time of my choosing to sign docs. They close escrow. The end.
User avatar
nps
Posts: 1058
Joined: Thu Dec 04, 2014 10:18 am

Re: 30 year mortgage under 3%

Post by nps »

PJHawk wrote: Thu Mar 05, 2020 5:12 pm 14 months into 15 Year Jumbo at 4%. Refi-ed at Navy Federal Credit Union at 2.75%, zero Origination costs, zero Points, 60 day downside re-lock up to .25%
Did you pay a higher rate to get origination fee waived? That's what their website usually says.
manatee2005
Posts: 1613
Joined: Wed Dec 18, 2019 9:17 pm

Re: 30 year mortgage under 3%

Post by manatee2005 »

10 year bond is 0.83 and probability of another 0.5 bps cut in 2 weeks is 90%. I think mortgages will go even lower.
Eric76
Posts: 193
Joined: Fri Nov 07, 2014 4:02 am

Re: 30 year mortgage under 3%

Post by Eric76 »

I'm in Florida and the rates on lenderfi have somehow been going up in the past week even as the 10 year plummeted. Last week I could get 3.25 30 year with no closing costs, and now I would have some closing costs at 3.375. Makes no sense to me.
fanmail
Posts: 423
Joined: Thu Sep 20, 2012 5:54 pm

Re: 30 year mortgage under 3%

Post by fanmail »

manatee2005 wrote: Thu Mar 05, 2020 10:06 pm 10 year bond is 0.83 and probability of another 0.5 bps cut in 2 weeks is 90%. I think mortgages will go even lower.
I think you are right. Refi in a few weeks maybe.
Nappyloxs
Posts: 23
Joined: Tue Feb 28, 2017 1:06 am

Re: 30 year mortgage under 3%

Post by Nappyloxs »

I am wondering if I should refinance now or wait a month?

I have a 3.75 on primary residence from 2017. I am selling my rental and due to close at end of month if all goes well. I wonder if it will help to get that mortgage of my CR or the passive income would help. I think it might be a wash either way. I could pay off car and small cc debt if needed and raise credit score a bit more, but then I would be looking at May before it reflects on CR.

I plan to do a cash out refi to remodel. I could use profits from rental but I have some other plans for that money and rather take low interest for remodel. Wife wants to do a 15 year, so I will have to run some numbers. I am just wondering if I should start looking now or wait until I close on my rental.


Fyi, I am selling rental because of 2/5 rule and I believe I have maxed out the profits at this point. I really see a decline in home prices in 2021. Looking at Zillow, I noticed more pre-foreclosure in the area than in years. Also, I was looking at purchasing rentals in my hometown and noticed ridiculous prices I have never seen before. Some houses that were going for $150k a few years ago and $200k last year are now going for $450k today because they are remodeled. This is in midwest city where I was living right before 2008 recession and saw the overpriced market there from 2006-2007. I am making 6-figure profit tax-free selling the rental, so it seems like win-win as I can always buy another rental or two now.
manatee2005
Posts: 1613
Joined: Wed Dec 18, 2019 9:17 pm

Re: 30 year mortgage under 3%

Post by manatee2005 »

Eric76 wrote: Thu Mar 05, 2020 11:01 pm I'm in Florida and the rates on lenderfi have somehow been going up in the past week even as the 10 year plummeted. Last week I could get 3.25 30 year with no closing costs, and now I would have some closing costs at 3.375. Makes no sense to me.
Let me make sense of it for you. They are getting swamped with calls and can't handle the volume. So they are increasing the price to slow down the demand.
Eric76
Posts: 193
Joined: Fri Nov 07, 2014 4:02 am

Re: 30 year mortgage under 3%

Post by Eric76 »

manatee2005 wrote: Fri Mar 06, 2020 12:52 am
Eric76 wrote: Thu Mar 05, 2020 11:01 pm I'm in Florida and the rates on lenderfi have somehow been going up in the past week even as the 10 year plummeted. Last week I could get 3.25 30 year with no closing costs, and now I would have some closing costs at 3.375. Makes no sense to me.
Let me make sense of it for you. They are getting swamped with calls and can't handle the volume. So they are increasing the price to slow down the demand.
That's logical.
PJHawk
Posts: 2
Joined: Fri Nov 08, 2019 8:47 am

Re: 30 year mortgage under 3%

Post by PJHawk »

nps wrote: Thu Mar 05, 2020 7:29 pm
PJHawk wrote: Thu Mar 05, 2020 5:12 pm 14 months into 15 Year Jumbo at 4%. Refi-ed at Navy Federal Credit Union at 2.75%, zero Origination costs, zero Points, 60 day downside re-lock up to .25%
Did you pay a higher rate to get origination fee waived? That's what their website usually says.
Origination was stated 0 by the loan officer. I think it was based on credit score. I could have paid points for lower rate.
User avatar
Ramjet
Posts: 701
Joined: Thu Feb 06, 2020 11:45 am
Location: Cleveland

Re: 30 year mortgage under 3%

Post by Ramjet »

Eric76 wrote: Fri Mar 06, 2020 6:20 am
manatee2005 wrote: Fri Mar 06, 2020 12:52 am
Eric76 wrote: Thu Mar 05, 2020 11:01 pm I'm in Florida and the rates on lenderfi have somehow been going up in the past week even as the 10 year plummeted. Last week I could get 3.25 30 year with no closing costs, and now I would have some closing costs at 3.375. Makes no sense to me.
Let me make sense of it for you. They are getting swamped with calls and can't handle the volume. So they are increasing the price to slow down the demand.
That's logical.
What I was thinking :?
dcw213
Posts: 203
Joined: Sun Dec 16, 2012 3:04 pm

Re: 30 year mortgage under 3%

Post by dcw213 »

I refinanced with LenderFi in early February on a tip from this forum. I believe I can now reduce my rate by another 0.375% given the recent activity. I have seen it mentioned here that LenderFi can claw back a lender credit if I pay the loan off within 6 months. I don't recall seeing those terms in any agreements nor was it presented during conversations. They did say that if rates were lower after 6 months they would do another loan for no cost.

How certain are folks that this clawback provision exists? Does anyone have experience refinancing a LenderFi loan within 6 months? How would they collect? Send me an invoice? I have not heard of such terms before for a mortgage. I know LenderFi won't do the refi but wondering if I should shop around elsewhere given the extreme rate activity. Any thoughts would be appreciated.
runswithscissors
Posts: 52
Joined: Mon Sep 23, 2019 2:25 am

Re: 30 year mortgage under 3%

Post by runswithscissors »

Although the 10 year has moved down ~40 bps since the rates hit 3.125% (30 year, 70% max LTV 0 origination pts, 800+ credit) at the local bank I was looking to refinance at, my quoted mortgage rate has not moved down at all. Normally, a 40 bps drop translates into 2+ origination pts or a rate drop of roughly 3/8%.

I called two other banks and they said the rates aren't going lower despite the free falling yields. So even if the 10 year goes to zero or negative, it seems the floor at least in my area is 3%.
kinless
Posts: 91
Joined: Sat May 15, 2010 11:54 pm
Location: Tustin, CA
Contact:

Re: 30 year mortgage under 3%

Post by kinless »

runswithscissors wrote: Fri Mar 06, 2020 9:37 am Although the 10 year has moved down ~40 bps since the rates hit 3.125% (30 year, 70% max LTV 0 origination pts, 800+ credit) at the local bank I was looking to refinance at, my quoted mortgage rate has not moved down at all. Normally, a 40 bps drop translates into 2+ origination pts or a rate drop of roughly 3/8%.

I called two other banks and they said the rates aren't going lower despite the free falling yields. So even if the 10 year goes to zero or negative, it seems the floor at least in my area is 3%.
I was about to post the same thing. It’s really aggravating that even though the 10-year T is hovering at 0.75% (as of this writing), the floor is still at 20-year @ 3.25 zero-cost for my situation and hasn’t budged all week. I’m sure if we give it time for lenders to navigate through the huge influx of applications, they’ll eventually concede their padded margins and drift down the rates, but that carries the risk of rates increasing if the market suddenly turns around, which is what they’re likely hoping for.
Eric76
Posts: 193
Joined: Fri Nov 07, 2014 4:02 am

Re: 30 year mortgage under 3%

Post by Eric76 »

kinless wrote: Fri Mar 06, 2020 11:39 am
runswithscissors wrote: Fri Mar 06, 2020 9:37 am Although the 10 year has moved down ~40 bps since the rates hit 3.125% (30 year, 70% max LTV 0 origination pts, 800+ credit) at the local bank I was looking to refinance at, my quoted mortgage rate has not moved down at all. Normally, a 40 bps drop translates into 2+ origination pts or a rate drop of roughly 3/8%.

I called two other banks and they said the rates aren't going lower despite the free falling yields. So even if the 10 year goes to zero or negative, it seems the floor at least in my area is 3%.
I was about to post the same thing. It’s really aggravating that even though the 10-year T is hovering at 0.75% (as of this writing), the floor is still at 20-year @ 3.25 zero-cost for my situation and hasn’t budged all week. I’m sure if we give it time for lenders to navigate through the huge influx of applications, they’ll eventually concede their padded margins and drift down the rates, but that carries the risk of rates increasing if the market suddenly turns around, which is what they’re likely hoping for.
I have a call in to my current lender to see what they can do for me on my 4%. If they'll knock me down to 3.375 with no closing costs and without the paperwork, I'll take it.
SurfCityBill
Posts: 547
Joined: Tue May 01, 2012 10:15 pm

Re: 30 year mortgage under 3%

Post by SurfCityBill »

As of 3/6/20 PenFed CU shows 2.75% / 2.876% APR on a 30 year conventional fixed rate mortgage.
nic3456
Posts: 66
Joined: Fri Dec 19, 2008 10:42 am

Re: 30 year mortgage under 3%

Post by nic3456 »

SurfCityBill wrote: Fri Mar 06, 2020 11:48 am As of 3/6/20 PenFed CU shows 2.75% / 2.876% APR on a 30 year conventional fixed rate mortgage.
That’s with 1.25pts plus CC
njdealguy
Posts: 175
Joined: Wed Jul 26, 2017 8:15 am

Re: 30 year mortgage under 3%

Post by njdealguy »

nic3456 wrote: Thu Mar 05, 2020 4:09 pm Is anyone aware of lenders that don’t have a big rate jump for doing a cash out refi? It’s annoying how 65% LTV gets the best rate but then a 70% LTV from taking cash out has a big Jump ( when a 70% LTV non cash refi would get the same rate as the 65% LTV )
I'm also interested in a cash out refi for as much LTV as possible without triggering high rates.

Just thought of something, with rates being so low for the near future, how about a strategy of doing a "double refinance", wherein first do a cash out refi where rates may be a bit higher. After that and perhaps after a few months, do another refi at a potentially lower rate where in that case it would be a conventional refi rather than cash out. Not sure how this would work after the second refi in terms of loan interest tax deductions as cash outs are not allowed to deduct unless used towards "home improvements" (find this rule annoying as how is it different from having cash available upfront on initial home purchase and intentionally choosing a higher loan than needed and being able to fully deduct interest then).
User avatar
batpot
Posts: 1217
Joined: Thu Jul 11, 2013 8:48 pm

Re: 30 year mortgage under 3%

Post by batpot »

nic3456 wrote: Fri Mar 06, 2020 1:07 pm
SurfCityBill wrote: Fri Mar 06, 2020 11:48 am As of 3/6/20 PenFed CU shows 2.75% / 2.876% APR on a 30 year conventional fixed rate mortgage.
That’s with 1.25pts plus CC
Or 3%/3.029APR with no points, which is pretty hard to beat...but LenderFi beats it for me; fewer points to get to 2.75 also.
Both PenFed and LenderFi are SWAMPED right now, as I'm sure everybody in that business is.
nic3456
Posts: 66
Joined: Fri Dec 19, 2008 10:42 am

Re: 30 year mortgage under 3%

Post by nic3456 »

I’m not seeing a way to apply for a refi or to view fees - am I missing it somewhere? I don’t want to enter info and wait for a call assuming that won’t lock anything in
User avatar
batpot
Posts: 1217
Joined: Thu Jul 11, 2013 8:48 pm

Re: 30 year mortgage under 3%

Post by batpot »

nic3456 wrote: Fri Mar 06, 2020 2:14 pm I’m not seeing a way to apply for a refi or to view fees - am I missing it somewhere? I don’t want to enter info and wait for a call assuming that won’t lock anything in
not missing it on penfed; you have to wait for them to call you back, and like I said, they're swamped right now.

LenderFi lays it all out for you though.
They're showing negative points at 3%.
softwaregeek
Posts: 612
Joined: Wed May 08, 2019 8:59 pm

Re: 30 year mortgage under 3%

Post by softwaregeek »

I am locked in at 3.00 with no fees, I am going to go through with it. If it goes down, I will just refi again. If not, I'm going to grab what I can now.
manatee2005
Posts: 1613
Joined: Wed Dec 18, 2019 9:17 pm

Re: 30 year mortgage under 3%

Post by manatee2005 »

softwaregeek wrote: Fri Mar 06, 2020 3:00 pm I am locked in at 3.00 with no fees, I am going to go through with it. If it goes down, I will just refi again. If not, I'm going to grab what I can now.
Rates are not going up anytime soon.
mesaverde
Posts: 488
Joined: Wed May 02, 2007 4:14 pm

Re: 30 year mortgage under 3%

Post by mesaverde »

kinless wrote: Fri Mar 06, 2020 11:39 am
runswithscissors wrote: Fri Mar 06, 2020 9:37 am Although the 10 year has moved down ~40 bps since the rates hit 3.125% (30 year, 70% max LTV 0 origination pts, 800+ credit) at the local bank I was looking to refinance at, my quoted mortgage rate has not moved down at all. Normally, a 40 bps drop translates into 2+ origination pts or a rate drop of roughly 3/8%.

I called two other banks and they said the rates aren't going lower despite the free falling yields. So even if the 10 year goes to zero or negative, it seems the floor at least in my area is 3%.
I was about to post the same thing. It’s really aggravating that even though the 10-year T is hovering at 0.75% (as of this writing), the floor is still at 20-year @ 3.25 zero-cost for my situation and hasn’t budged all week. I’m sure if we give it time for lenders to navigate through the huge influx of applications, they’ll eventually concede their padded margins and drift down the rates, but that carries the risk of rates increasing if the market suddenly turns around, which is what they’re likely hoping for.
Exactly. It's probably best to let things settle. If the market stays down we're likely heading for 30 year fixed at/below 3% with no closing costs.
"Learn from the past, live in the present, plan for the future"
User avatar
UpsetRaptor
Posts: 792
Joined: Tue Jan 19, 2016 5:15 pm

Re: 30 year mortgage under 3%

Post by UpsetRaptor »

Darn, missed out on this thread's title definition, as I was forced to settle for 3.0% flat for a fixed 30 refi, with appraisal waived, no points, some lender credit to cover some of the third party fees, such that out of pocket cost will be ~$500. Shucks.
nic3456
Posts: 66
Joined: Fri Dec 19, 2008 10:42 am

Re: 30 year mortgage under 3%

Post by nic3456 »

Nice - what lender?
User avatar
UpsetRaptor
Posts: 792
Joined: Tue Jan 19, 2016 5:15 pm

Re: 30 year mortgage under 3%

Post by UpsetRaptor »

NASB. Sure seems nice right now, but who knows, in a little bit maybe everybody is legit sub 3.
Treekicker
Posts: 2
Joined: Mon Feb 27, 2017 1:15 pm

Re: 30 year mortgage under 3%

Post by Treekicker »

When you are all saying "no closing costs" do you mean no lender fees? Or do you mean the lender is giving you a massive credit to cover transfer taxes, appraisals, etc etc.
dukeblue219
Posts: 990
Joined: Fri Jan 29, 2016 12:40 pm

Re: 30 year mortgage under 3%

Post by dukeblue219 »

Treekicker wrote: Sat Mar 07, 2020 6:54 am When you are all saying "no closing costs" do you mean no lender fees? Or do you mean the lender is giving you a massive credit to cover transfer taxes, appraisals, etc etc.
The latter. But (despite Lenderfis online estimator being wrong) I don't have to pay a significant transfer tax on a refi and Lenderfi is waiving appraisals for me and many others on here with big LTV.

They gave me $1600 to get a 2.875% 30 year fixed and that covers all but the escrow stuff that I would pay anyway.
BogleBoogie
Posts: 710
Joined: Tue May 13, 2014 11:15 am
Location: AK

Re: 30 year mortgage under 3%

Post by BogleBoogie »

mister_sparkle wrote: Wed Feb 26, 2020 6:56 pm I have made literally one payment on my 3.625% 30-year mortgage.

Am I insane for even considering a re-fi?
Someone else who knows more can chime in, but I'm told there is a "seasoning period" of time where you can't refinance. One broker told me 6 months. I'm not in the industry so don't know for a fact. I don't think you are insane if you can take it down 1/2 a point and the fees are reasonable. Calculate all the fees and divide that by the money per month you would save to figure out your break even point where you will actually start to save.
MBB_Boy
Posts: 293
Joined: Sat May 12, 2018 4:09 pm

Re: 30 year mortgage under 3%

Post by MBB_Boy »

I just did a 2.75 30yr with my current lender (Freedom Mortgage) - streamline refinance, so no cost or hassle. Signed some forms, not even a credit check
User avatar
jamacq
Posts: 171
Joined: Sun Mar 04, 2007 9:28 am
Location: Virginia

Re: 30 year mortgage under 3%

Post by jamacq »

TheOscarGuy wrote: Thu Mar 05, 2020 12:53 pm
wootwoot wrote: Thu Mar 05, 2020 1:49 am Lenderfi back up to 3.25% for a no cost refi as of tonight. I've seen it sitting at 3.125 the last few days. Waiting and watching.
Thats my experience as well. Too bad I didnt bite the bullet yesterday morning.
Does anyone know how Lenderfi rates work? I completed my application at 3% with a 3.004%APR ($18 lender fee). I got a loan doc that states the rate but no further feedback so far from Lenderfi (since last Tuesday). I'm guessing they are quite swamped with applications. What I don't know is whether i am locked at this rate (I hope so). Their website indicates that their rates are good for 30 days and expect that loans are processed within that period.

For those wondering, it is not a jumbo. LTV is about 55% and credit score is ~800.
seawolf21
Posts: 908
Joined: Tue Aug 05, 2014 7:33 am

Re: 30 year mortgage under 3%

Post by seawolf21 »

jamacq wrote: Sat Mar 07, 2020 11:16 am
TheOscarGuy wrote: Thu Mar 05, 2020 12:53 pm
wootwoot wrote: Thu Mar 05, 2020 1:49 am Lenderfi back up to 3.25% for a no cost refi as of tonight. I've seen it sitting at 3.125 the last few days. Waiting and watching.
Thats my experience as well. Too bad I didnt bite the bullet yesterday morning.
Does anyone know how Lenderfi rates work? I completed my application at 3% with a 3.004%APR ($18 lender fee). I got a loan doc that states the rate but no further feedback so far from Lenderfi (since last Tuesday). I'm guessing they are quite swamped with applications. What I don't know is whether i am locked at this rate (I hope so). Their website indicates that their rates are good for 30 days and expect that loans are processed within that period.

For those wondering, it is not a jumbo. LTV is about 55% and credit score is ~800.

The upper right corner of the loan estimate will confirm whether the rate is locked and until when. If lender have not provided loan estimate then consider any indication that you are locked with a grain of salt.
User avatar
jamacq
Posts: 171
Joined: Sun Mar 04, 2007 9:28 am
Location: Virginia

Re: 30 year mortgage under 3%

Post by jamacq »

seawolf21 wrote: Sat Mar 07, 2020 11:32 am


The upper right corner of the loan estimate will confirm whether the rate is locked and until when. If lender have not provided loan estimate then consider any indication that you are locked with a grain of salt.
Thanks. I may need to move on then. I applied on 3/3 and got their automated acceptance but no further communication from them after I loaded my docs. Left message and no reply. Lenderfi appears to be overwhelmed with applications. May jump to NFCU at this point. NFCU has more fees with their 1% loan origination fee but lower rate than Lenderfi at this point.
Post Reply