Mortgage Rates Could Hit 4.5% on a 30-year Fixed!!!

[skibreeze]

So what I gather is that if I'm not planning on staying in my house for around 3 more years, it's really not worth refinancing?

Absolutely not worth it unless your current rate was through the roof. I plugged in my mort. on this calc and depending on my tax rate, it would take 5-7 years just to break even if the new rate was 4.5%

http://usaa.mortgagewebcenter.com/R...Calculator.asp?Q1393=MortgageRefinance&PID=78

 

[Ollie]

Being a laymen in this stuff, I have always looked for a min. of 2% before I would refi.
I bought my house at 7%. The last time rates hit 5% I locked it in. I saved about 250 a month. Paid for the refi in 14 months.

The big thing I always see is people jump on the cheaper rates and then refi to a higher rate to put their credit cards and cars on their house payment. To me this is extremely stupid. Why put a 5 year car loan on a 30 year house payment. Now that 20k truck is going to cost you 40k.

If anyone does refi, don't take out the refi for anything other than the amount you currently owe.

 

[Powderhound]

4.75% today on 30 year fixed interest rates.....

 

[Blu Du]

keep um commin down. keep us posted to thanks.

 

[f3600]

I pulled the trigger on a 5% refi in Minnesota today. Did not see a lender offering 4.75%. Also heard that rates adjusted again mid morning back to 5.25%.

I've never been good at calling a bottom (I've heard about a possible 4.5%) so I took the 5% and ran. 17 Month payback for me so I'm happy.

 

[Blu Du]

what were you at

 

[Powderhound]

what were you at

Idaho

 

[Powderhound]

I pulled the trigger on a 5% refi in Minnesota today. Did not see a lender offering 4.75%. Also heard that rates adjusted again mid morning back to 5.25%.

I've never been good at calling a bottom (I've heard about a possible 4.5%) so I took the 5% and ran. 17 Month payback for me so I'm happy.

Just for giggles tell your lender that you have been quoted a 4.875 and see if he will match it. 20 bucks says he will....

 

[f3600]

I had already signed the lock agreement by the time I posted that. The person I used does not hold any paper so I'm sure they probably made some on me vs who ends up servicing the mortgage.

I was at 6.375 previously on a 2006 new build.

 

[Powderhound]

IT HAPPENED !!!!!!!! I have three different investors that are offering 4.5% percent on a 30-year fixed. This is unprecidented !!!!!!!! THE LOWEST I HAVE EVER SEEN. If yoy have any questions I can be reached at r.jay@averyfinancial.com. that is the easiest way to get to me.

LET IT SNOW !!!!!