Just an FYI- This morning with the rate cut, that's going to affect Home Mortgage interest rates as well.
I just bought a second home last summer at a 30 year fixed VA loan of 3.65%. And today, it looks like VA 30 year refinance rates are going to fall below 3%.
Might be a good time to asses whether or not a refinance makes sense for you- I am old enough to remember >20% HOME MORTGAGE RATES in early 1980's. I watch rates carefully now to see what might be possible. Just saying. USAA refinance rate yesterday was 3.01%. What will it be tomorrow?
might be a good idea. wish i waited longer, i refi'd at 3.1% and thought i got a good deal. Well it was, but probably better now.
Weatherweenie's Account Talk
Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
3.1% is a hell of a deal. My first house was a 8.5% 20 year loan, and I thought that was a good deal at the time.
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Back in 2012 we refinanced from a 30 year 6%+ to a 15 year 2.96%. Don't get me started on what happen with our first home purchase when we got married in 1997.
May the force be with us.
Mortgage Rates this morning from USAA: I think these were set before the plunge today in T-Bill rates:
This is for new loans:
PRODUCT INTEREST APR POINTS 30-Year VA Loan Interest 2.875% APR 3.153% Points 0.875 30-Year VA Jumbo Loan Interest 2.875% APR 3.164% Points 1.125
Refinance rates for VA loans (Interest Rate Reduction)
PRODUCT INTEREST A P RAPR POINTS 30-Year VA Interest Rate Reduction Refinance Loan (IRRRL) Interest 3.000% APR 3.088% Points1.000 30-Year VA Cash-Out Refinance Loan Interest 2.875% APR 3.271% Points 1.000 30-Year VA Jumbo IRRRL Interest Rate Reduction Refinance Loan Interest 3.000% APR 3.088% Points 1.000
I should have waited a little longer just refinanced last tuesday. the rate did drop from when I first applied, however if it drops much more I will refinance again. I saw the rates dropping never thought it would be like it is now.
"Our Constitution was made only for a Moral and Religious people. It is wholly inadequate to the goverment of any other." John Adams 10/11/1798
Don't forget about the refinance fees. It's not a 'commission free trade' to refinance. (But maybe you'll get lucky and have fees waived.)
Historical mortgage rates, excel spreadsheet: http://www.freddiemac.com/pmms/docs/...weeklydata.xls
Damn, I'd refinance but the house is paid for, as of 2007!laughdog.gif
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