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Thread: HOME MORTGAGE RATES FALLING- REFINANCE?

  1. #1

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    Default HOME MORTGAGE RATES FALLING- REFINANCE?

    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?


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    Default Re: HOME MORTGAGE RATES FALLING- REFINANCE?

    Quote Originally Posted by James48843 View Post
    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?
    I'd certainly be looking at it for myself but I am planning to sell when I move in 2 years. Doesn't make sense to sink a bunch of money into closing costs if I'm not gonna be around long enough to reap the benefits of the lower monthly payment for very long.

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    Default Re: HOME MORTGAGE RATES FALLING- REFINANCE?

    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.
    I trade based on volume + price action. Price action alone only tells half the story.

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    Default Re: HOME MORTGAGE RATES FALLING- REFINANCE?

    We are planning on doing a 7/1 ARM at 3.18%, but with the rate drop today, we will see if we can get a lower rate.

    Quote Originally Posted by James48843 View Post
    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?
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    Default Re: HOME MORTGAGE RATES FALLING- REFINANCE?

    Quote Originally Posted by sniper View Post
    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.
    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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    Default Re: HOME MORTGAGE RATES FALLING- REFINANCE?

    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.

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    Default Re: HOME MORTGAGE RATES FALLING- REFINANCE?

    Quote Originally Posted by James48843 View Post
    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.


    Sent from my iPhone using TSP Talk Forums
    Yeah it was, I can't complain too much. Knocked off a couple hundred off the monthly payment, but I'm paying the same amount and putting that extra money to principal. Should break even in 17 months or so and shorten the duration of the loan
    I trade based on volume + price action. Price action alone only tells half the story.

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    Default Re: HOME MORTGAGE RATES FALLING- REFINANCE?

    Quote Originally Posted by nasa1974 View Post
    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.
    Oops 1979. I even proof read it before I sent it.
    May the force be with us.

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    Default Re: HOME MORTGAGE RATES FALLING- REFINANCE?

    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


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  19. #10

    Default Re: HOME MORTGAGE RATES FALLING- REFINANCE?

    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.
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    Default Re: HOME MORTGAGE RATES FALLING- REFINANCE?

    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

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    Default Re: HOME MORTGAGE RATES FALLING- REFINANCE?

    Damn, I'd refinance but the house is paid for, as of 2007!laughdog.gif
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