dmccarty
Super Star Member
Just a heads up for TBNers....
I noticed right around XMAS that the mortgage rates had dropped under 5% for a 30 year mortgage!
I thought when I got a 7% loan on my old city house that I was getting a deal. I could not buy a house in the mid/late 80s since the interest rates were 10-12%!
We have been following the rates pretty closely since XMAS and they have bounced around from a bit over 5% to 4.75%. Some of the gossip aka news reports are talking about rates towards 4%. I have seen other reports that have said no way were rates going to go to 4.5% and you would be lucky to get 4.75%.
Last week the Farm Bureau and our Credit Union had 4.75% mortgages.
The wifey went to our bank last Friday to just get information about a ReFi, closing costs, rates, etc and long story short we have been approved to refi with a 4.5% rate! Which is just unreal to me.
The savings for us amounts to a tractor payment.
The appraiser will be out to the house on Friday. The appraisal will be the only stumbling block at this point. My area has not been in much of a housing bubble but the loan office said that appraisals are on the low side. Whatever that means. Our house will be tough to appraise since its not a cookie cutter house so it will be interesting. Getting our building loan the appraiser the bank hired was incompetent. He valuation for our land was $6,000 and acre. A lot in the subdivision to our front sold for $20,000 and acre. We had a discussion with the bank and got a new appraiser.
So if the valuation is not an issue then we will have a 4.5% rate on a 30 year mortgage. The closing costs are $2,500ish with a 1% origination fee. That fee is a big ouch!
New Reports/Gossip says that Congress might somehow prevent origination fees. Not sure how they would do it and how they would prevent the bank from moving the fees around. A percentage origination fee is nuts though. Same amount of work for a 10,000 load or 100,000...
There was a local gossip/news report that one of the builders groups wants the Feds to get mortgage rates to 3%. I don't think we will see that rate go that low.
Other gossip reports says the rate should drop towards 4.5% or maybe a tad lower towards the end of the month.
So check the rates in your area, it might be worth a ReFi.
Later,
Dan
I noticed right around XMAS that the mortgage rates had dropped under 5% for a 30 year mortgage!
I thought when I got a 7% loan on my old city house that I was getting a deal. I could not buy a house in the mid/late 80s since the interest rates were 10-12%!
We have been following the rates pretty closely since XMAS and they have bounced around from a bit over 5% to 4.75%. Some of the gossip aka news reports are talking about rates towards 4%. I have seen other reports that have said no way were rates going to go to 4.5% and you would be lucky to get 4.75%.
Last week the Farm Bureau and our Credit Union had 4.75% mortgages.
The wifey went to our bank last Friday to just get information about a ReFi, closing costs, rates, etc and long story short we have been approved to refi with a 4.5% rate! Which is just unreal to me.
The savings for us amounts to a tractor payment.
The appraiser will be out to the house on Friday. The appraisal will be the only stumbling block at this point. My area has not been in much of a housing bubble but the loan office said that appraisals are on the low side. Whatever that means. Our house will be tough to appraise since its not a cookie cutter house so it will be interesting. Getting our building loan the appraiser the bank hired was incompetent. He valuation for our land was $6,000 and acre. A lot in the subdivision to our front sold for $20,000 and acre. We had a discussion with the bank and got a new appraiser.
So if the valuation is not an issue then we will have a 4.5% rate on a 30 year mortgage. The closing costs are $2,500ish with a 1% origination fee. That fee is a big ouch!
New Reports/Gossip says that Congress might somehow prevent origination fees. Not sure how they would do it and how they would prevent the bank from moving the fees around. A percentage origination fee is nuts though. Same amount of work for a 10,000 load or 100,000...
There was a local gossip/news report that one of the builders groups wants the Feds to get mortgage rates to 3%. I don't think we will see that rate go that low.
Other gossip reports says the rate should drop towards 4.5% or maybe a tad lower towards the end of the month.
So check the rates in your area, it might be worth a ReFi.
Later,
Dan