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I would like to know if the mortgage rates are going down this month?
Posted on February 3rd, 2010 3 comments
Marina H asked:
I heard that the mortgage interest rates are going down this month. I wan to refinance my house…loan amount is $453k, fico score of 640, SFR, no cash out, full documentation and reserves and my loan to value is 65% . I don’t know if I should refinance now or wait a little bit more. I would like to have more informations about 12/12/07.
Please advise,
Thank you
JackieRenting & Real Estate Fico Score, Little Bit, Loan Value, Mortgage Interest Rates, Mortgage Rates, Refinance House, Wan3 responses to “I would like to know if the mortgage rates are going down this month?”
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Rates just dropped again, I don’t see them getting much lower. I just changed the advertised rate today to 5.5% on a 30 year fixed; that’s not paying any discount points either. I’d say that if you are in a position to refi, get it done ASAP. Just about any broker worth anything can get this done for you so I would not wait to see what happens.
With your 640 Fico and the loan amount over 417k your rate will be higher than the 5.5% obviously, but still at a good rate. You should get a few quotes to see exactly where you stand. I would give you one here but it’s not allowed.
And …
The person below me is incorrect. ALL brokers and lenders MUST disclose origination fees vs discount points.
Lines 801 and 802 on your HUD.
That was a completely false statement! -
Real Estate Guy February 7th, 2010 at 15:19
When you are quoted rates, make sure that the lender tells you if there are discount points AND loan orig points. Most lenders don’t mention the loan orig points.
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evensonhimself February 8th, 2010 at 10:53
it definately is the right time, best rates i’ve seen in 2 years!
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Gregorio February 6th, 2010 at 09:02