Interest Rates Are Still Low...

[OK Corgi Rancher]

I'm really surprised mortgage rates haven't started going up. I started talking to my lender last week about a VA loan and he quoted a rate of between 2.6% and 2.75%.

He sent me a text today and said he locked in our rate at 2.247% for a 30 year VA loan.

Maybe it's just me...but I thought that was pretty amazing considering the direction of the economy right now.

 

[HoLeChit]

It just needs to stay that way a few more weeks. I have a house to sell once I get this last bit of crap pulled out and they yard spruced up.

 

[918evo]

2.247% on a 30 year note is amazing! My house is almost paid off, but I'm considering a refi to play around with some extra cash if I can get it at 2.25% or near.

Low rates are great at stimulating our economy coming out of the pandemic, but they cant last forever. The Fed is afraid of starting a recession by raising rates, but it needs to if inflation continues to rise.

 

[PanhandleGlocker]

Bought last year and got a 3.0% fixed for 15 years. This was right before interest rates started getting into the 2%-3% range.

I thought about selling and buying another house to take advantage of an even lower interest rate but my luck the interest rates will skyrocket and I already have a low interest rate.

 

[HoLeChit]

Bought last year and got a 3.0% fixed for 15 years. This was right before interest rates started getting into the 2%-3% range.

I thought about selling and buying another house to take advantage of an even lower interest rate but my luck the interest rates will skyrocket and I already have a low interest rate.

The difference between 3% and 2.5% on a $200k loan at 15 years is $8k. Hardly worth the hassle, hit on your credit, and money up front to take care of everything.

 

[PanhandleGlocker]

The difference between 3% and 2.5% on a $200k loan at 15 years is $8k. Hardly worth the hassle, hit on your credit, and money up front to take care of everything.

yeah you’re probably right. Already paying this 15 year loan off early too.

 

[HoLeChit]

yeah you’re probably right. Already paying this 15 year loan off early too.

That’s what I’m talking about!

 

[Fredkrueger100]

I refinanced my home with rocket mortgage with a conventional loan last year around this time and my rate is 2.9%. It was 3.5% before with loan depot. I have to do a 30 year though as I don’t have the funds to afford the 15. I also switched my homeowners insurance to State Farm from Safeco. My payment has went down about $400 a month! My payment is $1189 now! There are some rent homes out here in between Shawnee and Earlsboro that are $1000-$1300! I can’t imagine throwing that kind of money down the toilet. Rental properties in Oklahoma are ridiculous. I see dumps all around that are $700+ a month. I wish I could have gotten a bunch of rental properties.

 

[RickN]

Yep, I have no interest at all.

 

[OK Corgi Rancher]

Refinancing for a slight interest decrease might make sense in some scenarios. A VA IRRRL loan, for example. No funding fee, no appraisal, no credit check, etc... They can be very cheap. But generally it doesn't really pay off if you have to pay a lot of closing costs and other fees. Not for a long time, anyway.