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Fri Mar 6, 2020, 10:35 AM

Mortgage rates are so low

Are you thinking of a refi? I am at 3.25 now on a 15 yr but can get about 2.75. It is a little hassle, but how much lower can you go?

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Reply Mortgage rates are so low (Original post)
brokephibroke Mar 2020 OP
FBaggins Mar 2020 #1
mitch96 Mar 2020 #2

Response to brokephibroke (Original post)

Fri Mar 6, 2020, 10:49 AM

1. One caution... that's probably just for purchase money

There’s a larger gap between the 10-yr treasury and 30-year mortgage rates than is normal... but there appears to be a MUCH larger gap between mortgages made to purchase a home and those for refinancing.

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Response to brokephibroke (Original post)

Sat Mar 7, 2020, 08:35 AM

2. Old rule of thumb for refinance was,,,

If the interest rate is 1 or 2% below what you are paying now and if you can ameratise the closing costs in two years...
The basic formula is: Closing costs ÷ monthly savings = break even point.
YMMV, talk to your financial advisor before committing any money
m

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