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Razors Edge

What's The Latest "Good Rate" For 15 Year Mortgages?

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I'm betting @Dottles has an idea.  My mortgage company just tossed 3.25 as an offer, but that seems a bit high.  But I also don't want to dick around with ten different places that will harass me once they have my info.

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Navy Federal has 2.25 Rate with 1% Discount points 

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3 minutes ago, Old No. 7 said:

Navy Federal has 2.25 Rate with 1% Discount points 

That seems good!  I'd have to get in first :)  With a few siblings in the military, that seems to be acceptable criteria.  Never tried, though.

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3.25 seems high, but it probably varies a lot by area


image.thumb.png.9543ddef50569aa58ccb6217d791eb59.png

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20 minutes ago, Razors Edge said:

That seems good!  I'd have to get in first :)  With a few siblings in the military, that seems to be acceptable criteria.  Never tried, though.

Ask your siblings if they are members. If so, you’re eligible. 

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I think low threes, if you don't have a ton of fees

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2 hours ago, Razors Edge said:

I'm betting @Dottles has an idea.  My mortgage company just tossed 3.25 as an offer, but that seems a bit high.  But I also don't want to dick around with ten different places that will harass me once they have my info.

For a new home or a refi?  There are places out there doing a 3.121 which amounts to about $20 a month in savings for every 1/8th of a point that it drops. Refinancing is a whole nutter deal.

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1 hour ago, F_in Ray Of Sunshine said:

3.25 seems high, but it probably varies a lot by area


image.thumb.png.9543ddef50569aa58ccb6217d791eb59.png

Yeah.  We can''t get that right now in our area.  As mentioned it was like 3.1215. But...

 

Rocket Mortgage (Quicken Loans) sent me this the other day.

For a limited time, our 30-year conventional fixed rate is at 2.875% (3.039% APR),1 and our 15-year conventional fixed rate is at 2.375% (2.768% APR).2

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I only think though by next winter or early spring it's going to continue to drop.  Things are getting so favorable now that we're actually thinking about selling and moving.

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12 minutes ago, Dottles said:

Yeah.  We can''t get that right now in our area.  As mentioned it was like 3.1215.

Only reason I knew is because they had a billboard on the interstate. I asked my CFO what our rate was and she said something in that neighborhood.

We refinanced twice, when rates came down enough for it to be worth it. When I went in to do the paperwork she asked how much I wanted to refinance. “How much do I owe? That’s how much I want to refinance.” “Oh”.

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5 minutes ago, F_in Ray Of Sunshine said:

Only reason I knew is because they had a billboard on the interstate. I asked my CFO what our rate was and she said something in that neighborhood.

We refinanced twice, when rates came down enough for it to be worth it. When I went in to do the paperwork she asked how much I wanted to refinance. “How much do I owe? That’s how much I want to refinance.” “Oh”.

We're at 3.5 on a 30, and it seems like 2.25(!) or even 2.5 on a 15 would be a great trade.  Not so sure about anything in the 15yr/3+ range though. Seems easier to just keep paying extra payments.

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16 minutes ago, F_in Ray Of Sunshine said:

Only reason I knew is because they had a billboard on the interstate. I asked my CFO what our rate was and she said something in that neighborhood.

We refinanced twice, when rates came down enough for it to be worth it. When I went in to do the paperwork she asked how much I wanted to refinance. “How much do I owe? That’s how much I want to refinance.” “Oh”.

I just refied about 3 months ago but it's going to be such a good deal, either we refinance or we resell and then buy again.  Since we refied to buy us more time to figure out what we wanted to do and save some extra cash to move -- to make our money back was about 1.2 years.  But this covid-19 thing is making things so good -- from a real estate point of view -- it makes sense to do it now.  We are considering selling our house soon, go live with her mother for about 2-3 months, and then buy in the winter when we believe things will become really favorable. Selling high now and waiting to buy low does not come with some risk but it's calculated risk and I think we're going to be right.

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6 minutes ago, Razors Edge said:

We're at 3.5 on a 30, and it seems like 2.25(!) or even 2.5 on a 15 would be a great trade.  Not so sure about anything in the 15yr/3+ range though. Seems easier to just keep paying extra payments.

I think we’re at 2.5 and only have a couple of years left, so she said it wasn’t worth it. I think we originally went from 6 to 4 to 2.5. Every time the rates came down enough to make it worthwhile, I did.

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2 minutes ago, F_in Ray Of Sunshine said:

I think we’re at 2.5 and only have a couple of years left, so she said it wasn’t worth it. I think we originally went from 6 to 4 to 2.5. Every time the rates came down enough to make it worthwhile, I did.

You did it right.

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0.   It's paid off.

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Just now, maddmaxx said:

0.   It's paid off.

Boo!

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4 minutes ago, Dottles said:

Selling high now and waiting to buy low does not come with some risk but it's calculated risk and I think we're going to be right.

We are pretty much of the mindset that we’re going to retire here and sell when we no longer want to maintain a house and yard.

I bitched when taxes went up a few years ago and wanted to get an appraiser to challenge the assessment. He told me real estate prices around here are stable they’re fairly low anD don’t go through boom/bust cycles. He also said my assessment was about as fair as I was going to get

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 Fogettaboutit. I can work with you on the vig.

loan-sharks-online.jpg

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19 minutes ago, F_in Ray Of Sunshine said:

We are pretty much of the mindset that we’re going to retire here and sell when we no longer want to maintain a house and yard.

This is what we ultimately concluded. This house was and always will be a stepping stone. The current rate is already a winner but we are thinking about moving out of county again into even a lower tax bracket -- much lower.

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6 minutes ago, Dottles said:

This is what we ultimately concluded. This house was and always will be a stepping stone. The current rate is already a winner but we are thinking about moving out of county again into even a lower tax bracket -- much lower.

After three moves in three years, I said “Next time I move, I’ll be in a box”.

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45 minutes ago, F_in Ray Of Sunshine said:

After three moves in three years, I said “Next time I move, I’ll be in a box”.

I am not one that will own his home unless I come into money .. and I may... but I never count on money I don't have. But the idea is if we move further out, hopefully it happens so we don't have to move again. Otherwise there would be yet another move.

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@Razors Edge there is talk the 15 year could slip below 2 next year. No crystal ball but you would think it's going to drop more. If I was in your position, I would be patient and watch. I know it all just recently dropped an eighth in last week or so.

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My money may literally be banking that it is going to drop. A quarter percent of a drop on a 300 thousand dollar 30 year loan is about $40 a month -- at current rates.

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What I have been hearing/reading is if you can save $200 a month its probably worth it -- if you don't mind resetting your loan back to 15 years. Some people believe $100 is worth it. Depends on how mature your loan is 

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I’ve got 10 years left on a 15 loan at 3.25. I am thinking the play is to stand pat? But I am open to alternative input.

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2 minutes ago, Prophet Zacharia said:

I’ve got 10 years left on a 15 loan at 3.25. I am thinking the play is to stand pat? But I am open to alternative input.

Yeah, I think I'm inclined to agree with you.  I would love to be in your current position.

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1 minute ago, Dottles said:

Yeah, I think I'm inclined to agree with you.  I would love to be in your current position.

I’d rather be in Maxx’s position!

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52 minutes ago, Dottles said:

What I have been hearing/reading is if you can save $200 a month its probably worth it -- if you don't mind resetting your loan back to 15 years. Some people believe $100 is worth it. Depends on how mature your loan is 

Here is a calculator that takes your old info, new info and does the math.  

https://www.nerdwallet.com/mortgages/refinance-calculator/calculate-refinance-savings

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4 hours ago, Dottles said:

Boo!

Yep.  I've lived in this house since 1986 and we paid off a 30 early.

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2 hours ago, Razors Edge said:

Cool.

And looks like all are trending down:

image.png.688a029971714159ee262e5b7b4d252c.png

Oh and it's going down further. But honestly anything below 2.5% is a steal.

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26 minutes ago, Square Wheels said:

We just did 15 at 2.5.

Yeah that's good. It's going to get lower but not enough for you to capitalize. You're in a good spot. 

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7 hours ago, Razors Edge said:

We're at 3.5 on a 30, and it seems like 2.25(!) or even 2.5 on a 15 would be a great trade.  Not so sure about anything in the 15yr/3+ range though. Seems easier to just keep paying extra payments.

How long will you actually pay on the loan?   There's got to be a break even point.  The longer you intend to pay vs the cost for the lower loan.

3 hours ago, maddmaxx said:

Yep.  I've lived in this house since 1986 and we paid off a 30 early.

We lived in our first home from 1984 to the end of 2018.  Sold it at the end of 2019.  If I recall correctly... it was paid for in 1998.  

Then we build our new home.  It will be paid off in 4 years,   Then I just go back to paying myself the mortgage payment every month again.  

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What the hell USAA?  I just checked their 15 year rate and it is 4.15%. Every banking and insurance account I have is through USAA....  except my mortgage. It doesn't appear their rates got any better than the last time I checked.

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13 minutes ago, Forum Administrator said:

What the hell USAA?  I just checked their 15 year rate and it is 4.15%. Every banking and insurance account I have is through USAA....  except my mortgage. It doesn't appear their rates got any better than the last time I checked.

I checked there after seeing the Navy Fed rate since I am with USAA.  Total malarky!  I was like, "WTF??? Have they just not updated their site in five years???"

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