Timing is everything....mortgage interest rates

bmo88 · February 2016

Wow, it seems like rates are actually going down! At least in our area. We refinanced back in December to lower our interest rate on our mortgage and consolidate our two mortgages. We decided to go for it because we thought the Feds would increase rates in the near future. While I am happy we got a 3.8% interest rate, the same bank is now offering 3.62% interest rate! I know it's not a huge difference, but that's $6,000 over the life of the loan and would have been nice if we had waited a little longer. But, we can't do anything about it now.

For those considering refinancing, now might be the time to do it!

MommyLiberty5013 · February 2016

It is a good time. We're actually getting ready to sell and move to a more rural location, so we're excited about the rates too.

jtmh2012 · February 2016

We just closed on a refi we started in December....3.5% fixed on a 15yr.

bmo88 · February 2016

jtmh2012: Nice! We had the option of a 3.35% 15 year mortgage, but opted for a 20 year mortgage rate to have a little more flexiblity with finances.

jtmh2012 · February 2016

bmo88 said:

jtmh2012: Nice! We had the option of a 3.35% 15 year mortgage, but opted for a 20 year mortgage rate to have a little more flexiblity with finances.

Yeah, that's why we had the 20-yr mortgage before we refinanced into the 15yr. We only did the refi because we had paid down enough extra on the loan that it only added slightly less than $100 to our payment to go to the 15yr by the time we accounted for the interest rate. But it saved us $40k if we actually pay off the loan. Not planning to go anywhere, but I'm in government contracting, so you go where the work is.

formerlyGDaisy09 · February 2016

we refinanced to a 3.25% 7/1 ARM over the summer.

MommyLiberty5013 · February 2016

Our mortgage guy just quoted DH a rate in the 2% range for a 15 year fixed!!!

cbee817 · February 2016

MommyLiberty5013 said:

Our mortgage guy just quoted DH a rate in the 2% range for a 15 year fixed!!!

Wow- that's amazing! We refinanced back in 2010 to a 15 year at 4.0%.. 2% range is insane!

short+sassy · February 2016

MommyLiberty5013 said:

Our mortgage guy just quoted DH a rate in the 2% range for a 15 year fixed!!!

Whoa!!! I feel like you can almost find CD rates that pay a higher interest rate than that. Nice!

Good luck with your home search and selling your house.

jtmh2012 · February 2016

MommyLiberty5013 said:

Our mortgage guy just quoted DH a rate in the 2% range for a 15 year fixed!!!

Wow!

Timing is everything....mortgage interest rates

Re: Timing is everything....mortgage interest rates

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