I am currently 8 years into a 20 year mortgage at 3.875% I've been keeping an eye on rates, but they've been volatile as heck. My mortgatge is through US Bank and I've been happy with them. They don't sell mortgages they underwrite if that's any concern. Anyway, I got a quote today for 2.750% for both a 10 and a 15 year. If you're in a position to re-fi, can't beat current rates!

US Bank Rates

Some interesting reading here on where mortgage rates *may* be heading.

https://themortgagereports.com...va-usda-conventional

Last week we locked in at 3.25% for a 30 year fixed.

Recently locked @ 3.375 / 30 yrs no points w 60-day float (if it goes down, we can get the lower rate) for refi -

Full 1% lower than this time lsat year when we bought our house.

I closed on a mod to my current 30 year at 3.125 last month, zero points/fees other than the ~ $1,000 VA fee. Didn't reset my term either.

My mortgage person just emailed me, I am locked in at 2.75% for 10 years. WOOT WOOT!

To all of you people who are smarter than i am about this, if my loan is at 5.25% and I have 18 years left on my loan, would it be worth doing a refinance to 3.25% on a 20 year loan, or would it be even better to do to a 15 year at 3,25%?

quote:

Originally posted by archerman:
To all of you people who are smarter than i am about this, if my loan is at 5.25% and I have 18 years left on my loan, would it be worth doing a refinance to 3.25% on a 20 year loan, or would it be even better to do to a 15 year at 3,25%?

YES!!!

If you can afford your current payments, you could get into a 20yr fixed, and pay the extra and end up paying it off early.
The particulars will be with the amounts you actually owe, but it's absolutely worth talking to a loan officer to find out.

quote:

Originally posted by archerman:
To all of you people who are smarter than i am about this, if my loan is at 5.25% and I have 18 years left on my loan, would it be worth doing a refinance to 3.25% on a 20 year loan, or would it be even better to do to a 15 year at 3,25%?

I sent you an email with a calculator in Excel. There are also tons of online calculators.

My **guess** is you could probably go to a 15 year with roughly the same payment. I'd try real hard to go to a 15 over a 20. Since you have 18 years left, there's a good chance you can do 15.

Geez. I was really happy to land 30-year fixed at 3.25% back in mid-March. When we closed on 3/23, my broker was telling me that he couldn't even get underwriters to call him back b/c of all the early stages of the panic.

Now I'm thinking I could do better. LOL.

-Rob

We just signed at 3.0% for 30, a drop of 7/8 for us.

Just refi'd through Chase for 3.125 APR for 30 years. Paid .22 points; just appraisal and title insur fees.

Thanks to this thread, I contacted our mortgage guy. I can drop to a 20 year (I've got 26 years left on my 30 year) at 2.99 and only pay $62 more per month. Shaves six years off my loan and saves $54K in interest.

I’m stuck in the middle, 13 years left on a 15 year loan at 3.125%. Current rates don’t justify us refinancing.

What’s the closing fees...

We locked in at 2.75% for 15 yrs. last week, zero points and loan origination of 50 bps. We'll knock it out in 10-12 yrs., but save about $30k in interest over the current 30 yr. fixed we'd still knock out way early.

My wife's coworker tipped us off to a local bank he locked in at 2.5% on a 15yr with 0 points, I missed it when the world went upside down and rates skyrocketed. We are currently 7 yrs in on a 30yr at 3.625% with US Bank. I tried to get US Bank to price match and they basically said they couldn't touch it then, they were around 3% plus. A month or so ago I caught the 2.5% with 0 points for 15yrs with that small bank again and we are set to close in a week or two.

One of the problems with the current refi boom is that banks are so busy, the turn around times to close are beyond a 60 day lock. My folks recently refi'ed and my mom referred her loan officer to me. I couldn't get the guy to call me back or respond to an email. I gave up after few weeks and went to my credit union. I've been with them for 25 years and it still feels like I'm doing them a favor by calling them. They are busy.

I haven't dealt with mortgages in many years. What the best online resource these days to compare rates, fees, etc when shopping for a 15 year fixed refi for example?

quote:

Originally posted by archerman:
To all of you people who are smarter than i am about this, if my loan is at 5.25% and I have 18 years left on my loan, would it be worth doing a refinance to 3.25% on a 20 year loan, or would it be even better to do to a 15 year at 3,25%?

I have never done this after reading or hearing something but after reading the above I choked on my coffee.

Do the 15.