Homeowners Refinance on Mortgage Rate Drop NuWire Investor
Freddie Mac, the quasi-government entity that buys and insures mortgages, said on Thursday that an average U.S. 30-year fixed-rate mortgage had dropped to 4.15%, down from 4.32% last week. The average in effect mortgage rate is 5.3%, according to the Bureau of Economic Analysis, suggesting more borrowers could benefit.
Homeowners are looking to take advantage of ultra-low U.S. Treasury yields, which are used to price mortgages, to apply for refinancing. Data from the Mortgage Bankers Association show a 4.1% increase in applications last week, with the sharp upward trend starting at the end of July.
"It's spurring a lot of people who were really fence-sitting, people who refinanced last year at 4.85% ," said Daniel Kramer, a mortgage broker at United Mortgage Services, servicing affluent areas of New Jersey, New York and Connecticut.
But tougher standards imposed on borrowers by Freddie Mac and its sister company Fannie Mae mean that some homeowners who most need a rate reduction are being denied. Kramer noted that a missed credit card payment several years back could be a barrier to a mortgage.
Should I refinance my mortgage interest rate?
Question by Springstorm: Should I refinance my mortgage interest rate?
Should I refinance my interest rate on my home mortgage? I have been in my home for 9 years and an employee from Chase finance (Chase is my current lender) said for me not to refinance since I have paid off a good portion of the interest. Is this true? Should I refinance? My Chase mortgage interest rate is 6.5 fixed.
Best answer:
Answer by someone
Unless you get a rate of 4.5% don’t bother. Closing costs will eat up the small monthly savings
Know better? Leave your own answer in the comments!
Refinance Help. Fill this form and get help!
California interest mortgage rate refinance and hard money
www.lendinguniverse.com California interest mortgage rate refinance and hard money, interest calculator and cheap fixed mortgage against mortgage ...
How much should your current interest rate ( existing Mortgage) change, before it makes sense to refinance?
My current rate is 6% for 15 years. I want to re-fi at 5 % for 10 Years (4,500 in closing fees), but I have been paying on this current mortgage for 9 years, so currently I am past paying all interest. So does it make sense to re-fi and start all over gain with several years of just paying interest.?
6% is not bad. I wouldn't do it just because of the 5 grand out of pocket also you only have 6 years left. your almost paid off don't extend it any more.
What is the most current interest rate to refinance my house in California?
I have a mortgage rate of 6.85%. should I refinance now or will interest rates go down more after the president signs the new bill to help mortgage companies?
To give you a definitive answer would require more information about what type of loan you have now (fixed or adjustable), how much your home is worth, how much you still owe, etc. Suffice it to say, if that 6.85% is for a fixed, 30 year, it will probably not be worth refinancing now or in the near future.
Where can I go to find the most current mortgage interest rate that is updated daily or very frequently?
I am looking to refinance but it seems there is no reliable source for the most current interest rate. The rate quoted or listed on any site can vary as much as 0.75%! Is there a gov site or a nonprofit site to check for 30yr fixed rate daily?
none. rates are by area and lender specific. they do vary as what you see published any where never takes into account any hits that your loan may get. FHA has announced some guideline changes just today. So, get with a mortgage professional in your area to get rates
Best of luck
How do you know when it is a good time to refinance a mortgage for a better interest rate?
My current rate is 6.5% for a traditional loan, with excellent credit for a thirty year fix. How do I know when the rates and fees are favorable to refi?
Only by speaking with a mortgage expert and discussing the terms that are available to you. Some other features you need to make note of for your qualifications: cash reserve assets you own, amount of equity in your house (what is your value and amount owed on the home), how many years do you have left, how long do you plan on staying in the home?
A lot of people in the public will probably answer "when the rate is 1 percent lower, its worth it), but thats not really true. Its when the benefit outweighs the cost of the refinance - THATS when its time to refi.
For instance... if you have a $60,000 loan, by refinancing on a new loan amount of $62,000 (closing costs included), from 6.5% to 5.5% would result in a savings of $38 a month. This would take 53 months (4.5 years) to break even on the cost of the refinance.
Or, another example... if you have a $350,000 loan from 6.5% to 5.75%, the new loan amount of $355,000 would save $140 a month. This would take 36 months (3 years) to break even.
In either case, if you're planning on moving in 2 years, then you're better off not refinancing.
One last option is refinancing to consolidate debts as well. A lot of times, I've found customers able to payoff their bills, save $300-500 a month AND shorten the term of their mortgage from a 30-year term to a 20- or 15-year term loan. Thats the ideal situation. Talk to a mortgage consultant to find out your options!
If you are really interested in a REFI watch the note and contact the bank when it drops to see what rates are offered.
Good Luck!
The federal reserve has kept rates the same now for 3 meetings. Most economists ( Myself included ) agree that the fed will be lowering rates next year at least 2-4 times. This means mortgage rates will go down as well.
At 6.5, I would not really consider doing a re-fi until rates go below 6.
If you want to see how much money a re-fi would save you, go to:
http://www.advancedwealthsolutions.com and click on the investors box. Then click on tools & you will get a free mortgage calculator.
Lots of luck!
< peace >
Tell your banker to call you asap when it is profitable to do so
current mortgage interest rate trends?
I am considering refinancing now. But if I wait six months, I will have time to do some remodeling that will definitely bring up the value of my house. This would decrease my loan to value, hence no PMI payments....I however know nothing about the current mortgage trends. I can get a 30 yr fixed at 6.125% with a broker I am working with now. Am I risking too much to wait 6 mos to refi? I currently am in an interest only loan of 7.25% I only did it to get the house knowing I was going to refi in the future. So do I do it now or in 6 mos? I don't gain much, other than a more stable loan by refi now. Thank you Thank you
fix up the home but when you refinance tell your friend you want 5.875 or better you could get it now if you needed.
i would definately get the upgrades done asap and then refinance but dont wait till the last minute.
and when you do refinance make sure you get he rate you want and try to get it under 6% its possible now and if things dont go up you should have no trouble getting it
The Feds dropped the rates today! If I were you I would not wait for another rate drop. I think they are going up, up ,up over the next few years.
Curious about discount real estate agents?
http://www.flatfeerealestateguide.com
On the other hand, if the recent subprimal fear continues, then domestic demand might shrivel up putting our domestic production at risk...this implies that the fed will lower interest rates even more in order to keep us out of recession.
The FED dropped the discount rate, but that wont effect 30yr fixed mortgages much.
One thing is for sure... the value of homes in most of the country is going down.... so even after you remodel, you might be lucky to break even value-wise in 6 months.... so I would not bank on your house being worth more in 6 months.
6.125% is a very good rate right now... they have been hanging over 6.5% lately. I would jump on that.
Home prices are falling and interest rates were trending up (as of 8/17/07). Depending on your market, the amount of your refinance, and a host of other factors, the work you do on your home could amount to a hill of beans in terms of added value.
A mortgage market shake out stems from too many risky subprime and Alt-A loans written without regard to borrowers' ability to repay, a resultant rise in foreclosures from those unable to pay rate-reset increases in monthly payments and the negative impact of those foreclosures on investment funds that buy and repackage the loans as securities.
With the securities failing as investment vehicles and some lenders shuttering shops and filing for bankruptcy, lenders have attempted to plug the financial drain, by tightening underwriting standards and by taking many loans off the menu. That means with each passing week you loan choices diminish. That 6.125 percent rate you speak of may no longer exist.
In addition to lenders tightening money on subprime and Alt-A loans, they are also rising rates on jumbo loans (those of $417,000 and more), so they could get you coming and going.
This is NOT a wait-and-see market.
I used "Credit Solution" to settle my debt.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here:
http://link.toolbot.com/linksynergy.com/86008
My current interest rate on my mortgage is 6%. If rates drop to 5% should I refin? I've been here 4 years now.?
Ive been in the house since 2004. Paid $420,000. House appraised for $470,000 2 years ago. My current rate is 6%, but if rates drop to 5%, should I refinance? How much will my monthly payment change? Right now I pay $3,900 a month in Mortgage/taxes/insurance (no PMI).
need to know the loan amt to figure out the savings. However, take 1% of the loan amount divided by 12 and this is the avg savings a month.
I am refin my house. I purchased in 2001 with a 6.25% 30 yr fixed. I'm in the process of refin with a 15 year fixed at 5%. Payment only went up 150, but it's paid off in 15 years.
Just the monthly saving isn't all that matters, there are costs of doing refi
If my Interest Rate is at 6%, when would it be feesable to refinance?
My current Mortgage is at 6%, with rates dropping, at what rate would it make sense to refinance. A rate that I would see a difference in my payment or ?
There are too many variables out there to make a good analysis.
In any case it should be worth it. How much would it be worth is upto you. On a note of $250k plus I"d say go for it. Or at least get a rate lock in case it goes up (which I doubt). But with a lock you're protected against any increase, and if it goes down you are fine as well.
I've been seeing low 5's on all the sheets today. Who knows tomorrow? They change quite often.
But get in touch with a Loan Officer or Broker and give them the goods, and they'll shoot you an offer.
Generally speaking it's good to refinance any time you'll be in that home for two years or so. Try using one these calculators to help.
Have a great day, and get in touch if you'd like some more help.
I'm an agent in Singapore but the rules applies in most places.
The 1st thing to do is to look through your mortgage agreement. Check if there is any penity for early repayment. This is one clause which may kill you.
First, call your current banker to check how much you will need to pay (including any penity) should you decide to fulfill your mortage (don't tell them tat you are re-financing unless you really trust them).
Next, go to the another bank with a lower interest rate and get them to do the calculations for you if you are lazy. Most of the time, if you are not going to extend the duration of your loan, you do end up with some savings.
Key factor to consider is the cost of re-financing and the penity. Get your bankers to work out the figures for you (get the Nett sum after the full payment term for comparison and not just what's advertised). If you know how to do the math, an interest of 6% spread over 30 years for $100,000 will have you pay over $200,000 by year 30 cumulative.
Other considerations are duration of load, inflation, risk and so on... that's another story.
Cheers,
Refinance current mortgage?
Hi I have a mortgate of around 2 years old and is a 30 year fixed rate at 6.5%. With interest rates being slashed right now and house prices dwindling it would make a lot of sense to be able to refinance the mortgage at a much reduced rate, lower the monthly premium but still pay (ie overpay) the same amount each month to the mortgage company thereby paying of the principle faster and possibly ending up in a few years time with some equity back in the home. If I leave it as is the market is going down as fast as I'm paying off the principle and am therefore no close to actually owning my home. The other alternative to over paying is refinancing at a 15 year fixed rate loan as that seems to be giving me around the same monthly payment as I'm paying out now.
But the question is, with no equity in the house will my current (or even another) mortgage lender even look twice at refinancing (I understand that lenders are reluctant to give out loan to value ratios of higher than 70-80%)
thanks
It's extremely important to understand that with a little time and the right approach getting the absolute best mortgage refinancing is not a huge problem.Companies/businesses that arrange financial products of this nature<!--usually are very profitable and it's a good idea to remember where all the money is generated from. You, the customer are the root of their profits.
http://mortgage-loans.awardspace.com/
http://best-loans.awardspace.com/homeloans.htm
Once you need to finance the buying of your own home with a mortgage, it's very important that you do your research properly and understand all of the variables. When it is essential that you get the absolute best mortgage refinancing-->enter into some research and groundwork on your own because the Internet can equip you with an absolute pot of gold of very helpful data when it is essential that you get the best mortgage refinancing.
I have a high interest mortgage rate with my current bank, can I transfer my loan to a bank with a lower rate?
I have a high rate mainly because I've made the purchase when the real estate market was booming. I can't refinance my home with my current bank because my condo doesn't appraise for more than 90%, because I have two loans
have a high rate mainly because I've made the purchase when the real estate market was booming. I can't refinance my home with my current bank because my condo doesn't appraise for more than 90%, because I have two loans...Can I combine the two loans to give me a better chance to refinance with a better rate?
Can I combine the two loans to give me a better chance to refinance with a better rate?
Tell your bank you Want a lower interest rate or they can have the condo back. They do not want that back...Call each lender and tell them if they do not reduce your interest rate you will be forced to give them the condo back. I`m betting the condo is worth far less than you think......Best of luck
Can I lower the interest rate on my mortgage without refinancing?
I am considering refinancing, but I am not really too sure yet. Is there any way that I could call my current lender and just negotiate a lower interest rate with them? This way I could possibly avoid all of the closing costs, etc that are associated with refinancing. Has anyone had any luck with this?
ummmm...im going to go with NO WAY!
current interest mortgage rate refinance - News
Record low mortgage rates: What to do now
Eastern Morning HeraldHomeowners who have a mortgage should consider their refinancing options, while mortgage rates are this low. Here are a few things for refinancers to consider: Folks who can reduce their mortgage interest rate by at least one percent should look into Mortgage Rates: Low Mortgage Rates Stay Stable After Mixed Labor Market ReportsBankrate: Mortgage Rates Tumble to Another Record LowCurrent Mortgage Rates: US Bank, SunTrust and Wells Fargo Home Purchase Rates all 377 news articles »
|
When to Refinance Again
THOSE who refinanced their mortgages a year or so ago, when interest rates averaged just below 5 percent for a 30-year fixed-rate loan, may be wondering whether it's time to refinance yet again, now that rates are at least a full percentage point lower and more »
|
Without 20 percent equity, refinance offers won't have the lowest rates
PR Web (press release)Without 20 percent equity, refinance offers won't have the lowest ratesQ: I recently tried to refinance my home with my mortgage lender. The best deal they offered me was 20-year fixed-rate loan carrying a 4.25 percent interest rate. The lender said the Home Affordable Refinance Program (HARP) did not have any 15-year Keys to a Successful Mortgage RefinanceAccessBanc Mortgage Says HARP 2.0 Can Help Underwater California HomeownersMortgage Alliance of Southwest Florida Discusses the New HARP 2.0 Programall 26 news articles »
|
30-Year Fixed Mortgage Rate Continues to Slide, Current Rate is 3.69 ...
Eastern Morning Herald the 30-year fixed mortgage rate hovered between 3.7 and 3.74 percent for the remainder of the week, falling to the current rate early this morning. "Mortgage rates ended the month near all-time lows which is good news for those looking to refinance Current Mortgage Rates: SunTrust, Bank of America and Chase Home Purchase Mortgage Rates: Low Mortgage Rates Remain Still as Stocks Inch Higherall 121 news articles »
|
Apply Again for a Mortgage Refinance After Denial
Los Angeles TimesEven today, mortgage refinance applications are still up and providing existing borrowers the opportunity to obtain the current lower mortgage rates available. Applying again for a mortgage refinance after receiving a denial is a must for existing Fannie Mae supported principal reductions, letter showsAEI – How Government Policies Brought Down The Housing Marketall 471 news articles »
|