What kind of rates have you guys had lately for re-fis?

I know every loan is sooo different, but it is always interesting to hear different scenarios.

Thanks lenders!

National average is 5.67% which is a no cash out loan.
You could expect about .125-.25% higher for cash out.


I like your new avatar.

Edit: On a 30 yr fixed rate.

Greg i am not quite sure where you are getting that national average. That rate of 5.67% is not even realistic without paying points. Maybe it was a typo.

I think it is very realistic for a 5/1 ARM, I could even make a little rebate with that.

Yes on an ARM you could pickup some YSP. I guess i should have said that rate is not likely for a 30yr fixed. My bad.

mortgageloan.com

Rates were better the day I posted and I did verify I actually had the rate available.

30 yr fixed.

Today the average is 5.80%

It is realistic again. I have it.

Then you have the Mortgage Bankers Association saying 6.16% lol

That probably is the bankers average with some margin for overhead expenses.

Well how many points is that?

You can't qoute rate without cost/points.

Also you say that is the national average, check out Freddiemac.com. It says the national average is 6.24% with .4 points.

Under optimal circumstances I could do a 30 year fixed at 5.990% with .129% in rebate. The point is that the rates are really good right now.

I am quoting a national average and I gave my source. I am not quoting her a rate I offer. However, I did confirm the rate did exist with an investor before I posted. I know that you quote a rate with an apr. I managed a finance company and we actually had a script. They used to do random calls to make sure people were reading the script!

I understand there are all sorts of national averages and that they vary.



I am not trying to get business on here. I am simply answering her question and my posts were accurate and were available as of that day.

so you could have gotten a 30 year fixed @ 5.67 the other day?
or you can get me a @ 5.8 today?

Both of these without points? If so you can have my loan. I am about to buy.

The point is that those rates don't exist without some serious closing cost. The website you qouted does not list APR which is a violation of RESPA and REG Z.
It also says the rates may include points.

It would have been better to give what the national average actually is and then said that you had access to better rates/costs than the national average.

The point is not that rates are low as Prodigy stated. The point is to provide accurate info to the original poster. Not best case scenario.

Let be honest how many loans do we do @ .125 rebate?

15 yr. fixed at 5.875% today and thats at par.

I posted and meant what I said. It was accurate to me. It was not unrealistic to me and it made me good money.

I suggest you look into some private and non-public lenders in CA. That is where the poster owns property. I know that from moderating another forum she is in.

Listen you guys post what you think is accurate. But, do not start challenging my accuracy based on your own investors. You will upset the moderator!

Brien, maybe you should bust the Mortgage Bankers Association on REG Z and RESPA for posting rates on their site without an APR.

And first you throw this APR thing in then you try to fill my mouth with this being a 0 point loan or a high closing cost loan.

I understand you only can offer what you can and understand what you see but do not challenge my accuracy.

I was simply quoting an average from a 3rd party and I did not put points or fees in the equasion. Maybe there was points or maybe not. Maybe the closing costs were high or maybe they were low. End of story. And it is a forum not a customer calling your company asking what you can offer. Entirely seperate subject.


But, I actually had a lower rate than the average that paid! So maybe you should take my advice when I say detach from the monkey and find some private lending. It is all over CA! Do not get me wrong I love the Flagstar's out there but if everyone else has them then how do you beat the competition? CA is full of excellent lenders at low rates.

Okay, well, we refinanced.

We closed on our refi less than 30 days after we closed on our purchase.

So with no seasoning and a *gasp* 30 day mortgage late from Citi (that they posted AFTER we sold our house, for the next months payment that they didn't need because it was due on the first and our loan was paid in full on the 22nd - BEFORE the 1st - we have written to have that remidied off of our credit report)

we were able to refinance from a crappy 7.25% 30 year fixed with PMI (100% loan) to a 6.125% with no PMI (bought a house with LOOOTTS of equity). Our costs to close were $5800, which included our December payment (it is a large loan) and money for impounds.

I am very happy with the results of our very first refinance In the past we had always sold our houses so quickly we never ended up in a bad loan we had to refinance out of

So you saved some big bucks!

Yeah dispute that late. Darn Citi!

Great thread,
As we move into the last month of 2007, mortgage interest rates are continuing to decrease. They are now at the lowest point in more than two years, thus opening a bit wider the door of opportunity for home buyers. It’s now at the lowest rate since January of last year. This is a popular option for many homeowners who are now refinancing their mortgage. Mortgage Interest rates are probably the most important part about buying a house. After all, your aim is to borrow the money you need for the least possible cost, so you need to assess which type of interest rate is best for your particular circumstances.

I got quoted a 5/1 at 5% with .261 back the other day. 30 year fixed at 5.5% with a quarter back.

So what is it at now? We had some large rate increases over the past few days.

Yes we did, I was lucky to lock in that file. I priced something out yesterday, however, still with good pricing. Quoted 5.5% on a 5/1 arm with a half back, and that was with a 3/8 hit to the rebate for the fico! Did not quote out a 30 fixed, however, I have to believe the 30 fixed is floating around a bit under 6% right now close to par.

Yeah that is where most are today that I looked at.

Have you looked at that home accelerator program? It's adjustable, but the rate is floating down around 5% right now, can buy it into the mid 4's for about a point and a half, pretty nifty product if you have not checked it out. CMG offers it, not sure if they offer it nationwide or just in CA though.

Are the banks trying to get their lost $billions$ back by charging higher rates?

Business credit crunch

SOURCE: Federal Reserve

The Federal Reserve cut interest rates five times in as many months, but these lower costs aren’t being passed along to business borrowers. Despite the Fed’s efforts to ease credit, nearly a third of banks tightened standards for commercial and industrial loans in the last three months of 2007, according to a senior loan officer survey of 79 banks. About two-fifths said they raised loan rates, or didn’t lower them, despite their own reduced borrowing costs.
Business growth is tied to availability of credit, which is used for expansion, product development and acquisitions. This allows companies to boost output and create jobs, which the Fed hopes will spur the slowing economy. “More expensive and less available credit seems likely to continue to be a source of restraint on economic growth,” Federal Reserve Chairman Ben Bernanke told the Senate last week.
For the second straight quarter, the Fed survey showed a greater difference between the rate banks charge businesses for loans and the rate banks pay for the money. “The tightening in credit availability from banks is a serious concern for the Fed because it is one of the key channels by which easier monetary policy is to be transmitted to the real economy,” writes Merrill Lynch economist David Rosenberg in a report. As a result, though the Fed cut its target short-term rate to 3 percent, he expects another half-percentage point cut before the central bank’s March 18 meeting and eventual easing to 1 percent.
Demand for commercial and industrial loans declined in the quarter, due to fewer mergers and acquisitions and reduced investment in plants and equipment, according to the banks surveyed. Citi Investment Research analyst Tobias M. Levkovich says capital investments usually decline in the three quarters after credit becomes harder to come by. Such declines bode poorly for companies in the materials, energy and equipment, technology and capital goods sectors, he says.

Shaila Dani, Kristen Girard
AP