Mortgage Rates Below 5%

[fisherdog19]

For those of you in ARM's, or even a higher fixed rate, it may be a great time to refinance into a fixed rate mortgage. Current rates are 5.375% for a 30 year and 4.875% for a 15 year fixed rate mortgage. Right now we're running a .5% origination fee special, and as always, if you are a FishingMN member I will pay for your appraisal on any closed loan over $125,000. Call or email me for a free quote or Good Faith Estimate, no strings attached.

[fisherdog19]

I can do anything I need to do from my home computer so you can call me anytime on my cell. I never stop working

[LMITOUT]

Although the rates the Feds cut don't directly affect the mortgage rates, they can indirectly make them adjust. All depends on how the economy feels about the newer lower rates.

I got a quote today of 5.375%, but may sit a bit to see how the new cuts are accepted.

[cliffy]

The same here. I called our Banker and he quoted me 5.25ish on a 30 fixed loan. He believes the rates will even go lower....which would be awesome. Gonna keep our eye on it for a little while longer before pulling the trigger.

[NAMASafetyDirector]

Fisherdog, (or anyone else for that matter) not necessarily looking for advice but just a question. I currently have a 30yr fixed home mortgage as well as a HELOC that I took out to build my garage a couple years ago. Just wondering what if any complications there may be in combining the two and refinancing to a lower % rate. Thanks

[fisherdog19]

NAMA, no complications on something like that, we do them all the time.

Cliffy, you're not supposed to call your banker, us fishermen must stick together. I promise to take you to my secret slab spot Just giving you a hard time.

I have been getting quite a few emails regarding refinances, and if one might make sense. To save everyone some time, if you would like me to run numbers to see if a refinance is right for you here is the info that I will need to run accurate figures.

1. Current mortgage balance(s) including 2nd's and HELOC's

2. Monthly Principle and Interest payments

3. Yearly taxes and insurance premium amounts

4. The Property address

5. The month when your next yearly insurance premium is due

6. Estimated property value

7. A little about your credit backgroud

With that information, I will be able to paint a pretty good picture for you. Also include your screen name as well so I can put a real name to you.

I run pretty conservative, so when I see 5.25-5.50, I personally would jump on it because I'd hate to miss out. For those of you waiting to pull the trigger, I would come up with a rate that you want and if they get there, jump on it. Sometimes if you wait to long you miss the train

Remember, I will cover the appraisal on a closed loan, and on all applications taken through the end of the month there will only be a .5% origination fee instead a full 1%, which could save you quite a bit of money. I can almost guarantee that I can meet or beat any rates you get quoted, along with being competitive on the lender fees.

Again, thanks to all that contacted me, and I look forward to helping each and every one of you.

Sincerely,

[NAMASafetyDirector]

Thanks a bunch! I appreciate your help and recomendations!!

[Matt C]

E-mail incoming fisherdog.

[3pronghook]

I got quoted 4 7/8th's on 15 year. But closing costs at $2600.00 plus 1/2 tax and ins seemed kinda high.

[fisherdog19]

3prong, I can do much better than that on a 15 year based on todays rates. If you would like a quote just let me know.

[fisherdog19]

Unfortunately, rates took a turn for the worse today with an increase of almost .5%. I will keep things updated and let you know what the daily rates are on 30 and 15 year fixed loans. Next Wednesday's Fed meeting will be the next time there might be a move, which way depends on what news comes out of the meeting.

For those of you have contacted me, thank you, I really appreciate the opportunity to help and work with fellow FM'ers.

Sincerely,

[killerloop1]

I thought I heard Wells Fargo is doing Re-fi's at no cost!

[LMITOUT]

up 0.5%? I saw it drop another 0.1-0.2%?

[fisherdog19]

Killer, I can offer them as well, but the rate won't be what it could be and I'm sure that is what they will do to cover the costs.

Limit- I was at close to 5.125 on a 30 yesterday and at 5.5 today, but on some programs the increase was almost .5%. I'm not sure where you were looking but all the major investors had large overnight adjustments and I saw several throughout the day. I had a fellow FM'er call me 1 hour after I called him to tell him he got approved, and the rates had gone up .125%.

We'll see if they come back down but I'm not optomistic.

[fisherdog19]

Mortgage rates are hovering just above 5.5% on the 30 year with the 15 year just above 5%. Tomorrow brings another Fed meeting that may bring another .5% drop in prime. Depending on how investors look at it, there may be a slight dip in rates on the news but if there is one it will most likely rebound the next day. If the fed does not drop the prime rate, investors may look at it like the Fed feels the economy is on track which may cause and increase in the mortgage rates. If you are contemplating a refinance, make sure you are ready to lock a rate at a moments notice if you need to.

[jltimm]

Are the rates still around 5.5% ?

[fisherdog19]

Yes sir, might be a little less tommorrow.

[jltimm]

I may have to get a hold of you, as I got quoted for 6.8% today for a 30 yr, and $2600 for the refi.

[LMITOUT]

[fisherdog19]

Seems a little high; give me a call and I'll see what I can do to help you.

[Fishing Junky]

Just wondering what the average timeframe it is on closing on a refinance?

[fisherdog19]

I've gotten them closed as quickly as 9 business days, but the average would be about 18. It really depends on how quickly the appraisal and title work gets done, but once it's into Underwriting it's about 3-4 days until close. Our bank has a 48 hour Underwriting turn time with a 24 hour closing document turn time. Having our own Underwriters and closing department really speeds things up as many brokers are waiting up to 5 business days for Underwriting decisions when sending to wholesale lenders. Any other questions, just give me a call.

[fisherdog19]

Current Rates as of 2/14/08 at 4pm:

30 Year Fixed 6.000%

15 Year Fixed 5.500%

VA 30 Year Fixed 5.625%

FHA 30 Year Fixed 5.625%

As the economy stabilizes and the 10 year bond begins to gain ground, the rates will continue to climb. I don't forsee a large increase, but the 5% range may be history soon.