So who's going to refi tomorrow?

[aTotal360]

nm

 

[Faustdog]

Talked to a lender Friday about this. He said they’re already so overwhelmed by refi requests that their rates are higher now than they were a couple of weeks ago.

Good problem to have when you’re having to increase your margin just to get volume to a level you can handle it.

 

[Jwsjr]

nm

was told by a major player in the banking industry several weeks ago hi opinion was 2.75 was close to the bottom. Said mortgage brokers wouldn’t let rates go much lower so they can still make money. But times have changed a lot in 2 weeks. Who knows. I know I locked at 2.75, 0,0

 

[harrydawg.sixpack]

So how does this decision look......let’s assume that I have 5 years or remaining on a 15 year (like 5% APR). Would it be wise to refi at this short term remaining? Is there a rule of thumb to use?

certainly not my thing

 

[Maroonbulldog]

What the cut means

https://www.marketwatch.com/story/h...-rate-cut-means-for-mortgage-rates-2020-03-03

I am a lender in Starkville, -that link will give you some insight on what is happening. It was a crazy volatile market last week while I was out on vacation- I have a list of Atleast 8 folks to call back tomorrow already to start their refinances from around the State and south. I’m even looking to refinance my own mortgage if rates do what we expect this week.

It’s a good time to refinance if you are thinking about it.

 

[RBDog82]

I had a friend in Starkville refinance his primary last week. Locked in last Monday @ 3% on a 30yr. Bottom ticked it well as rates went nowhere but up from there. 10yr UST is around 60bps right now. I want to say it was in the 40s when he got 3%. That said, I’m still looking to refinance properties I’ve owned for less than 3 years.