OT: Was offered this to Refi yesterday

[Cooterpoot]

Rates aren't dropping soon. Banks are overwhelmed with applications, the virus scare is slowing things even more. The agencies like FNMA can't figure out that appraisers and borrowers do not want to be exposed. It's going to be backed up until this is figured out. Then you'll see a drop once everyone gets caught up.

 

[aTotal360]

Correct. Lenders are inflating their margins to curtail business. They can't keep up at the moment.

 

[topbulldawg]

Bringing this back up to the top because I'm going shopping tomorrow for rates - is now a good time to do it or wait a few weeks?

Looking to do a 15 refinance and currently at ~3.9%

Rates have increased some due to the high demand that came in and the 10 year yield has went up. I checked my rate and the rate I locked in 1.5 years ago is .8% higher now than last week. I would wait a bit before pulling the trigger.

 

[PGAPitch]

Refi closed in December. Went from 30 year 4.49% to 15 year 2.875%. Payment went up $467/mo, but shaved over $280,000 in interest off the life of the loan by reducing rate and time. I'll make up the monthly difference to save 300K over the next 15 years. Play the long game by shortening the loan, best play EVER.

 

[msudawg12]

I gambled a week on the fed drop and lost. Cant refi at what theyre at now. Keeping an eye

Currently a 30 at 4%.