[US Only] Best mortgage/refi rates you see right now

[ctuser1]

Current best I have seen:
1. Northpointe
https://www.northpointe.com/home-lending/low-rates/
15Y @2.25%APY (2.389% APR)
30Y @2.75%APY (2.829% APR)
Shamelessly stolen from bogleheads. Not sure of the closing costs, but the APR-APY does not seem out of line, so should be typical.
Not sure if it is national. I sent them an email, hopefully they respond.
Confirmed. They are nationwide and lend in all 50 states.

Others:
2. rbfcu
https://www.rbfcu.org/home-loans-realty/mortgage-refinancing
Someone in mmm recommended this to me. They had a nice deal on 8Y and 11Y refi.
Not national. It was a no-go for me as they won't lend outside Texas.

3. Sikorsky
https://sikorskycu.org/Borrow/Loans/Mortgages/Advantage-Mortgage
This CU is almost local to me. Their advantage loans are intriguing for low rates, simple process and low closing costs (they don't do in-person appraisal, but only an online one, for loan amounts < $250k).
They update their Advantage mortgage rates every Monday. I've been following the rates for 4 months now, they have been going down ever so slowly.
Not sure if this is national or not. Someone outside CT may want to double check.

4. DCU
https://www.dcu.org/borrow/mortgage-loans/fixed-rate-mortgages.html
They are my current mortgage lender.
The rates are not particularly low, yet, but going down. They claim to be still swamped. That may be a factor. They update rates every day before noon.
I have used them for over 15 years for many things (primary checking account, car note etc. etc.). Their customer service has been uniformly excellent over 15 years. You reach real humans very quickly, they are all based in MA - so almost local to me, and they don't seem to follow a script. It's almost as if how you'd bank with George Bailey (minus the no credit check or accounting part). So I might go with them even with a little bit (10-15bps) of rate difference.

What other good rates are you considering right now, or have seen?

[ctuser1]

Just noticed this thread over in the RE forum:
https://forum.mrmoneymustache.com/real-estate-and-landlording/what-low-15-year-refi-rates-has-everyone-found/

Before posting, I had searched if a general thread like this one existed, but nothing came up in that search.

I still think a more general thread would likely be useful. However, I'm fine if the mods decide to merge/move this thread.

[ender]

I'm curious on this.

We are ~3 months into a 30 year, 3.25% mortgage. Some of these rates seem good enough it might actually be worth refi-ing already though!

[marty998]

I used to laugh at how shit your economy must be to need interest rates so low in order to function.

Shoe's on the other foot, Australian mortgage rates are below those numbers now.

I apologise for my past indiscretions :)

[ctuser1]

I used to laugh at how shit your economy must be to need interest rates so low in order to function.

Shoe's on the other foot, Australian mortgage rates are below those numbers now.

I apologise for my past indiscretions :)

Off topic:
Did you guys have a recession yet? I think it's been some 30 years or so - right, when you had your last recession?

I haven't been following the international financial news recently. Why did your central bank reduce rates so much when the virus is mostly under control in AUS?

Coming back to topic:
US mortgage rates are usually slow to catch up with the fed funds rate because the rates are usually fixed for the life of the mortgage (i.e. usually 30 years). I believe y'all mostly get only a 5 year lock. So your mortgage rates should sync up with central bank moves much faster. There are some organizations that forecast US mortgage rates. I have seen forecasts predicting slowly decreasing rates well into 2021 - with 30Y eventually getting ~ 2%.

Let's see where we eventually end up.

[LWYRUP]

I used to laugh at how shit your economy must be to need interest rates so low in order to function.

Shoe's on the other foot, Australian mortgage rates are below those numbers now.

I apologise for my past indiscretions :)

As I understand it, basically central bankers around the world are of the view that the risk of high inflation is low enough that there is no reason to have interest rates significantly above zero in most developed countries.

I defer to others more knowledgeable than me on whether this is right or not, I'm just paraphrasing explanations I have heard. 

[ctuser1]

Update:

The low rate advertised in https://www.northpointe.com/home-lending/low-rates/ does not apply to refinancing. These rates are only for new purchase with payment of some points.

The "advisor" came back with a much higher rate quote for me today - 2.625% for 15Y with almost $2800 in closing costs. With that, it still does not make sense for me to refinance.

[Goldy]

My yardstick is always aimloan but their rates have stopped moving completely and are set at 3.25% with $2600 closing costs for a refinance loan.

[ctuser1]

My yardstick is always aimloan but their rates have stopped moving completely and are set at 3.25% with $2600 closing costs for a refinance loan.

I'd give it another 6 months and come back after that.

With the pandemic playing out, rate hike is of course out of the window for the next year or two. 10Y treasury is at 0.64%. The mortgage rates have to move closer to that.

For reference, I got my mortgage in 2016. 10Y treasury was at 1.39% back then, when I saw 15Y mortgage rates at 2.38% (i.e. about a 1% spread).

I expect to see real mortgage rates (not "specials" and such) @ <2% sometime in 2020 or 2021.

[Goldy]

My yardstick is always aimloan but their rates have stopped moving completely and are set at 3.25% with $2600 closing costs for a refinance loan.

I'd give it another 6 months and come back after that.

With the pandemic playing out, rate hike is of course out of the window for the next year or two. 10Y treasury is at 0.64%. The mortgage rates have to move closer to that.

For reference, I got my mortgage in 2016. 10Y treasury was at 1.39% back then, when I saw 15Y mortgage rates at 2.38% (i.e. about a 1% spread).

I expect to see real mortgage rates (not "specials" and such) @ <2% sometime in 2020 or 2021.

I agree with you and am planning to wait.  I’m 4 yrs into my 5/1 ARM at 2.5% so I’ll just hold onto that for the next year and see what shakes out in 12 months. The only thing that could screw me over is some accelerated inflation but that risk seems low to me.

[ctuser1]

Just noticed that DCU cut the rates across the board significantly either today or yesterday.

I get a quote (they have a custom quote feature in their website) of 3.5%, 15 year with $152 closing fee.

This used to be above 4% last I remember.

If you want to pay points, I am seeing quotes of as low as 2.375% ($6752.70 in closing fees for me) for a 10Y term, and 2.5% for 15Y.

[TomTX]

RBFCU lets you jump directly to current rates:

https://www.rbfcu.org/rates#HOM-HOMEEQUITY

Use the tabs to move between sections.

[ctuser1]

Thx TomTx.

I see another 12.5bps rate cut for some specific terms at DCU today morning. This is from a "personalized quote" for a cash out refi, but I think their rates are same across refi/cash-out-refi/purchase.

10Y with $152.7 closing cost went from 3.5% -> 3.375%.
30Y with a bunch of points ($7952.7 closing cost) went from 3% -> 2.875%

The term I am really interested in is 15Y with $152.7 closing cost. That's still unchanged @3.5%. Oh well, I'll check back again next week.

[thedigitalone]

The term I am really interested in is 15Y with $152.7 closing cost. That's still unchanged @3.5%. Oh well, I'll check back again next week.

Check out LenderFi.com, I haven't used them but some at Bogldheads have, they are showing rates as low as 2% with buy down. 

They have a 15yr @ 2.625% and a $2,013 credit that gets you a zero closing cost loan.

[ctuser1]

The term I am really interested in is 15Y with $152.7 closing cost. That's still unchanged @3.5%. Oh well, I'll check back again next week.

Check out LenderFi.com, I haven't used them but some at Bogldheads have, they are showing rates as low as 2% with buy down. 

They have a 15yr @ 2.625% and a $2,013 credit that gets you a zero closing cost loan.

Can you please give me a link or pointer on how to get this rate?

I go there and pull up a rate of 3.325% for the 15 year, zero-closing-cost loan :-(...

Could this be zip code based?