got refi?

[katsiki]

Is anyone seeing super low rates still on a 15 year or 30?  ie 2% or so on a 15 for example.

Curious as I think the rates ticked back up again (at least some).

[pdxvandal]

Very similar situation here. Used Guild initially in 2018 for a house purchase at 4.625%, refi'd in 2019 at 3.625 with a 10/1 ARM and doing it AGAIN (annoying, but hard to pass up cheap money) at 2.75% 30-year with Chase, who already held the most recent loan. Had an issue with the appraisal, which came in at only $5k more than the last one in 2019, and was done by a drive-by appraiser who never stepped foot in the house. Chase wanted me to pay PMI because of LTV ratio was just under. I called BS and got it re-appraised at no cost to me by someone who walked the house and it came in $80k higher. Closing costs are a bit higher than I would want ($10k) and paying some points as well to get that rate, but still worth it and break-even should be 8-9 years. I also can invest the $250 saved each month, so technically that break-even point could be closer to 5 years. Should close on it before April.

We closed on 2.75/30 yr a week or two ago.  This is in the Bay Area, so it's not a cheap note.
We used Guild, who wrote our original mortgage for 4.75% (ouch!) in 2017, then a refi in 2019 to 3.75% and once again now to 2.75%.  I think the total closing cost was around $4k which will be covered in less than 2 years by monthly savings.  They used most of the same paperwork and the same assessment from our last refi and in general, made it incredibly easy to work with them.  The paperwork guy even came to our house at 8 pm because I had to work that day.  Very happy with the rate and ease of the process, although it took three tries to get to this ridiculous rate. 

I really wonder if in two more years I'll be posting this with a refi at 1.75%?

[tipster350]

I just closed on a 2.375% 15 yr loan, taking the place of a 3.875% 30-year loan. Loan cost was high, and I believe that's where the companies are making their money with the low rate environment we're in. Nevertheless, it will save me a ton of money over time.

[uniwelder]

We just started a refinance and ended up with PenFed a local bank for the best rate after asking a few places.  I know rates have been going up quite a bit recently, but we couldn't do this any earlier--- we just moved from our primary house to a former rental two weeks ago.  The interest savings come from Covid rate drop as well as the .75% rate drop going from investment mortgage to primary.

I found the best deal PenFed local bank had was to do a cash-out refinance, take out 10k 9k, and apply that to the closing and point buy down on the rate.  We ended up at 2.75% for a 30 year loan, paying almost 4 2.375 points, so the APR is something like 3.15% but there are no out of pocket costs.

edited to update--- local bank called back after getting loan started with PenFed, but was able to cancel and save some money.

[ChickenStash]

After getting the paperwork started in early January, I'll finally be closing my refi out next week. 30 years at 2.75% with no points (sorta). I'm coming from being about 7 years into a 30 at 3.625% so not a huge difference but I'll take it. The process was smooth but sloooooooow.

A kind of MPP: I decided not to roll the closing costs into the mortgage so I owe them a check when we close. Now, I normally have very little in my checking account as it only used as a temp holding area to cover bills and the rest is auto-invested. The plan was to just take the money out of my brokerage acct a week or so ahead of closing but they pitched a fit early on that they had to  "see" it in my checking account before the underwriters would even look at my application. So I wound up having to leave a few grand in my checking account, earning nothing, while they spent months doing their paperwork. Sigh.