Home Refinance

2,396 Views | 7 Replies | Last: 3 yr ago by Colonel Armstrong
IseWolf22
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With the emergency rate cut, I'm looking to refinance my house for a better deal. My original mortgage was with Guaranteed Rate and it was not a smooth experience.

Anyone refinancing now? Who are you using or have used in the past? What types of rates are you seeing?
ushum
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Just saw this, are you still considering?
IseWolf22
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ushum said:

Just saw this, are you still considering?
I already made my move. Reduced my rate from 4.375% to 3%
gtman49
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I am looking into it as well. Made the mistake of filling out an Quicken inquiry screen.
Steve Williams
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Staff
Talked to a friend who was considering refinancing. He checked around after the Fed cut to zero and unfortunately that hadn't been passed on to consumers. In fact, rates were actually up because of the backlog of demand. That was probably two weeks ago so maybe things have changed now. I think I got 3.5 back in October and I was ecstatic.
IseWolf22
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Steve Williams said:

Talked to a friend who was considering refinancing. He checked around after the Fed cut to zero and unfortunately that hadn't been passed on to consumers. In fact, rates were actually up because of the backlog of demand. That was probably two weeks ago so maybe things have changed now. I think I got 3.5 back in October and I was ecstatic.
2 weeks ago is about when I acted. Rates were changing throughout the day. I missed biting on 2.875%, and was planning to settle for 3.5%....Then rates dipped again and that afternoon I locked in at 3%
ushum
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3% is awesome, the fed rate doesn't always mean the same for mortgage rates. Basically there were so many people trying to refinance at the same time that rates actually bumped up. They are around 3.5% for 30 years right now. If anyone needs a few different local lenders to check in with let me know and I'd be happy to share. 3.5% is still a great rate.
Smittywolf
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There is a lot going on in the mortgage industry right now and nobody knows for sure where it is going. My mortgage broker told me last week that the best advice she could give is to get with your mortgage lender and get them everything that they need to get you to the point where they could lock your rate and then wait on the market. Have a predetermined rate that you would be happy with and tell them when the market gets there for them to lock it in for you.
"If I could hit you, I would hit you so hard you would forget what school you were flipping too" - Drake Thomas on Sam Howell
Colonel Armstrong
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ushum said:

3% is awesome, the fed rate doesn't always mean the same for mortgage rates. Basically there were so many people trying to refinance at the same time that rates actually bumped up. They are around 3.5% for 30 years right now. If anyone needs a few different local lenders to check in with let me know and I'd be happy to share. 3.5% is still a great rate.


US treasury bill rates also factor into mortgage rates. Those didn't go down and that's why mortgage rates didn't go down as far as the fed funds rate
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