Mortgage rates nationwide plunged to new lows not seen in over 50 years. Here are some key national averages from Freddie Mac, but of course, review this local rate table to see how low you can go in your area:
- 30-year fixed-rate mortgage average is 4.15% with an average 0.7 points for the week ending August 18, 2011, down from last week when it averaged 4.32%.
- 15-year fixed-rate mortgage average is 3.36% with an average 0.6 points, down from last week when it averaged 3.50 percent.
- 5 Year Adjustable Rate Mortgage rate is 3.08% with an average 0.5 points.
{ 7 comments… read them below or add one }
I tired to refinance, however my balance is too small to make a big enough difference. I could have a 3.1% 5 ARM, no points, but roughly $2,500 closing costs. My savings vs. costs did ot yield enough to go through it. My best option is make additional principal payments on 15 year mortgage (5%).
Ya know; I’m at a 4.625 now a few years in. Each time I run the numbers to get into a 15yr at like 3.625%, it’s still tough to justify. If I simply did the prepayment of equal amount, the loan’s paid off practically at the same time! It depends where you’re coming from…
Doh! I refinanced my rental home last month! Oh well, it was still good @ 3.875%
That’s a nice rate! How’d you get that low? What was the term?
I’m refinancing from a 3.625% 5/1 ARM jumbo loan with 4 years to go (refinanced just last year) to a 3.25% 5/1 ARM jumbo right now. Just had the appraiser come last week. They are giving me 3/8 point credit to cover my costs, so it’s basically “no cost” as it’s all baked in.
The funny thing is, the more you borrow, the cheaper the “costs” i.e. a 1/2 point credit on $2 million is $10,000 towards closing and the appraisal fee or application fee don’t go up the more you borrow. Borrow more save more! lol.
The requirement is 70% or lower LTV and 740 or higher credit score.
Sam
Congrats; that’s free money!
As long as the closing costs don’t eat away the monthly savings, refinancing like that’s awesome. We’ve looked at a 15 year and some other options, but with the closing costs, it hasn’t made sense. Maybe I’ll have to check out a no-fee closing option and see if the rate is low enough to justify. Just had my credit checked for a commercial RE deal and it’s right at 790-something, forget exactly. But definitely high enough for best rates.
Yeah, after the credit, my out of pocket expense will be covered in 1 week or maybe 0 as they said they will try and get all costs to go t $0. I’m referring 5 new customers to them, so it’s a win-win.
I hope EVERYBODY is refinancing if it makes sense. Makes me bullish about the continued recovery, despite some massive job losses on the horizon.