MI, through my broker. Thats for a 30 year. Pretty significant drop at 20 and 15
Not on a cash out investment property! I was rwsponding to a question about investment cash out loans. Totally different rates. On a primary residence non-cash out that is a good deal.
Can you do a heloc on an investment property? Got plenty of equity but don’t want to refi as I’m locked in at low 4s.
Depends on the state and terms. If you can get it from your credit Union they may have a better rate, but a lot don’t lend in investment property. I have some quick and easy options. Email more details to your situation mburwell@manresamortgage.com. Don’t email and personal private info though. Just the basics of the transaction. I’ll look at it Thursday.
Sounds about right depending on the specifics.
I locked a client at 5.875 last night, purchase, 5% down, no points, Maryland and she qualifies for a $5000 grant. Great deal for this lady, she was getting quoted 6.75 with a point from Rocket.
We’re definitely looking for rates to continue a bit lower if employment is weak tomorrow.
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VA or 15 year? I can’t imagine that’s the available rate for anyone with a decent income. If not, there must be some very high origination fees.
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No and no, and I stated no origination/points fee.
Homepossible, which is a conventional program, it does have income limits, but in my area the limit is about $122k.
That’s misleading though. As I said, not available to many. I’m very familiar with that program. Far less than 122k in many parts of the country too.
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Who am I misleading? I’m not advertising, i’m just providing a data point that yes, many do have available.
Because you posted a data point that said you locked a client at 5.875% with no points, when AI suggests only 9% of eligible homebuyers would qualify for Home Possible. With no mention of it being ineligible to the vast majority of people looking and having no mention of Home Possible, I would say it qualifies as an entirely misleading data point.
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You really care that much, holy hell dude.
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I finally took the plunge on a “no-fees” HELOC application last week. Was looking primarily for the best introductory rate and went with 12-month at 4.65%, followed by prime minus -0.125%. Draw term is 10 years and repayment term is 20 years.
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Not bad at all. Mortgage rates are popping a touch over the past few days. Homes in the suburb I live at are selling in a day again. Inflation might be sneaky. As you see things like brokers hitting allocations and such, it might give a strong clue of some future frustration for borrowers hoping for bliss this spring with rates. The consumer is fighting the Fed yet again… 
On the plus side, if the above is true, it will likely be supportive of equity markets in the short term.
Long term, I want to see if this current window is the consumer blowing their last nut from bonus/tax refund or something more.
I’m starting to do research on refinancing my mortgage. First time homebuyer in the US, we closed on our home on Dec 2023 @ 7%.
Are closing costs anywhere near what we paid and we first bought the house?
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It’s unlikely a refinance will be economical for you at today’s rates unless the refinance is necessary due to cash out for a debt payoff, etc.
I ran some rough numbers and from my current 7.2 to my CUs 5.6%ish it would be a $500/mo less, but if I have to pay around 2% in closing costs over 500k it wouldn’t make a lot of sense right now.
If 5.6% is no points, no fees on a 30 year fixed, that CU will have a line out the door.
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Mortgages track the bond market, most closely 10 year rates, not the overnight rate set by the Fed.
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I’m actually a touch insulted you would think I was unaware of that!
The 10 year has been pissed off since the beginning of March.
The Fed can only control the short end of the curve, but they “influence” the longer end more than folks give them credit for.
If I was forced to guess, I bet we get to 475 bps on the 10 year before hell breaks loose. Now that I’ve thrown that out there, I can’t wait to be wrong!
Thesis is dead if Trump actually does meaningful tariffs and doesn’t pull them back a day later.