How low can we go? 30 yr fixed at 3.75% with no fees...

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Lock in to those low mortgage rate soon because rates might be headed toward 5 percent.  Unless there's QE4....

Mortgage rates are headed to 5 percent

The Mortgage Bankers Association expects the average rate on a 30-year, fixed rate mortgage to rise slowly to 5.1 percent by the end of 2015 -- a full percentage point higher than where it was last week -- as the U.S. economy grows and the job market improves. (Generally, strong economic performance pushes mortgage rates up.)  If not for the economic and political turmoil that's erupted in other parts of the world, the forecasts for mortgage rates would probably be even higher.  "In our forecast, we're assuming that the global issues remain at a simmer," said Michael Fratantoni, the MBA's chief economist. "If they were to come to a full boil, rates would stay lower for longer."

Still, the Fed?s program ? also known as ?quantitative easing? ? was a useful tool when it was needed most, research shows. It was launched late into the 2008 financial crisis as part of a push to stimulate the economy. The purchases immediately pushed mortgage rates reliably below the 6 percent mark for the first time in years. The central bank then conducted two more rounds of purchases that pushed rates down even further, causing them to fall to some of the lowest levels ever recorded.
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Looks like the mortgage rates drop a little bit recently.  Anyone seeing a 30 year, 3.75% with no fee yet?

Mortgage Rates Lower Across the Board
30-year fixed-rate mortgage (FRM) averaged 3.89 percent with an average 0.5 point for the week ending December 4, 2014

15-year FRM this week averaged 3.10 percent with an average 0.5 point, down from last week when it averaged 3.17 percent.
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Bullsback said:
Is a refi rate typically cheaper then new purchase? 
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I say yes, lender either yours or builder's has no leverage over you since you already have the house.  If you get squeezed you can always walk away (maybe lose the appraisal fee) but you still have the house.
 
Get your paperwork ready, if the market continues this week, get ready to pounce on that 2.375% Jumbo ARM refi!  Right now checking with Residential Wholesale it's 2.5% with enough credit to close with no costs. 
 
ps9 said:
Get your paperwork ready, if the market continues this week, get ready to pounce on that 2.375% Jumbo ARM refi!  Right now checking with Residential Wholesale it's 2.5% with enough credit to close with no costs.
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Got a call from Cardinal and they said 2.5% today.. REFI party if it hits 2.375!
 
The California Court Company said:
what's the typical time to get a refi loan closed these days? is 30 day rate lock sufficient? especially with Holidays around the corner.
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30 days should be plenty. Residential wholesale mortgage funds in 20-25 days
 
qwerty said:
The California Court Company said:
what's the typical time to get a refi loan closed these days? is 30 day rate lock sufficient? especially with Holidays around the corner.
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30 days should be plenty. Residential wholesale mortgage funds in 20-25 days
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Same lender.  60 days and no end in sight.
 
ps9 said:
Residential stated 45 days lock, their investor (chase?) is swamped
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I had a pretty easy application and they didn't ask many questions since my finances are pretty straightforward, not sure if that plays into how fast they fund
 
Just got a 45 day lock for 30 yr fixed @ 3.75 with net estimated closing credit of $1800 that can be used for prop tax and HOI. I'd have to pay net $700 for 3.675. For the puny diff in monthly bill I sure like taking the money now.
 
The California Court Company said:
Just got a 45 day lock for 30 yr fixed @ 3.75 with net estimated closing credit of $1800 that can be used for prop tax and HOI. I'd have to pay net $700 for 3.675. For the puny diff in monthly bill I sure like taking the money now.
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I agree. Curious - what LTV is that rate for?  I'm not getting as low. Not sure if its a broker issue or an LTV issue.
 
The California Court Company said:
LTV is 51
Could have lived mortgage free with comfy reserve but wife says no.
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Then why not 5/1 ARM and save some interest?  If SHTF/bug out time, you have the 1%er option of paying off your mortgage. 
 
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