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

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OCtoSV said:
10 year even edged slightly higher. My broker recently offered me a no fee 5.875 refi down from the 6.5 conforming we got in March.
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You could take it, close in late October, then refinance again after the broker's new loan window re-opens (usually after 3 payments). If it was my loan, I'd look at a 25 year amortization. The lower rate should keep your payments about the same as where they are today, but take 3-4 years off of the term.

By February 2025, there should be some insight as to what is going on in housing and the economy. If rates push higher, you're good. If they go lower, you're still good. There are additional cuts in the future coming, but you cannot bank on it give how wild the political world is today (local and geopolitical).
 
sgip said:
You could take it, close in late October, then refinance again after the broker's new loan window re-opens (usually after 3 payments). If it was my loan, I'd look at a 25 year amortization. The lower rate should keep your payments about the same as where they are today, but take 3-4 years off of the term.

By February 2025, there should be some insight as to what is going on in housing and the economy. If rates push higher, you're good. If they go lower, you're still good. There are additional cuts in the future coming, but you cannot bank on it give how wild the political world is today (local and geopolitical).
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Thanks for the insights sgip. My broker’s window is 6 months but she’s done multiple transactions for me and always clean and quick so I love her else I’d come to you.
 
How do loan officers make money from refinance if they say no fee? Never done one before. I’m assuming there are other costs right
 
sleepy5136 said:
How do loan officers make money from refinance if they say no fee? Never done one before. I’m assuming there are other costs right
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If the market rate is 5.50% for 1.0 point cost (lender profit) and you accept a 5.875% rate, the higher rate yield will give the lender a 1.5 - 2.5 point rebate which they use to earn a profit and for paying your fees.

If the lender advertised "No fees at closing out of your pocket, but you pay for it over the long run"... It wouldn't bring in many customers.
 
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