Anyone know a website...

[jIM_Ohio]

which shows interest rates on 30 year and 15 year fixed mortgages?

I have gone to several websites and they only ask for information before quoting the rates.

I want to do a proxy today to see what rates are (I am guessing about 5.5% for 30 year fixed), then will bump this thread up in about 3 months when I expect rates to approach 5%.

Usually takes a few months for a fed rate cut to permeate mortgage rate market.

My goal is 30 year fixed under 4%.

edit- found one site

Mortgage Interest Rates

Which shows 5.375% to 5.86% on Tues 1/22.

[safari]

I am pretty sure that 30 year fixed rates never went below 5%. I remember in 2003 they were saying that the interest rates were the lowest in history, and they were just above 5% (with no points).

[bjl584]

Bloomberg.com lists the national averages on mortgage rates. Scroll down the page. It's on the right side below current energy prices.

[disneysteve]

Bankrate.com lists national averages and you can also search rates in your local area.

[Scanner]

E-LOAN: Mortgage Refinance, Home Equity, Auto Loans, Savings Accounts, CDs, Line of Credit, Home Loans, Second Mortgage, No Hidden Fees

I just got my auto loan approved through them. Very easy - they are sending me a "Powercheck" for whatever amount I use.

I saw a 15 year mortgage there for 4.75%.

I may bite on that.

EDIT: That 4.75% may be assuming 2 points or less, not sure.

ANOTHER EDIT: Are you thinking of refinancing with this rate cut? I hadn't thought about it but I have a 25 year mortgage, paid down 4 years + equity accelerating with a balance of $125,000 left. So, with equity acceleration, I figure I have about 18 years left. My payment is $1028 (no escrow) with a 6% interest rate fixed.

Converting to a 15 year with a 4.75% interest rate may make sense. Even with 2 points, thats $2500 and my payment drop about $100/month (recouped in 24 months).

Furthermore, my term has now been lowered to 15 years. If we can "equity-accelerate" again, we may get the mortage paid off in 12 years.

[jIM_Ohio]

E-LOAN: Mortgage Refinance, Home Equity, Auto Loans, Savings Accounts, CDs, Line of Credit, Home Loans, Second Mortgage, No Hidden Fees

I just got my auto loan approved through them. Very easy - they are sending me a "Powercheck" for whatever amount I use.

I saw a 15 year mortgage there for 4.75%.

I may bite on that.

EDIT: That 4.75% may be assuming 2 points or less, not sure.

ANOTHER EDIT: Are you thinking of refinancing with this rate cut? I hadn't thought about it but I have a 25 year mortgage, paid down 4 years + equity accelerating with a balance of $125,000 left. So, with equity acceleration, I figure I have about 18 years left. My payment is $1028 (no escrow) with a 6% interest rate fixed.

Converting to a 15 year with a 4.75% interest rate may make sense. Even with 2 points, thats $2500 and my payment drop about $100/month (recouped in 24 months).

Furthermore, my term has now been lowered to 15 years. If we can "equity-accelerate" again, we may get the mortage paid off in 12 years.

Another board pointed to bankrate.com.

Most 30 yr fixed mortgages are at 5.375%. We have a 5.75% right now. I would pay points to get a rate at 4% for sure- that will be cheap money and change cash flow in our household considerably (savings of $300+/month)


Are the CD rates on bankrate.com reliable? I found some 90 day CDs yielding 2X+ what my current bank is giving me for 90 day CDs. I plan on doing some homework tonight on this.

I responded to you in other thread.

I would not refinance until you would save 8% per payment. In this regard you save a full mortgage payment per year (12*8%=96%). When I can get a new mortgage which saves me a full mortgage payment each year, I plan to pull the trigger.

You could refinance now and improve your payment by about 6% I think. Rates are still going to drop from today, so waiting a little bit makes sense. My wife groaned today when she heard I was looking at refinancing.

We had an 80-10-10 program, so we also have a large second which complicates our situation.

[sweeps]

Bankrate is a junk web site now... too heavily controlled by advertisers.

The average mortgage rate listed on web sites is not very useful. Depending on which bank/broker you prefer, how many points you'll be paying, your location in the country, you credit-worthiness, and other factors, your rate will vary dramatically.

Contact a few banks/brokers and find out exactly what your rate will be.

[jIM_Ohio]

Bankrate is a junk web site now... too heavily controlled by advertisers.

.

How about for CD rates?

[sweeps]

Better rate listings for anything -- mortgages, car loans, CDs, savings accounts -- can be found elsewhere.

Check bankdeals.blogspot.com for CD and savings account rates. It is not swayed by advertisers, AND is much more current.

[sweeps]

I just checked with my broker... She's offering 5.375% with $1200 closing costs. 5.675% with 0 closing cost. (0 points on both.) YMMV.

[Gruntina]

Keep in mind when refinancing, the appraisl value home dropped drastically with the rate cut. for some (those who owe close to home value) it would be a catch 22 thing.

[Joan.of.the.Arch]

I usually check my local newspaper website. They survey lenders regularly (daily?). But they focus on in-statel lenders.

[sweeps]

Keep in mind when refinancing, the appraisl value home dropped drastically with the rate cut. for some (those who owe close to home value) it would be a catch 22 thing.

I'm not sure what you mean... can you explain?

[disneysteve]

I'm not sure what you mean... can you explain?

I believe what she meant was that some people try to refi only to discover that due to market conditions, the value of their home has fallen and they don't have enough equity. In some cases, folks who bought with little or nothing down end up owing more than the house is worth so now they have a mortgage they can't afford but they can't refinance even though rates have dropped and they can't sell because they are upside down on the loan. That is what is leading to a lot of foreclosures.

[sweeps]

Ok. The comment could have been interpreted to mean the Fed's rate cut caused the home's value to decrease... which made no sense to me. Thanks for clarifying.