Historically, 3.25% is still VERY low. Nothing to feel bad about. Have you looked at other loan options with 25k down you could do better then what the va offers with an fha alot of times. The fees on a va loan can be insane.
Beside above, what’s a good interest rate on a mortgage Reddit?
4 – 4.5% is the going rate right now. You can always buy points to bring down the rates if it makes sense financially. Also, plenty of big banks offer PMI free 10.1% down loans (assuming you have cash reserves). There’s not really a good reason to do anything less than a 30 year mortgage.
| Interest Rate | Points / Credit |
|---|---|
| 2.875 | .161 (I think that’s what I wrote) points |
| 2.75 | .45 points |
| 2.67 | .85 points |
| 2.5 | .951 points |
Then, are mortgage rates going up or down in 2020?
Lawrence Yun, Chief Economist with the National Association of Realtors. Yun believes that mortgage rates will remain stable in 2021 — with the potential for a slight increase from the all-time low of 2.71% we saw in 2020 for 30-year, fixed rate mortgages.
What is the lowest mortgage rate you can get?
3.46%
Is it worth it to pay down points on a mortgage?
If you’ve got some money in your reserves and can afford it, buying mortgage points may be a worthwhile investment. In general, buying mortgage points is most beneficial when you both intend to stay in your home for a long period of time and can afford mortgage point payments.
How do I find the lowest mortgage rate Reddit?
Get a mortgage broker to help find non-bank lenders. Since they don’t advertise or have much of physical offices they give lower rates than most banks or credit unions. I would suggest trying to go through a local broker shop. They might be able to find you a better rate then going directly to a retail bank.
How do I get a good mortgage rate?
So Who Gets the Best Rates?
- Have an 800+ credit score.
- Take out a loan of less than $424,000.
- Live in a relatively affordable area, but not one that need special mortgage considerations.
- Put at least 20 percent down.
- Opt for a 15-year loan.
- Choose a variable interest rate.
What are points on a mortgage?
Points, also known as discount points, lower your interest rate in exchange paying for an upfront fee. Lender credits lower your closing costs in exchange for accepting a higher interest rate. These terms can sometimes be used to mean other things. “Points” is a term that mortgage lenders have used for many years.
Is 2.75 A good mortgage interest rate?
Given the typical spread between the 10-year Treasury and mortgage rates, borrowers should be able to get an interest rate in the neighborhood of 2.75%, or perhaps even lower than that. … Put simply, there is only so much volume that mortgage companies can handle.
Why are home interest rates so low?
Low interest rates are good for homeowners as it reduces their monthly mortgage payments. The interest rates are so low largely because the economy is so weak. … The Federal Reserve pledged to support the economic recovery and signaling to hold the rates near zero until 2023.
Is it worth refinancing for 1 percent?
Is it worth refinancing for 1 percent? Refinancing for a 1 percent lower rate is often worth it. One percent is a significant rate drop, and will generate meaningful monthly savings in most cases. For example, dropping your rate 1 percent — from 3.75% to 2.75% — could save you $250 per month on a $250,000 loan.
What was the lowest mortgage rate in 2020?
Mortgage rates in 2020 have dropped due to the Federal Reserve lowering rates in response to COVID-19. As of this writing in November 2020, the average 30-year fixed mortgage rate with a 20% down payment had just hit fresh record lows at 2.72% according to Freddie Mac.
Should I fix my mortgage for 2 or 5 years?
Should I fix my mortgage for 2, 3, 5 or 10 years? If you have a low loan to value (the size of your mortgage as a percentage of your property value) then you will almost certainly benefit from fixing, as you will be able to secure a low fixed interest rate.