Weekend Linkage — August 22, 2010
By Sun
When we got our loan in April, we thought we got a pretty good deal with our 15-year fixed mortgage at 4.25% APR. Now, four months later, our good deal doesn’t look that good any more. I know mortgage rates have fallen to historical lows lately, but I haven’t paid really much attention to it until last weekend when I told to one of my friends who just completed his fourth refi in three years. I then checked rates in my area and found that the rates for 15-year fixed mortgage went as low as 3.75% APY last week. That’s 0.5% lower than the rate we have on our loan. Though the money saved per month from a lower rate isn’t that significant (we could save a little over $100 per month over our current monthly payment if we get the 3.75% APY), I think it’s still worth it because doing a refinance now won’t cost anything. Plus, 3.75% is a rate that’s hard to resist. So I made a few call Friday and found a mortgage broker who said their lowest rate was indeed 3.75% as of Friday with no closing cost. We had the broker come over this afternoon to finish the paperwork. Since it wasn’t long ago when we did our original mortgage application, we pretty much have all the materials on hands. Now we just need to wait to see what the rate we can lock tomorrow.
Weekend Readings
- Learn One Lesson: Who is The Client?
- U.S. Currency Bills, Bank Notes, Credentials in Finance
- Calculating Net Worth: Should Home Values Be Included?
- Preparing for an Emergency: How Does Your Family Rate?
- A Tale of Two Televisions
- How to Save Money when Eating Out
- Home Mortgage Rates – 6 Key Factors
- 7 Ways to Further Your Education Without Paying Full Price
- Frugal Web: Recycle an Odd Item
- Personal Finance Guide for Kids Age-by-Age
- Lump Sum Pension Options Vs. Annuity Lifetime Annuity Payout: Which One Should You Choose?
Carnivals
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I hope you lock into a great rate!
Which mortgage broker did you use? I live in Virginia (DC suburb) and need to do the same. Thanks in Advance!
That is insanely low, esp with no closing costs. I locked in at 5.8% a year ago and that was considered low. It’s time to look into refinancing for sure!