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Aren't the trends kind of meaningless without knowing the credit scores of the borrowers and LTVs of the loans (and really, points/closing costs/etc.)? I mean I could post that I got 6% in Arizona a week ago and you might think that was terrible, unless I posted my credit score was 620 and I was at 100% LTV. Who knows, that might be a good rate given the (entirely fictitious) circumstances.
FWIW, I have one loan the closed on 2/3 - 20 years @ 3.5%, 90% LTV. Another is looking like 15 years @ 3.375%, 60% LTV (it's not a primary residence). Should lock next week and close the week after.
Yeah pretty much. It always seems like discussing mortgage rates is kind of like a big dick contest, because the information is pretty meaningless otherwise. You don't know the person's credit score, their LTV, their closing costs or if they even had any, points, etc. I guess it can be interesting but it's not like the information is at all useful unless you know the whole story.
FWIW I am refinancing at 3.875 with no closing costs. I asked what it would be w closing costs and it was 3.7% w 5k in closing costs so it seemed like a no brainer. I locked about 2 weeks ago.
New loan was slightly higher than an average 12 year because it was a baby loan (under 100k) and because it was a no cost refi, with no closing costs rolled in, so they charge a little premium on the rate.
My credit is over 800 and I have about 30% equity. Old loan was a big bank, new loan is a local credit union.
Credit scores from all 3 agencies were between 718 and 777 I believe. My wifes scores were a touch higher, one of them was around 813 if I remember correctly.
Purchasing a house for $145k with 3% concessions, and 5% down. No idea what our debt-to-income is, but the bank had no issue with the application.
Tentative closing date is Apr 30th, and we locked in at 3.875 for a 30 year conventional good until May 4th. This is from a large local federal credit union.
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