Refinance rates now

I know there was a thread about this a few months ago, but wondering if anyone has researched rates for refinancing a jumbo loan recently? We currently have 4.125 so would only make sense if we could e get something around 3.25 or lower I think. We have good credit and still have an income for now!

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in General Discussion 5 years and 6 months ago

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IronBalls | 5 years and 3 months ago

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Go to bankrate.com. There are a few banks that apparently are offering jumbo 30 year fixed in the low 3’s. I’m wait for the jumbo 15 year fixed to his 2.5%. That’s the sweet spot, baby.

southsloppy | 5 years and 3 months ago

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refreshing this thread as i heard from my mortgage broker today and it looks like things have finally settled down: 30 year fixed jumbo at 3.125%. Seriously considering making the jump.

Guest User | 5 years and 6 months ago

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You might have to wait a couple of months for things to normalize…our loan is with Wells Fargo, and they are not currently offering re-financings on jumbo or non-conforming loans (and I think that’s consistent with several other providers). For risk purposes, they are focusing on loans backed in some form by the federal government. This is only temporary. I would think that if it lasts a couple of months, you should still have a shot at a pretty good rate when things open up again. We were able to lock in at a slightly higher rate than we wanted, just before they stopped offering, and they’ve since lowered it twice, to 3.375%. However, that was a single day, spot rate, and they have moved back up since then. It has been really dislocated since March.

southsloppy | 5 years and 6 months ago

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in the same situation here, still employed (yeah!) and would definitely refi if i can get a 30 year fixed in the low 3%. What i heard back from our mortgage broker is that jumbo / non-conforming have gone in the other direction are currently around 4% so will wait it out and see if banks get less risk averse…

resident2 | 5 years and 6 months ago

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“still have an income for now!” answers your question.
Banks are going to go into a much more conservative lending pattern. Especially for Jumbo mortgages. They will want more equity, guaranteed income & job prospects (Doctors for example)

stuyheights | 5 years and 6 months ago

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Will depend on loan to value, how many units, and credit score.