Old version of this thread is here

At this moment, long term & fixed rates are quite low, while variable rates are rising fairly rapidly. It's the best time in years to get a fixed rate product, IMO, and I'm more supportive of HELOC/variable products than most.

With that in mind, this thread is designed to help us seek out very low-cost fixed-rate products, including purchase/refi first mortgages and HE loans. Hopefully it can assist those of us who want to transition into fixed-rate products.


One excellent option is at the always interesting PenFed , which does a hot 5.49% 15 year fixed at up to 90% LTV with NO fees whatsoever.

Edit: Another exceptional option is their 5/1 ARM, which is discussed here and here , and which is also listed on the page just mentioned. I list it here because for anyone intending to hold their property for 5-7 years or less, it's a superb deal, since most closing costs are paid and the low 4.5% rate (as of this weekend) is locked for 5 years.


I'm also impressed so far with our friends recent experience with MCA , which offers a 15-year fixed first mortgage with $950 in lender closing costs ($1,250 for refinances).


Edit: fixed penfed link (thanks phil938), update their HEL rate.

Great resurrection.

We are looking to buy a larger house for the long haul, and are looking for a 20- or 30 year fixed with 90% LTV and low closing costs. We'll be watching this thread with interest.

Thanks, Dave!

Bump

Fixed PenFed link

Thanks for the thread DH!

This all (obviously) depends on where the prime rate is going. I'm looking at Penfed's fixed 5.99%, but it's somewhat tempting to go for the 5% (prime - 0.5%) HELOC. I like the idea of being able to park extra money in the heloc and take it back out when/if I need it. The big question is, where is the prime rate going? Will it go up 1% within the next year or two? 8 years from now? I usually like to go the "safe" route, so I'm leaning towards fixed even with the advantages of the HELOC.

5.99% I think is the best I've found. Citizens (new england) has a similar rate if you have or open an account there. Many of the others are higher. Maybe there is a lower out there from someone I've never heard of or wouldn't want to do business with.

If you have a wells fargo mortgage, see if they are still offering the "Close-at-home" program.
Their rates are around .25/.50% higher than everyone else, but i've managed to refinance twice with no fees.

I just refinanced my home for 5.125 % fixed for 15 years at Navy Federal Credit Union
I had a 30 year fixed rate at 7.5% it only cost me $25 more a month and I had only paid on the 30 yr note for 3 years.

miserly - the "On the House" product is basically a refi with no closing costs (which is unlike most refis which have significant closing costs).

DaveHanson said:Thanks for all the replies!

If you are reporting on a rate you received, please include ALL key into, esp. closing costs, restrictions, LTV limits, whether it's a "streamline" transaction, etc. so that we can compare apples to apples.Agreed - comparing low or NO closing cost deals, to loans with traditional closing costs of $1000-5000+ is really a different topic....

I checked your Penfed link Dave,

The rates look different than noted here if I'm reading it right.

15 year is down to 5.375 with no points and 5.125 with .75 points

So maybe we're actually not ready to rise just yet I'm hoping to close before the summer is done, because I can pretty well bet next year is gonna be hell on the housing market for resale values.

*Edit* I'm an idiot, I missed the header at the top that was mortgage not HELOC. You're correct its still 5.99 there. Fixed, thats a great deal.