Absurdly low refi rates???

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Submitted by treehugger on March 17, 2016 - 6:35pm

Has anyone refi'd lately? A buddy at work claims to have just refi'd his 2010 purchased, single family house in San Marcos at a 30 year fixed for 2.86%, no points, but it is a VA loan? Is this real? I asked for the number of his agent, he said it was with Wells Fargo.

I have 3.5% and if could get near to that would go today and refi!

Submitted by livinincali on March 18, 2016 - 6:32am.

I don't see anything like that right now. Average rate for a 30 year is just under 4 and lowest rates are bunched up around 3.625. I don't know how you get 2.86 unless it's not really a 30 year fixed. 15 year fixed would be around 2.8. Some sort of ARM product might be around those levels too, but I don't see 30 year fixed at those levels.

Submitted by Escoguy on March 20, 2016 - 9:05pm.

I hear ads from New American funding for rates in the 2s for the 1st year then fixed for the remaining 29 years. I haven't checked on details but if anyone can find more would like to know. I'm also at 3.5% on 30 fixed so don't expect it's really better than that.

Submitted by gzz on March 21, 2016 - 12:13am.

Right now if I did a refi with Sebonic (best rate on zillow mortgage) the APR would be 3.512. They did my purchase actually, then sold the loan to Chase.

Submitted by poorgradstudent on March 21, 2016 - 9:37am.

Yeah, I imagine you missed something in the details. Rates are pretty darn low, but you're unlikely to find a 30 year at that level.

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