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Is 4.4% good rate for a refinance?

Is 4.4% a good rate on a refinance? I have an original loan of 165,000 with 110,000 remaining and I plan to live in the home for a while. But I've heard that rates are lower than this... 4.4% is better than what I have now, but is it good for the market right now? Please let me know. by jenny_outoffl77 from St Petersburg, Florida. Aug 19th 2010 Reply


Brett Pehrson (brettpehrson)
#19 ranked lender in Utah - 228 contributions

As mentioned before, it depends on other factors like your terms, credit, etc.. I would think you could do a little better than this, though, too. It may be the lender's price point for a loan this size, though. I have some lenders who have larger price "hits" for loans $120k and under; but, it should be easy enough to avoid large adjustments at this loan. I'm personally of the belief, though, you should go back to your loan officer and ask why it isn't better; understand how it's structured and why, first. If you're working with a broker, every dime has to be disclosed; direct lenders and banks don't disclose everything to you, so it will be harder to tell if they're being greedy. Once you understand why you're not lower, then you're in a better position to see if you can get a lower rate/fees.

Aug 20th 2010
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Jake Belcher (JakeBelcher)
#18 ranked lender in Kansas - 87 contributions

If you are paying closing costs you should be around 4.25% on a 30 year fixed. Around 3.75% on a 15. Hope this helps and if I can help let me know. Thanks. Jake B

Aug 19th 2010
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Bill Verostek (Verostek)
#241 ranked lender in California - 5 contributions

There are lower rates BUT whether or not it benefits you to refinance at all depends on:1. How much your payment would go down.2. How many years you would have to add by virtue of a new 30-year loan; and;3.The TOTAL amount your current mortgage balance would be increased to cover the refinancing closing costs.4. Your immediate needs.I have rates today of 4.125/4.243APR and NO POINTS. Monthly payment of $552.50 inc. all closing costs which increases your current balance to 114,000. Approval suject to underwriting. Rates can change without notice. CA DRE #00909476

Aug 19th 2010
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Rudi Hofmann (CaPortfolioLoans)
#280 ranked lender in California - 380 contributions

In my opinion this would not be of benefit to you. I have an amorization calculator un Raes on my website. Play with the numbers, I think you'll agree. .... Happy funding, Rudi

Aug 19th 2010
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Akali Dennie (adennie)
#55 ranked lender in Florida - 196 contributions

Hi Jenny. That first would depend on whether you are refinancing into a 30 year or a 15 year fixed. If it is a 30 year fixed, 4.4% is not bad with NO POINTS and low fees. Assuming you have excellent credit, 4.375% with no points and 4% with 1 point should be where you would want to be. Also, the amount of equity you have in the home also plays an important part. I would be happy to email you a FREE quote. adennie@fmbranch.com. Thanks.

Aug 20th 2010
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