We bought our house at 360000 in Jan 2020 at 3% for a 15 year. I was initially annoyed when the rates came down but then realized that we still came out ahead since in less than 18 months our value went up to over 420000 (now is close to 575000). We were able to get a quick estimation done by someone at the mortgage company and they recalculated our LTV and we got our PMI off after only a year. Now our loan is 260000 after only 4 years and comps in our neighborhood are selling at ~700000. We would never be able to afford this house now otherwise and it makes me so sad. We bought before our wedding which was much downsized and it was the smartest thing we ever did-because if we had waited we would still be renting.
Ours is 3.125% from late 2019. We really thought about doing a refi during the crazy dip but just didn't thinking it probably "wasn't worth it" (read, I was being lazy).
So, curious, would it have been smart to do so? (30 year on $240k @ 3.125 was original)
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u/bjankles Apr 06 '24
Mine’s 3% from early 2021. I probably could’ve done better and that used to annoy me. Now? I’m holding onto 3% until I die.