An item from someone I know well and trust (at least on such matters): He was worried that with the jump in inflation, his adjustable mortgage rate will go up in coming years, so he refinanced his jumbo loan (a bit above $1.5M, pretty normal in the L.A. area) at a 30-year fixed 2.49% rate, with 1.375% in points.
That seemed like a pretty good rate, so I thought I’d mention it; the bank is Ally Bank. The one downside: The bank apparently required far more paperwork on each of his various other assets than he had ever had to submit for past loans (even though he has good credit and a fairly low loan-to-value ratio). So more hassle, but apparently a good deal otherwise.
Naturally, this post wasn’t paid for, asked for, or in any way incentivized by the bank or anyone else; I pass it along solely because I thought some readers might find it useful.
The post Refinancing Data Point: 2.49% Jumbo 30-Year Fixed, 1.375% Points appeared first on Reason.com.
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