{"id":1742,"date":"2025-06-24T10:31:16","date_gmt":"2025-06-24T17:31:16","guid":{"rendered":"https:\/\/ezmortgages.us\/?p=1742"},"modified":"2025-06-26T10:42:03","modified_gmt":"2025-06-26T17:42:03","slug":"ez-mortgage-monitor-june-24-2025","status":"publish","type":"post","link":"https:\/\/ezmortgages.us\/ez-mortgage-monitor-june-24-2025\/","title":{"rendered":"EZ Mortgage Monitor &#8211; June 24, 2025"},"content":{"rendered":"\n<p>Here\u2019s your EZ Mortgage Monitor, Mortgage Myth Buster edition!<\/p>\n\n\n\n<p>The Mortgage Myths I\u2019ll bust today:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Mortgage Myth #1: The APR is your best loan comparison tool<\/li>\n\n\n\n<li>Mortgage Myth #2: It\u2019s only worth it to refinance if you can lower your rate by 1%<\/li>\n\n\n\n<li>Mortgage Myth #3: Lender selects your rate and fee structure (bonus about closing costs)<\/li>\n<\/ul>\n\n\n\n<p>I doubt you\u2019ll see those Mortgage Myths if you ask Google.\u00a0 I don\u2019t know where these mortgage myths came from.\u00a0 But they\u2019re very much a part of mortgage lore.\u00a0 Maybe they\u2019re from the banking industry?\u00a0 Designed so you don\u2019t understand your real options, and they make more money off you.\u00a0<\/p>\n\n\n\n<p>First, let\u2019s talk about APR.&nbsp; The almighty APR.&nbsp; Annual Percentage Rate.&nbsp; Most people focus on APR.&nbsp; Probably because our regulators focus on APR, and so the banking industry at large, does too.&nbsp; It can be a helpful tool to compare loan options on a superficial level.&nbsp; Or, if you actually remain in that loan for the full duration of the term (car loans, for example), without ever deviating from your scheduled payments, they can be useful on a deeper level.&nbsp; But how often do you remain in the same mortgage for the duration of your term?&nbsp; Rarely.<\/p>\n\n\n\n<p>So here\u2019s the math.&nbsp; After all, the good news about real estate financing is, it\u2019s just math.&nbsp; There are no secrets nor hidden tricks.&nbsp; Here are a few comparisons, based on a client, who is buying a $665k home, with $290k down, with $375k financed, and a 679 fico.&nbsp; They are first time homebuyers, under the Area Median Income, so they benefit from some pricing waivers, but that doesn\u2019t impact their loan options and comparison.<\/p>\n\n\n\n<p>Option 1:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>5.925% APR<\/li>\n\n\n\n<li>5.25% note rate \u2013 what your payment is actually based upon<\/li>\n\n\n\n<li>$2070.56\/mo, principal and interest<\/li>\n<\/ul>\n\n\n\n<p>Option 2:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>6.806% APR<\/li>\n\n\n\n<li>6.625% note rate<\/li>\n\n\n\n<li>$2401.17\/mo, principal and interest<\/li>\n<\/ul>\n\n\n\n<p>Option 3:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>7.154% APR<\/li>\n\n\n\n<li>7.125% note rate<\/li>\n\n\n\n<li>$2526.44\/mo, principal and interest<\/li>\n<\/ul>\n\n\n\n<p>From the cuff, you\u2019d say, \u201cHey, gimme option 1.&nbsp; That 5.25% with the lower payment and lower APR of 5.925% sounds sweet!!\u201d<\/p>\n\n\n\n<p>And, if you\u2019re in that loan for the entire 30yr term?&nbsp; You\u2019d be absolutely right.&nbsp; The lower rate, and lower APR always pay off, in the long run.&nbsp; In this case, you\u2019d have to be in the loan for five years to make option 1 pay break even.&nbsp; Every month thereafter, you\u2019re ahead.<\/p>\n\n\n\n<p>Let\u2019s look a little more deeply into the math.&nbsp;<\/p>\n\n\n\n<p>For Option 1, you\u2019re paying 5.125% more ($19,218.70) to get that 5.25% note rate, than you are for the 6.625% note rate option.&nbsp; Option 1 has 4.875% ($18,281.25) in \u201cdiscount points\u201d which are prepaid interest.&nbsp; At 6.625% you\u2019re getting a lender credit of .25% ($937.50).&nbsp; Add the two together, and that\u2019s the incremental cost, to achieve the incremental savings of the lower note rate, and APR.<\/p>\n\n\n\n<p>So, that APR comparison masks the fact that to save $330.61\/mo, you\u2019re paying an incremental $19,218.70 today (if you even had that extra cash to throw at it).&nbsp; That will take you 58 months to make that back.&nbsp; Just shy of five years.&nbsp; Will these people be in this loan in five years?&nbsp; I doubt it.&nbsp; I could be wrong, but I believe the market will give them a cost-effective refinance opportunity somewhere in the next 12-24 months.&nbsp; There\u2019s a saying, marry the house, date the mortgage.&nbsp; It makes sense.<\/p>\n\n\n\n<p>Taking that a step further, at 7.125% the lender would give the borrower a credit of $7500, in exchange for the payment of $2526.44\/mo.&nbsp; You could make a case to take that, as well.&nbsp; But, we felt the 6.625% was a nice balance to hedge, in case interest rates do stay higher for longer.<\/p>\n\n\n\n<p>It\u2019s critical when comparing your loan options that you\u2019re informed of the full spectrum of your choices.&nbsp; That way, you can do the math between the incremental monthly payment, and whatever associated cost or credit you get, so you\u2019re clear on your cost-recovery period.&nbsp; The APR alone does not tell you that.<\/p>\n\n\n\n<p>Then, you\u2019re able to choose the best option for yourself.&nbsp;&nbsp; We\u2019ll always guide you based on what we would do in your shoes, but ultimately, it\u2019s your money, and you\u2019re the boss.<\/p>\n\n\n\n<p>That brings me to my second Mortgage Myth Buster: It\u2019s only worth it to refinance if you\u2019re lowering your interest rate by 1% or more.&nbsp; That\u2019s complete BS.&nbsp; To use a very technical term in finance.<\/p>\n\n\n\n<p>I don\u2019t know if some banker made that up, or more likely, it was a \u201crule of thumb\u201d that gained traction when your average loan balance was relatively small, say maybe $100,000 or so.&nbsp; Again, it\u2019s just math.&nbsp;<\/p>\n\n\n\n<p>A typical refinance will incur costs of about $3500 for third party fees, including lender underwriting, title and escrow services, appraisal and county recording.&nbsp; It\u2019s your choice how you cover those.&nbsp; You can pay them with cash, you can finance them and roll them into your new loan balance, or, you can choose a slightly higher interest rate, and earn a lender credit to cover them.<\/p>\n\n\n\n<p>As you saw from the loan comparison above, every interest rate comes with a given cost or a credit.&nbsp; That\u2019s been the case since mortgages were created.&nbsp; It\u2019s nothing new.&nbsp; So, in the event of a refinance, you can choose to pay those third party fees (in cash or rolling them into your loan).&nbsp; You can choose to buy down your interest rate, adding incremental costs on top of the third party fees.&nbsp; Or, you can choose to take a slightly higher interest rate, and take advantage of that lender credit to offset your closing costs.&nbsp; That\u2019s how no points, no fees loans are done.<\/p>\n\n\n\n<p>Here&#8217;s another real life example of a client of mine.&nbsp; He was actually told by a banker \u2013 yeah, go figure \u2013 that he doesn\u2019t like to refinance his clients unless he can save them 1.25% or more on their interest rate.&nbsp; Pardon me, but what a moron that banker was.&nbsp; Or just a liar.<\/p>\n\n\n\n<p>I helped my client buy his home in November of 2023.&nbsp; And yes, he\u2019d talked to that banker and some others at that time, and fortunately, he entrusted me with his financing on his purchase.&nbsp; He was at 7.375%.&nbsp; The window in which he bought his home, fall of 2023, was basically the high point in rates.&nbsp; His credit score was solid at 794, and he put 25% down.&nbsp; His principal and interest payment was $3263.44 on a $475k loan.<\/p>\n\n\n\n<p>In September of 2024 \u2013 the lowest point we\u2019ve seen in rates since about February of 2022 \u2013 we got him to 6.5% 30yr fixed, with a lender credit of $5373.45 offsetting his closing costs of $3447.&nbsp; We could have gotten him a little lower, but like a lot of people, he wanted to wait and see what the Fed did.&nbsp; They lowered the federal funds rate, and?&nbsp; Mortgage rates rose!&nbsp; As I was telling people they might.<\/p>\n\n\n\n<p>Fortunately, my client still literally got paid to take that 6.5% rate.&nbsp; His payment went from $3263.44\/mo down to $3002.32, saving him $260+\/mo.&nbsp; He actually chose to take his balance back up to $475k, to basically pay for a nice vacation he\u2019d planned, and still saved $260\/mo.&nbsp; And got paid to do it.<\/p>\n\n\n\n<p>He could have chosen a lower rate than 6.5%, but the incremental costs for the incremental savings just didn\u2019t pencil out that well.&nbsp; I won\u2019t be surprised if some time in the next year or so, we can do another no points, no fees refi down to 6%.&nbsp; If we can\u2019t?&nbsp; He\u2019s still $260\/mo better off than he was.<\/p>\n\n\n\n<p>Had he stayed in the old loan, he would\u2019ve given the bank $2000 more during the last 8 months.&nbsp; And $260\/mo more for every month thereafter, waiting for something that may or may not ever happen.&nbsp; And who knows when we\u2019ll be back to that point in rates?&nbsp; He\u2019s getting paid to wait.&nbsp; Crazy.<\/p>\n\n\n\n<p>In this case, he did actually save almost a full percentage point.&nbsp; But that\u2019s rare, honestly.<\/p>\n\n\n\n<p>Let\u2019s say he could have only saved half that, $130\/mo.&nbsp; But if it\u2019s no points, no fees?&nbsp; Not taking even that is like saying \u201cHey Eric, no thank you.&nbsp; I appreciate the offer.&nbsp; Please don\u2019t send me $130\/mo for however long I\u2019ll be in that loan.&nbsp; I don\u2019t need it.\u201d&nbsp; That\u2019s silly.&nbsp; If I sent you a check for $130\/mo, no strings attached, would you cash it?&nbsp; Of course you would.<\/p>\n\n\n\n<p>From there you might say, well, if you\u2019re always refinancing aren\u2019t you always resetting the term, and ultimately paying more than you otherwise would?&nbsp; The answer is maybe.&nbsp; It depends how you use those savings.&nbsp;<\/p>\n\n\n\n<p>I tell my clients to just use that extra savings to apply to extra principal, basically paying the same monthly as they were before refinancing.&nbsp; Keep paying as you were, accelerating your principal reduction and loan payoff.&nbsp; For many people, $100-$200-$300\/mo or even more, won\u2019t really change how they live.&nbsp; But it\u2019s magic if you apply that extra cash to principal (well, not really magic, it\u2019s just math, but you get the idea).&nbsp;<\/p>\n\n\n\n<p>And, that gives you the flexibility to put that savings in your pocket if you ever need to, vs. being forced to pay it to principal with a shorter term.&nbsp; But like anything, it\u2019s your choice.&nbsp; How you use those savings is up to you.&nbsp; If you\u2019re not as disciplined, to just habitually make the old payment, you can choose shorter terms.&nbsp; You can choose a term down to 8 years, in fact.&nbsp; So you don\u2019t have to go \u201cbackwards\u201d on the amortization.&nbsp; But, you lose flexibility in applying those savings elsewhere in your cash flow, if needed.<\/p>\n\n\n\n<p>And finally, to bust the third Mortgage Myth, your lender does not choose your rate and fee structure.&nbsp; You do.&nbsp; Always.&nbsp; Every time.<\/p>\n\n\n\n<p>All we do is show you the spectrum of your choices, from the lowest rate and highest cost loan, to the highest rate, lowest cost loan.&nbsp; It\u2019s really that simple.&nbsp;<\/p>\n\n\n\n<p>That\u2019s why the industry\u2019s regulators created the Anti-Steering Disclosure in the wake of the 2008-2009 mortgage market meltdown. &nbsp;We\u2019ve always explained that dynamic to our clients, but not everyone does. If you or anyone you know has worked with a lender who didn\u2019t clearly explain your spectrum of options, you\u2019re talking to the wrong lender.&nbsp; You should call us.<\/p>\n\n\n\n<p>For the bonus Mortgage Myth Buster, the bulk of the costs of your loan, whether a refinance or purchase, are not directly related to your lender and your financing.&nbsp; They are third party fees.&nbsp; Some of them are tangentially related, for example an appraisal and Owners\u2019 Title Insurance, because lenders may require them, so you could avoid them if you chose to as a cash buyer, but they are paid to independent third parties.&nbsp;<\/p>\n\n\n\n<p>Typically, you\u2019ll have about $1200-$1500 in lender fees.&nbsp; That covers underwriting, and any other small service fees like tax service or flood certificates.&nbsp; Some lenders do try to make a few extra bucks with processing and doc prep fees, or other \u201cservice\u201d line items.&nbsp; You should avoid those guys.&nbsp; We don\u2019t add any junk fees.&nbsp; The appraisal is tangential to your loan costs, and that might be $750 or so.&nbsp; Title and escrow services are roughly $1200-ish on a refi, and maybe $3k-$4k on a purchase (depending on your loan size and purchase price).&nbsp; Title and escrow fees are on a sliding scale, so larger loans and purchase prices typically carry higher costs for those services.&nbsp; And finally, you may have transfer taxes.&nbsp; But regardless of that, your home purchase agreement with the seller designates who pays what portion of those.&nbsp;<\/p>\n\n\n\n<p>So there\u2019s three, maybe four Mortgage Myths busted.&nbsp; I hope you find this information helpful.<\/p>\n\n\n\n<p>As we always say, an educated borrower will usually make the right decisions for themselves.&nbsp; That\u2019s our goal.&nbsp; To give you the knowledge to be confident in your choices.&nbsp; There may always be someone cheaper out there, but there\u2019s rarely going to be anyone better.<\/p>\n\n\n\n<p>If you\u2019d like to discuss any specific scenarios, feel free to call, text or email me, any time.&nbsp; I\u2019m always happy to be a sounding board.&nbsp; You know I\u2019ll tell you my thoughts and help you dig into the math, whether it\u2019s what you want to hear, or not.<\/p>\n\n\n\n<p>With that, here\u2019s your snapshot of where rates started this week.&nbsp; Call or email if you, your family or friends have any questions or would like to discuss refinancing, or buying a home.&nbsp; Cheers!<\/p>\n\n\n\n<p>E&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Conforming<\/strong><\/td><td><strong>Rates<\/strong><\/td><td><strong>Points<\/strong><\/td><td><strong>APR<\/strong><\/td><td><strong>Loan Amt<\/strong><\/td><td><strong>Payment<\/strong><\/td><td><\/td><\/tr><tr><td>30 yr fixed mortgage<\/td><td>6.500%<\/td><td>0<\/td><td>6.550%<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 300,000.00<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,896<\/td><td><\/td><\/tr><tr><td>15 yr fixed mortgage<\/td><td>5.750%<\/td><td>0<\/td><td>5.800%<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 300,000.00<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,491<\/td><td><\/td><\/tr><tr><td>30 Yr fixed FHA mtg<\/td><td>6.125%<\/td><td>0.25<\/td><td>6.975%<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 300,000.00<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,823<\/td><td><\/td><\/tr><tr><td>30 Yr fixed VA mtg<\/td><td>5.990%<\/td><td>0<\/td><td>6.420%<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 300,000.00<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,797<\/td><td><\/td><\/tr><tr><td colspan=\"6\"><strong>Jumbo (ask me about Super Conforming limit, per your zip code)<\/strong><\/td><td><\/td><\/tr><tr><td>30 yr fixed mortgage<\/td><td>6.500%<\/td><td>0.5<\/td><td>6.676%<\/td><td>&nbsp;$&nbsp; 1,200,000.00<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,585<\/td><td><\/td><\/tr><tr><td>15 yr fixed mortgage<\/td><td>6.750%<\/td><td>1<\/td><td>6.839%<\/td><td>&nbsp;$&nbsp; 1,200,000.00<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,619<\/td><td><\/td><\/tr><tr><td>5\/6 ARM<\/td><td>6.625%<\/td><td>1<\/td><td>6.759%<\/td><td>&nbsp;$&nbsp; 1,200,000.00<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,684<\/td><td><\/td><\/tr><tr><td>10\/6 ARM<\/td><td>6.875%<\/td><td>1<\/td><td>6.955%<\/td><td>&nbsp;$&nbsp; 1,200,000.00<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,883<\/td><td><\/td><\/tr><tr><td colspan=\"6\">Rates subject to change without notice.<\/td><td><\/td><\/tr><tr><td colspan=\"6\">Please keep in mind, these rates and statistics are for informational purposes only to give you a sense of market movement and my opinion as to why.&nbsp; Although these rates exist today, based on certain qualifying characteristics (780+ fico, owner occupied SFR with 75% loan to value ratio or less and $200,000+ loan amount), your scenario may allow for lower or higher interest rates.&nbsp; Licensed by the CA Dept of Real Estate, #01760965.&nbsp; NMLS: 239756.&nbsp; Equal Opportunity Housing Lender.&nbsp; If you&#8217;d like to be removed from this list, please reply with REMOVE in the subject line.&nbsp; You can also use this link, mailto:eric@ezmortgages.us and add REMOVE to the subject line.&nbsp; To add someone who would appreciate this information, send me their email with SUBSCRIBE as subject.<\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Here\u2019s your EZ Mortgage Monitor, Mortgage Myth Buster edition! The Mortgage Myths I\u2019ll bust today: I doubt you\u2019ll see those [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1742","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - 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