Is interest rate less than 4.99% possible right now?

[Zachary P.]

Hi all, I am looking to do a cash out refi on my owner occupied single family house. So far the lowest rate I can find is 4.99% I am looking for 20% down. My credit score is 740 my monthly income is 11k. I am looking for 600k mortgage. I have only one other mortgage on a rental property which rent easily covers its mortgage. Do you think I can find a lower interest rate? If so where? Zach

[Chris Mason]

LLPAs for high balance cash out to 80% LTV are brutal:

You can find the full FNMA LLPA matrix here. You're getting damn near close to the pricing that an investor gets with that scenario, which it appears you figured out before making this thread, and which is a reflection of the fact that FNMA knows exactly what you're likely up to with this refinance (that's DP money on a rental property, no?).

It'd look at taking it out of the FNMA 'high balance' bucket, and doing it as a correspondent jumbo. "Jumbo" investors can make up whatever LLPAs they want, independent of Fannie. So there is actual variance among them, rather than it all being the same stuff with different stickers on it. 

To wit: