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Where are mortgage rates today?

16,060 Views | 64 Replies | Last: 2 yr ago by Martin Q. Blank
Jay@AgsReward.com
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9:21a, 7/28/22
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If you read media reports you would think mortgage rates are somewhere around 6% for a conventional 30 year fixed for well qualified borrowers. Rates did touch 6% a month or so ago but they have steadily been moving down.

For a well qualified borrower with 740 or higher credit scores buying a primary residence with a loan 642,200 or lower, putting 5% down or more, 30 year rates are under 5% and can be bought down with 1% into the middle to low 4's. So, yes, sub 3% 30 year fixed are gone but historically rates are still VERY good.
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Sea Speed
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10:21a, 7/28/22
AG
Assuming everything else is the same, what about on an investment property with 20% down?
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Jay@AgsReward.com
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In reply to Sea Speed • 10:38a, 7/28/22
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There are a lot more variables for non-owner occupied properties and 25% is actually the target for non-owner occupied instead of 20%. But, for the above scenario mid to high 5's.
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Sea Speed
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In reply to Jay@AgsReward.com • 10:40a, 7/28/22
AG
Thanks Jay.
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Aggie118
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In reply to Jay@AgsReward.com • 12:25p, 7/28/22
AG
What would they be for a second home (it will be our primary once we move back to TX), construction loan? Higher than $642,400? I'm looking at about 5.89% on my 30 year fixed. Does that seem about right?

The way it's been explained to me is for now I'm locked at 5.89% but at 90 days from completion or after I will be able to refinance down. I'm hoping rates will be lower in about 13 months or so.
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jja79
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In reply to Aggie118 • 2:30p, 7/28/22
AG
Is the construction loan in your name? If so you could have closed the related mortgage before you began construction.
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Jay@AgsReward.com
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In reply to Aggie118 • 2:38p, 7/28/22
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are you asking about a loan that is actually funding the construction? or, are you asking about the perm financing after the house is complete?
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I am always wrong
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3:31p, 7/28/22
I just closed my 4th loan with Jay a few weeks ago when I bought my new house and unfortunately had to lock in at 5.7% so I could buy quickly. As soon as the sale closes on my old house, I am going to dump all of that cash into the new note and then refinance it assuming it still makes sense, which will be my 5th loan with him. His group is the best.
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Aggie118
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In reply to jja79 • 3:36p, 7/28/22
AG
jja79 said:
Is the construction loan in your name? If so you could have closed the related mortgage before you began construction.


Yes it's a one time close. It will be closing here in the next month or so before construction begins.
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Aggie118
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In reply to Jay@AgsReward.com • 3:37p, 7/28/22
AG
Jay@AgsReward.com said:
are you asking about a loan that is actually funding the construction? or, are you asking about the perm financing after the house is complete?


It's a construction loan that then converts into a standard 30 year fixed upon completion of the build. The rate of 5.89% will stay the same throughout.
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jja79
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In reply to Aggie118 • 3:43p, 7/28/22
AG
That sounds like a really high rate on a one time close.

It doesn't have a prepayment penalty I assume so if you can get better at completion that option should be out there.
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Aggie118
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In reply to jja79 • 3:47p, 7/28/22
AG
jja79 said:
That sounds like a really high rate on a one time close.

It doesn't have a prepayment penalty I assume so if you can get better at completion that option should be out there.


Yes he's said that if rates are lower by the time construction is finished and we are going to convert the loan, that we can at that time switch to a lower rate.
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jja79
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In reply to Aggie118 • 3:53p, 7/28/22
AG
I haven't heard of any construction loans anywhere near as high as that rate.
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Aggie118
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In reply to jja79 • 3:58p, 7/28/22
AG
I'm definitely ignorant to all of this stuff but I was under the impression that construction loan rates are always higher than existing home.
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jja79
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In reply to Aggie118 • 4:33p, 7/28/22
AG
Construction loan rates when the loan matures essentially simultaneously with completion are typically higher. One time close is a different deal though and that sounds really high to me.
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Jay@AgsReward.com
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In reply to Aggie118 • 4:50p, 7/28/22
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You should be able to shop that rate if you would like for the perm financing. It depends on the details but right now you can do better then that most likely.
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Aggie118
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In reply to Jay@AgsReward.com • 4:52p, 7/28/22
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Jay@AgsReward.com said:
You should be able to shop that rate if you would like for the perm financing. It depends on the details but right now you can do better then that most likely.


You're saying shop it after the construction period is over? Thank you all for your insights.
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Jay@AgsReward.com
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In reply to Aggie118 • 4:56p, 7/28/22
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Generally you want to start looking about 60 days from when you expect construction to be finished. I would love a shot to earn the business when you are at that point.
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Aggie118
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In reply to Jay@AgsReward.com • 10:21a, 7/29/22
AG
Yes Sir, that is the plan. The 5.89% lock was really to go ahead and get the loan done so we can start construction, worst case if rates were above 5.89% when we were complete we could keep our rate, but we will most likely shop it and refinance down whenever it is complete. I will definitely reach out to you guys when that time comes and hopefully we can work something out! I appreciate it!
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drummer0415
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6:55a, 8/29/22
AG
Can we get an update on this? How are current rates looking?
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Jay@AgsReward.com
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In reply to drummer0415 • 2:53p, 8/29/22
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For a well qualified borrower with 740 or higher credit scores buying a primary residence with a loan 642,200 or lower, putting 5% down or more, 30 year rates when me in the mid 5's with ability to by down into the the low 5's. So, higher then they were last time I did this. But, still well under 6%.

again, non-owner, second home, multi-family, lower credit scores, taking cash out etc etc will all change the above as well as market movements which can happen any time with no warning.
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Red Pear Felipe
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10:06p, 8/29/22
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What's your rate on 5/1 ARMs? I had a lender call me for a weekly rundown and he mentioned 5.125% on them.
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jagvocate
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In reply to Jay@AgsReward.com • 10:56p, 8/29/22
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Jay@AgsReward.com said:
25% is actually the target for non-owner occupied instead of 20%
Thanks for keeping rookies out of the market

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Jay@AgsReward.com
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In reply to Red Pear Felipe • 8:04a, 8/30/22
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low to mid 4's.
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jja79
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In reply to Red Pear Felipe • 8:58a, 8/30/22
AG
We do a lot of portfolio lending with ARM products. With 20% down: Same rates for conforming or jumbo.

5/1 ARM 4% with 0 points.
7/1 ARM 4.125% with 0 points.
10/1 ARM 4.25% with 0 points.

For first liens less than $750K we can add a 10% second lien to get total down payment to 10%.

Second homes are 0.125% higher in rate.
Cash out on primary are .025% higher in rate.
Investment properties require 25% down payment and are 0.50% higher in rate so you can get investment for 4.75% on a 10/1 ARM.
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Average Joe
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10:27a, 9/9/22
AG
Of course our pre-approval gets ran on the day interest rates are breaking more records.

If I didn't have bad luck I wouldn't have luck at all.
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Carioca Corredor
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In reply to Average Joe • 10:40a, 9/9/22
AG
3 years ago I owner financed a buyer at 6.25%. He's still paying it and happy to do so. Focus on getting the best purchase price for the house
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Average Joe
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In reply to Carioca Corredor • 11:12a, 9/9/22
AG
Carioca Corredor said:
3 years ago I owner financed a buyer at 6.25%. He's still paying it and happy to do so. Focus on getting the best purchase price for the house


That's the other side of the coin that sucks. The houses we are looking at were SIGNIFICANTLY cheaper 3 years ago.

The 6% isn't an issue until you factor that in, as well.
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Stan Crowch
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In reply to Carioca Corredor • 12:54p, 9/9/22
AG
Carioca Corredor said:
3 years ago I owner financed a buyer at 6.25%. He's still paying it and happy to do so. Focus on getting the best purchase price for the house


I just owner financed a buyer at 11% for 30 years with 20% down on a duplex and he couldn't be happier.
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Carioca Corredor
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In reply to Stan Crowch • 2:22p, 9/9/22
AG
And you as well
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johnrth
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4:07p, 9/9/22
Anyone know the current for VA loans

Going to be buying very soon so checking to see what I'm looking at
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Ibarra
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1:56p, 9/10/22
About 5.36 - 5.47% for 30 years. I assume so. My current score is below 600, so I can't expect good rates. However, my current need is a farm loan. The https://bnlfinance.com/farm-loans-with-bad-credit-the-complete-guide/ article states that I can get the loan even with the bad credit score and the rates would be still low as agricultural loans are considered assistance. Is this tru? And how can I applu for this?
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Aggiehunter34
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In reply to johnrth • 3:50p, 9/11/22
S
I'd be happy to take a look at rates for you. I am retired military and work for a mortgage company in Tyler. Feel free to reach out any time. Happy to help in any way I can.

Bbailey@gomycity.com
903-574- zero nine six zero
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2:33p, 10/13/22
AG
Dayum


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2:55p, 10/13/22
AG
On the above, an increase from 2% up to 7% is a 45% increase in payment.

Where it used to be $5,500 for a $1 Million house with 20% down, it's now $8,000.

What's going to give first, rates decreasing or a massive drop in home prices?
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