Dammiiiiiit. Looks like I am definitely going to be stuck in my current hone longer than we hoped.
Where are mortgage rates today?
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Last: 2 yr ago by Martin Q. Blank
This is why a lot of people are looking at ARMs. The payment difference on the $800K loan you describe above is $1,027/month between 7% and 5%. Might not be the choice for everyone but a lot of people are making this choice.
jja79 said:
This is why a lot of people are looking at ARMs. The payment difference on the $800K loan you describe above is $1,027/month between 7% and 5%. Might not be the choice for everyone but a lot of people are making this choice.
We used you for our last home / ARM. Let's hope interest rates don't stay up around 7%+ when our 10 years runs out
7% will look like a great rate
Home prices and that's what the FED wants.Premium said:
What's going to give first, rates decreasing or a massive drop in home prices?
Housing makes up about a third of CPI.
Premium said:
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?
Your last question is what is weighing me down right now.
I am completely illiterate in this field of life but looking to get a house soon. Current lease is up in April but with the market right now….
Great Credit and have VA certificate of eligibility in hand. Won't have much for a down payment unfortunately though. Should I suck it up for a year more at a lease and hope housing drops more to offset the rate increase? DFW area. I truly have no idea what to do as the smart move right now.
If it were me I'd rent for another year or two and watch the prices drop. If you wait the second year you might get the benefit of interest rates coming down. But even at a high interest rate you can always refi when they come lower.
I don't think enough sellers have come to realize the new normal. So I think there will be a lag in seeing consistently lower prices. For that reason, and just my opinion, I wait at least one year if not tomorrow two.
I don't think enough sellers have come to realize the new normal. So I think there will be a lag in seeing consistently lower prices. For that reason, and just my opinion, I wait at least one year if not tomorrow two.
Sellers absolutely have not realized what is going on around them and think they can still get a premium. Meanwhile house after house on my watch list has price reduction after price reduction. If I were forced to sell today I would probably take a few grand haircut just to get it to move because the longer these homes sit, the worse position these sellers are going to be in.
The bad thing about it is that it isn't really a buyers market right now either, for the above reason and the obvious interest rate. I'm actively looking for a personal home and am investment home and pretty much everyone is out of their mind when they list.
The bad thing about it is that it isn't really a buyers market right now either, for the above reason and the obvious interest rate. I'm actively looking for a personal home and am investment home and pretty much everyone is out of their mind when they list.
So lucky that we locked in and bought at absolute lows. 30yr jumbo at 2.5% Jan 2021
Thought I'd bump this to see where things stand today. I frequently check Mortgage News Daily, but I'm not sure if those numbers are averages for all applicants or if they reflect the best rates for well-qualified borrowers. If you have 800+ credit scores, solid income/assets, and are putting 20% down, are you really paying >7% now with no points?
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No, it is still under 7% for a 30 year fixed. But, it is not too far away either. but, a point will buy down at least a half point so it might make sense to do that.
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ChoppinDs40 said:
So lucky that we locked in and bought at absolute lows. 30yr jumbo at 2.5% Jan 2021
You're the man.
Got unlucky w a 3.125 jumbo refi in July of 2021. Feeling pretty good now!
Wife and I missed out on moving a year or 2 ago. Need a bigger house in next year or so. Wish we could have afforded to move when rates were low and now feel like we can because of rate increases. Do we think rates will decline any during the next year or so?
It's hard to see rates falling when the Fed is still in the process of raising rates. Layoffs are starting so maybe the Fed chills for a few quarters with no more increases.
Sea Speed said:
Sellers absolutely have not realized what is going on around them and think they can still get a premium. Meanwhile house after house on my watch list has price reduction after price reduction. If I were forced to sell today I would probably take a few grand haircut just to get it to move because the longer these homes sit, the worse position these sellers are going to be in.
The bad thing about it is that it isn't really a buyers market right now either, for the above reason and the obvious interest rate. I'm actively looking for a personal home and am investment home and pretty much everyone is out of their mind when they list.
Any interest in an STR in Bryson City, NC?
Id like to stay close to my home for now, but I'm sure someone here may be interested. Thank you though.
I may be.
Shoot me an email: username at hotmail.com
Good deal
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Nice drop today in rates thanks to a cooler then expected CPI number. For top tier scenarios back down to mid to low 6's without buy downs. Not great compared to a year ago, or even when this thread was started but better then earlier this week.
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Hey Jay,
What do you think of rates now and how they look going forward?
What do you think of rates now and how they look going forward?
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Thursday was a decent day for rates as they went from 6.75%~ to 6.5%~ for top tier scenario's without points. When I say top tier sceanrio's I mean owner occupied purchase with 760 or higher middle credit score, 30 day rate lock and at elast 20% down.
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People that locked in a 30-year fixed mortgage at 2.69% in 2021 pic.twitter.com/mFhTAMg25Q
— Evan (@StockMKTNewz) June 5, 2023
I refinanced when it got to 2.875.
Refinanced at 2.25% in January 2021.
nobody gives a **** about what rates you got two years ago
june 21; 30 year @ 2.75
that wasn't the question was it?
30 year, 2.25jja79 said:
that wasn't the question was it?
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