Gray said:
@Roan
I’ve refinanced twice with negative costs, even made about $1k added to my escrow each time.
Wow, I’d love to refinance like that.
Gray said:
@Roan
I’ve refinanced twice with negative costs, even made about $1k added to my escrow each time.
Wow, I’d love to refinance like that.
People doubt it, but it’s totally doable.
@Roan
I did the same. Using credit from my bank to lower my loan balance.
Usually, rates go up after the Fed cuts, but they often settle down later. Inflation fears and spending are keeping rates high. Personally, I think they’ll stabilize soon, but the Fed needs to slow down the rate cuts.
@Blaine
Don’t forget the Fed holds a huge amount of MBS. They’ll likely need to start buying again to lower rates.
Bank mortgage specialists aren’t really there to help you get the best deal. Their job is to lock in clients before they shop around.
Expecting higher jobs report numbers, so rates could keep rising. Hard to see rates dropping soon, even if the Fed holds. Lock it in if you can, and look at refinancing later.
You might not need to wait that long; the market is getting hit hard right now.
If 6.5% fits your budget, it’s a solid rate. But keep in mind that reassessments can raise your payments if taxes go up, which happened to us this year.
No one knows where rates are headed, but 6.5% is good right now. Lock it, enjoy the house, and consider refinancing later if rates drop.
Your ‘mortgage specialist’ is guessing about rates as much as anyone else. If she really knew, she wouldn’t be working at a bank.
Mortgage specialists are motivated to close as many deals as possible. Lock a rate you’re comfortable with, and refinance when rates are lower.
If rates don’t go below 5%, I might just walk away and take back my earnest money. Not worth it at these rates.
Tate said:
If rates don’t go below 5%, I might just walk away and take back my earnest money. Not worth it at these rates.
You might as well pull out now—no chance rates will be below 5% anytime soon.
@Willoughby
I close in January, so I’m hoping for a miracle.
Tate said:
@Willoughby
I close in January, so I’m hoping for a miracle.
Yeah… not likely.
Tate said:
If rates don’t go below 5%, I might just walk away and take back my earnest money. Not worth it at these rates.
Not a chance they’re dropping to 5% anytime soon.
My lender suggested waiting until after the election. Since it’s not in his best interest to have me wait, I’m taking his advice. He thinks things will stabilize after the election.
Just a rule of thumb—don’t trust advice from anyone who gets a fee if you lock in a rate.
Probably just another way to make things tougher for the next generation. If the Fed had any sense, they’d offer a special rate for first-time buyers instead of letting them compete with cash-loaded investors.