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TJG210
LSU Fan
New Orleans
Member since Aug 2006
23336 posts

Mortgage Rates......

Where are they at now? I took too long a few weeks ago locking in and missed some good rates, but now I'm hearing they've come back down? Also, is a broker more expensive to go through than a bank?


wegotdatwood
Member since Aug 2009
17094 posts

re: Mortgage Rates......
At my FIL's fairly large regional bank, 4.25%. Still dirt cheap compared to rates in the past, just up from my 3.25% 30 yr in March.


TJG210
LSU Fan
New Orleans
Member since Aug 2006
23336 posts

re: Mortgage Rates......
I'm sitting at 5.25 and looking to go down, but just want to make sure it's worth my whole before doing anything.


wegotdatwood
Member since Aug 2009
17094 posts

re: Mortgage Rates......
Others here have said if you can lower by a point, do it. I don't know the numbers with that though, maybe others can give more detailed input.


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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
2088 posts

re: Mortgage Rates......
your not going to go down from 5.25% i work for a bank and our rates are 5% on a 30yr right now..you missed the boat sorry


iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
5080 posts

re: Mortgage Rates......
5% is still cheap $. Obviously not savings for the OP, but I at folks who are angry at that rate.


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Oenophile Brah
LSU Fan
The Edge of Sanity
Member since Jan 2013
6655 posts

re: Mortgage Rates......
quote:

At my FIL's fairly large regional bank, 4.25%.

Really?

I'm under contract now and am shopping rates. I would love to lock that in.

Do multi families incur a risk adjustment?


dat yat
LSU Fan
Chef Pass
Member since Jun 2011
1715 posts

re: Mortgage Rates......
quote:

Do multi families incur a risk adjustment?


Unless you live in one unit, the rate will be higher.


Oenophile Brah
LSU Fan
The Edge of Sanity
Member since Jan 2013
6655 posts

re: Mortgage Rates......
quote:

Unless you live in one unit, the rate will be higher.

I will be, owner occupied.

Does 4.25 sound right? I've been hearing closer to 4.5.


dat yat
LSU Fan
Chef Pass
Member since Jun 2011
1715 posts

re: Mortgage Rates......
Rates have been fluctuating since the Fed's potential "tapering" was announced. Shop around and lock in the best one.
If you get 4.5% or less, your rental income will probably cover your whole note, or at least the P&I. Mine did when I had a double.

Buying a double to live in is a good move.


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geauxnc0308
LSU Fan
pineywoods of ET
Member since May 2008
195 posts

re: Mortgage Rates......
I locked in 30 yr 3.875% last week via my credit union. My buddy is a mortgage broker and he couldn't touch it, 4.1% was the best he could get me


bbvdd
Alabama Fan
Memphis, TN
Member since Jun 2009
10388 posts

re: Mortgage Rates......
FNMA commitment rate is a 4.068% right now. Add ~50bps of servicing and fees and you are looking around 4.625-4.75%

Should be a reasonable starting point.


wegotdatwood
Member since Aug 2009
17094 posts

re: Mortgage Rates......
Fwiw, that 4.25% was two weeks ago.


Hu_Flung_Pu
USA Fan
Central, LA
Member since Jan 2013
7272 posts

re: Mortgage Rates......
Thank god I got my 3.8% I think I was the last day before the 4's
This post was edited on 7/10 at 3:37 pm


iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
5080 posts

re: Mortgage Rates......
3.375 30yr in April.


jimbeam
USA Fan
University of LSU
Member since Oct 2011
38051 posts

re: Mortgage Rates......
what is the future outlook on rates? I have a year left of college and would like to know what to look forward to.


Paul Allen
Notre Dame Fan
Baton Rouge, LA
Member since Nov 2007
33897 posts

re: Mortgage Rates......
quote:

3.375 30yr in April.


I doubt we'll see below 3.5 anytime soon.


iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
5080 posts

re: Mortgage Rates......
Definitely. I'm glad I pulled the trigger.


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TejasHorn
Texas Fan
High Plains Driftin'
Member since Mar 2007
4159 posts

re: Mortgage Rates......
quote:

what is the future outlook on rates? I have a year left of college and would like to know what to look forward to.


Probably approaching 5.5% to 6% this time next year for 30 yr. JMO. Which is still a good rate but it means a lot more house payment!

What's remarkable is how much they cratered the last couple of years. Rates were north of 20% at one point in the early 80's.


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Teauxler
LSU Fan
League City, TX
Member since Jan 2010
1490 posts

re: Mortgage Rates......
Got in at 2.8% on a 15 !!


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