Belaire Buck LSU Fan Not in Bama Member since Nov 2011 52 posts
What do you predict will happen with Mortgage Rates... (Posted on 11/7/12 at 11:48 am)
... within the next year? I'm looking at starting construction of a new home around the first of the year. Iterest rate can not be lock in until 90% completeion (or soemthing to that affect). It scary to not know what it will be when finished. Any thoughts or suggestions?
Larry Hollins LSU Fan Member since Jul 2009 1545 posts
re: What do you predict will happen with Mortgage Rates... (Posted on 11/7/12 at 12:54 pm to bryso)
down first, then up. with the fiscal crisis and mess in europe you make get a quick bump down that won't last long. take that opportunity if you are not already locked in.
guttata LSU Fan prairieville Member since Feb 2006 18254 posts Online
re: What do you predict will happen with Mortgage Rates... (Posted on 11/7/12 at 1:33 pm to Larry Hollins)
We just finished construction. We were not able to start the permanent financing process until we had an occupancy certificate. Once we got that, they needed all financials again and then do another appraisal. Once all that was done, we locked. Ended up getting a 30 yr @ 3.375 w/ 1% origination. When we started, the 30 yr rate was 4.125. The interest rate on the construction loan was 6% and it took just under 6 months to complete. I'd imagine over the next yr or so that rate will stay in the mid-low 3's on a 30 yr
Belaire Buck LSU Fan Not in Bama Member since Nov 2011 52 posts
re: What do you predict will happen with Mortgage Rates... (Posted on 11/7/12 at 1:47 pm to guttata)
Thanks. We are also looking at a 6% druing construction at 6-9 mos. Hoping it stays down until the end. Obviously 4 is not bad but 3ish is much better at the amount we are looking to finance.
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