What do you predict will happen with Mortgage Rates... | TigerDroppings.com

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Belaire Buck
LSU Fan
Not in Bama
Member since Nov 2011
52 posts

What do you predict will happen with Mortgage Rates...



... 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?






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bryso
Clemson Fan
The Real Death Valley
Member since Dec 2006
27079 posts

re: What do you predict will happen with Mortgage Rates...


I think they will remain about the same for the next 12-24... but they will go up.. they have to





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Larry Hollins
LSU Fan
Member since Jul 2009
1545 posts

re: What do you predict will happen with Mortgage Rates...


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.





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guttata
LSU Fan
prairieville
Member since Feb 2006
20136 posts

re: What do you predict will happen with Mortgage Rates...


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





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Belaire Buck
LSU Fan
Not in Bama
Member since Nov 2011
52 posts

re: What do you predict will happen with Mortgage Rates...


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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bryso
Clemson Fan
The Real Death Valley
Member since Dec 2006
27079 posts

re: What do you predict will happen with Mortgage Rates...


quote:

4 is not bad but 3ish is much better at the amount we are looking to finance


and thats what got us in trouble in the 1st place






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