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Mortgage rates trend for the rest of the year?
Posted on 9/3/14 at 12:21 am
Posted on 9/3/14 at 12:21 am
Where do you guys see mortgage rates go as we head towards December? Do you guys expect it continue going down? What are some things that might affect the rates here in the short term?
2
Posted on 9/3/14 at 12:23 am to saintforlife1
Hang on...let me hop into the DeLorean and cruise to December and I'll let you know in a minute.
Posted on 9/3/14 at 8:20 am to iAmBatman
Local Mortgage company was running a radio add this morning for 2.75% 15yr fixed. So it certainly seems like the rates are coming back down, but what it does after November? Your guess is as good as mine.
Posted on 9/3/14 at 8:43 am to saintforlife1
normally rates tend to trend up during the winter.
Posted on 9/8/14 at 7:41 pm to hawkeye007
We are planning to refinance our home. We are currently at 4.5% on a 30-yr fixed and want to switch to an ARM. This is a starter home and we don't expect to stay here for more than 6-7 years. In this situation would you rather go for a 5/1 or a 7/1 ARM? Obviously the rates are better for the 5/1, but I fear it might be a little to aggressive. But when I look at the rates for 7/1 vs our current 30-yr fixed, the 7/1 will only be about $225 less per month and I begin to wonder if that is enough of an incentive to switch to an ARM. It is so hard to decide what is the right thing to do and I have come to the MB for help.
Posted on 9/8/14 at 10:04 pm to saintforlife1
Well, just crunch the numbers. You would save $225 x12 months x 7 years at best ($18,900). 5 years would save you $13,500. How much would the refinance cost? That's the critical remaining question?
Posted on 9/8/14 at 10:31 pm to AndyJ
The biggest predictor of rates right now is the threat of war.
If terrorists attack or Russia goes apeshit in Ukraine then rates will go down.
I will expect rates to be stagnant or edge just a bit down until until mid November. That is when retailers begin to hire for Christmas season as this offers a bullshite positive jobs report.
If terrorists attack or Russia goes apeshit in Ukraine then rates will go down.
I will expect rates to be stagnant or edge just a bit down until until mid November. That is when retailers begin to hire for Christmas season as this offers a bullshite positive jobs report.
Posted on 9/9/14 at 12:18 pm to saintforlife1
back out your closing cost and you stand to save 10k on the refinance. the 7/1 arm isnt worth the cost the rate on the 7/1 arm isnt low enough to make you move. the 5/1 is 1% lower than your current rate.
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