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Interest rates today - what are y'all seeing?
Posted on 4/18/23 at 10:16 am
Posted on 4/18/23 at 10:16 am
I am in the moving position this summer. What are the interest rates you guys are seeing today? I spoke to a mortgage guy the other day and he said this is a rare moment...he said FHA loans are over a point lower with 10% down than traditional 20% down for 15- or 30-year notes. However, this comes with 11 years PMI required. He said the lower rate is still better with the PMI than the traditional method. I find this odd. I also wonder how that would work if I chose to pay it off in less time and other variables.
6
Posted on 4/18/23 at 10:36 am to rpg37
The longer rates stay high, the more lenders are going to be coming up with all sorts of ways to try to keep people coming in and borrowing (whether it actually makes a good deal or only puts lipstick on a pig).
If you can wait a year, rates should be a bit more favorable.
If you can wait a year, rates should be a bit more favorable.
Posted on 4/18/23 at 10:38 am to Bard
quote:
If you can wait a year, rates should be a bit more favorable.
Eh, not really an option. Just trying to decide if I want to have a larger downpayment or go the FHA. Not sure how all those rules work.
Posted on 4/18/23 at 11:43 am to rpg37
Avoid FHA if you can. FHA requires 3.5% down, but with good credit you only need 5% down to get a conventional loan.
PMI on a conventional loan drops off, PMI for an FHA loan is for the life of the loan.
ETA: do the math obviously, but in general I’ve been told to avoid FHA if possible
PMI on a conventional loan drops off, PMI for an FHA loan is for the life of the loan.
ETA: do the math obviously, but in general I’ve been told to avoid FHA if possible
This post was edited on 4/18/23 at 11:45 am
Posted on 4/18/23 at 12:32 pm to DeathValley85
quote:
Avoid FHA if you can. FHA requires 3.5% down, but with good credit you only need 5% down to get a conventional loan.
PMI on a conventional loan drops off, PMI for an FHA loan is for the life of the loan.
ETA: do the math obviously, but in general I’ve been told to avoid FHA if possible
I understand every principal here. She said that FHA is now so much lower rate that the rate plus PMI still are less. It was baffling. I plan on at least 20% down and am heavily considering more just because the rate right now vs. the market difference is close enough.
Posted on 4/18/23 at 12:53 pm to rpg37
quote:
It was baffling.
It is certainly baffling
She may be right but I’d want to triple check to be damn sure.
Posted on 4/19/23 at 10:20 pm to rpg37
I just locked in 5.65 interest rate with a VA loan and a little money up front to buy down. Would have been 6.25 without the buy down, sitting at a 750 credit score.
Posted on 4/19/23 at 10:26 pm to DeathValley85
quote:
but in general I’ve been told to avoid FHA if possible
In 2020-2022 yes, would lose out for having a gov loan compared to cash or a convetional offer.
It's slower today, FHA is just fine and have lower rates.
Posted on 4/20/23 at 8:19 am to rpg37
I just checked with my CU. 30 year fixed conventional 6.375% & 15 is 6%.
Posted on 4/20/23 at 5:11 pm to rpg37
I just closed today with a 5.8 % on a 20 year loan.
Posted on 4/20/23 at 6:03 pm to rpg37
I close in 3 weeks on a home. 6 5/8 for 30 year. 780 score. It was the best at the time when I locked it in. I plan on paying it off in 6 months after sale of current home.
Posted on 4/20/23 at 10:42 pm to rpg37
Just locked in my rate a week ago, 5.99 on a 30 year conventional.
Going from a 2.9 rate where I was at…it hurts.
Going from a 2.9 rate where I was at…it hurts.
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