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Basic mortgage rate question
Posted on 10/3/23 at 9:16 am
Posted on 10/3/23 at 9:16 am
Interest rates nationally are hovering around 8%
I am thinking of buying a home soon.
Can you get that 8% reduced with a sparkling credit score and significant down payment? Or will it always be around 8%?
I am thinking of buying a home soon.
Can you get that 8% reduced with a sparkling credit score and significant down payment? Or will it always be around 8%?
10
Posted on 10/3/23 at 9:20 am to JS87
I think 8% is for the sparking credit score and it goes up from there
Posted on 10/3/23 at 9:27 am to JS87
On freddie mac's website, average 30 year last week was 7.31%.
LINK
Thats likely with a good credit score, "down payment" wont affect rate. You can buy points down with extra money up front on the loan itself. Most folks would say dont do that, just refinance when rates ultimately go back down. Could refinance every 1-2% rates drop over time.
LINK
Thats likely with a good credit score, "down payment" wont affect rate. You can buy points down with extra money up front on the loan itself. Most folks would say dont do that, just refinance when rates ultimately go back down. Could refinance every 1-2% rates drop over time.
This post was edited on 10/3/23 at 9:29 am
Posted on 10/3/23 at 9:52 am to JS87
quote:
thinking of buying a home soon.
With these current interest rates?
Posted on 10/3/23 at 9:55 am to thunderbird1100
quote:
You can buy points down with extra money up front on the loan itself. Most folks would say dont do that, just refinance when rates ultimately go back down. Could refinance every 1-2% rates drop over time.
Just have to do the math on if it makes sense financially.
Points cost / monthly savings = break even period in months.
Posted on 10/3/23 at 10:06 am to JS87
Down payment won't affect the rate. Sparkling credit will probably be in the mid 7s right now.
You can pay a flat fee up front to buy down your rate - it is call "points". You will have to math out if buying points makes sense in the long run based upon how much it saves you in interest. It also doesn't make much sense to buy down the rate if you don't plan on staying in the house for a while.
You can pay a flat fee up front to buy down your rate - it is call "points". You will have to math out if buying points makes sense in the long run based upon how much it saves you in interest. It also doesn't make much sense to buy down the rate if you don't plan on staying in the house for a while.
Posted on 10/3/23 at 10:24 am to JS87
Get a 3/1 buydown credit from the seller or your agent
Rates at 8 you pay at a 5,6,7 the first 3yrs
Rates at 8 you pay at a 5,6,7 the first 3yrs
Posted on 10/3/23 at 10:50 am to Paul Allen
Marry the house. Date the rate
Posted on 10/3/23 at 11:02 am to JS87
First, get the best deal on the house. While interest rates hurt, when and if they come down you can refi. With the current housing situation, If rates come down, home price will go up.
People keep doomcasting like this is 2008 but they don't know how the inventory crisis will effect the market. There are a lot of people sitting on the sidelines waiting on rates to come down. When and if they do, there will be a lot of buyers that will drive pricing up.
People keep doomcasting like this is 2008 but they don't know how the inventory crisis will effect the market. There are a lot of people sitting on the sidelines waiting on rates to come down. When and if they do, there will be a lot of buyers that will drive pricing up.
Posted on 10/3/23 at 12:13 pm to JS87
Red River Bank and specifically their Private Banking department still has a rate in the 6’s.
I asked today as a matter of fact.
I asked today as a matter of fact.
Posted on 10/3/23 at 2:15 pm to Paul Allen
quote:
thinking of buying a home soon.
With these current interest rates?
Let's be honest, we're fricked either way. Millions of people are sitting on the sidelines and not moving/buying houses due to the rates. We still have a shortage of houses compared to the amount of folks who need housing. Once those rates drop a couple points, all those sideline sitters will jump back into the game. Prices will go through the roof and you're just as fricked as if you would've bought at the higher rate.
Posted on 10/3/23 at 2:23 pm to JiminyCricket
quote:
Let's be honest, we're fricked either way. Millions of people are sitting on the sidelines and not moving/buying houses due to the rates. We still have a shortage of houses compared to the amount of folks who need housing. Once those rates drop a couple points, all those sideline sitters will jump back into the game. Prices will go through the roof and you're just as fricked as if you would've bought at the higher rate.
Dead arse on right here.
Posted on 10/3/23 at 2:26 pm to XenScott
quote:Relying on "refinancing when rates go down" is a very poor plan of action. Rates may not go down for a decade. Don't overextend yourself on a house in hopes you can refi in a year or two
While interest rates hurt, when and if they come down you can refi.
Posted on 10/3/23 at 2:45 pm to JS87
quote:
Interest rates nationally are hovering around 8%
ignificant down payment?
Bought a house in April, did a jumbo with Chase, was going to put 35% down and they came back and actually offered a lower rate by only putting 25% down.
Posted on 10/3/23 at 4:16 pm to JiminyCricket
quote:
Prices will go through the roof
We don't know that for sure. Not like 2021.
Posted on 10/3/23 at 5:27 pm to down time
Actually we kinda do. You have more people who want houses now than you have housing available. That’s why the prices haven’t crashed because supply and demand is keeping the prices elevated. What’s going to happen when you add millions of buyers to this scenario? Prices are going to spike again because you still have a supply issue but you’re adding an assload more demand.
Posted on 10/3/23 at 8:09 pm to whodatigahbait
quote:
Interest rates nationally are hovering around 8% ignificant down payment? Bought a house in April, did a jumbo with Chase, was going to put 35% down and they came back and actually offered a lower rate by only putting 25% down.
Man I’m looking at financing $350,000 for a home in Houston and Zillow is telling me $4,200 a month. Couldn’t imagine a jumbo loan at these rates.
This post was edited on 10/3/23 at 8:10 pm
Posted on 10/3/23 at 9:03 pm to JS87
Really going to depend on where you're buying too.
If you can buy a new construction with a builder who is nearing the end of their development, they'll usually offer a low interest rate (relatively speaking) as an incentive to use their lender.
If you can buy a new construction with a builder who is nearing the end of their development, they'll usually offer a low interest rate (relatively speaking) as an incentive to use their lender.
Posted on 10/3/23 at 9:19 pm to Paul Allen
quote:
With these current interest rates?
High interest rates suppress the price of the house. Once rates go down, you can refinance and you’re paying a low rate on a suppressed purchase price.
Have to be able to swing it obviously
Posted on 10/3/23 at 9:46 pm to JiminyCricket
quote:
prices haven’t crashed
There are Austin 2021/22 buyers in six figure loss right now. Every listed home is 3 times more likely to have a price reduction than an executed contract.
Resale homes are priced well above new build cost in many counties. Who would buy a 1990 home when a builder can beat the price and rate?
Don't the millions of buyers need to sell their home first?
Now could be a good time to snag a nice lot.
This post was edited on 10/3/23 at 9:59 pm
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