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Started By
Message
Will mortgage rates continue to fall?
Posted on 8/5/24 at 1:46 pm
Posted on 8/5/24 at 1:46 pm
Got a 7.15 rate currently.
I’m hearing rates today have fallen to 6.5-6.625 range.
Would love to refi if we get into ultra low 6 or 5% range.
Do we think they continue to fall through the coming weeks or is this reactionary to today’s stock market?
I’m hearing rates today have fallen to 6.5-6.625 range.
Would love to refi if we get into ultra low 6 or 5% range.
Do we think they continue to fall through the coming weeks or is this reactionary to today’s stock market?
16
Posted on 8/5/24 at 1:48 pm to Yaboylsu63
You can get into the 5s now
Posted on 8/5/24 at 1:48 pm to Yaboylsu63
They will probably go lower if/when the Fed cuts the prime rate. Mortgage rates aren't directly corollary to prime rate but certainly likely they would move down as well. I think you can get 6% if you wait a few months.
Posted on 8/5/24 at 1:49 pm to Yaboylsu63
They won’t go down to the 2/3. 5 is realistic but how much time do you have
Posted on 8/5/24 at 1:49 pm to SDVTiger
quote:
You can get into the 5s now
On a 30 year fixed without buying the rate down up front?
Posted on 8/5/24 at 1:54 pm to elposter
Wells Fargo is showing 6.1s for 30y and Wells Fargo sucks.
Probably can get into upper 5s somewhere.
Probably can get into upper 5s somewhere.
Posted on 8/5/24 at 1:55 pm to Yaboylsu63
quote:
Do we think they continue to fall through the coming weeks or is this reactionary to today’s stock market?
Mortgage rates tend to be lowest during Dec/Jan. Combine that with the Fed likely to start cutting rates in September and it's possible we could see upper 4's by Christmas (but more likely low 5's, depending on what else happens between now and then).
Posted on 8/5/24 at 1:55 pm to Tshiz
I am planning on being in this house for the next 10-15 years minimum.
So I will be here for a while to reach break even from closing costs.
So I will be here for a while to reach break even from closing costs.
Posted on 8/5/24 at 1:59 pm to elposter
quote:
On a 30 year fixed without buying the rate down up front?
Yes as long as the lo does borrower paid
Posted on 8/5/24 at 1:59 pm to Yaboylsu63
Can get in 5.99 right now. 30 yr fixed.
Posted on 8/5/24 at 2:18 pm to Purple Spoon
Damn didn’t realize we got sub 6 now
Posted on 8/5/24 at 2:18 pm to Yaboylsu63
got a 6.1 quote from Regions on a house we're under contract on, hoping for a little bit more of a dip in the next few weeks, haven't rate locked yet
Posted on 8/5/24 at 2:23 pm to BilJ
bond market has more or less priced this move in already, so when the fed finally does cut, I don’t think mortgage rates will fall very drastically. 10 year has already moved a bit in anticipation
Posted on 8/5/24 at 2:55 pm to Yaboylsu63
I have significant doubts that rates get much lower than this. 10y treasury is at 3.75%, which objectively on the low end historically. Mortgage spreads are also inline with historical norms. Maybe spreads shrink another .5% and 10y falls to 3.5%, but anything more than that probably means really bad things for your overall wealth in the next 6-12 months.
Posted on 8/5/24 at 3:12 pm to Yaboylsu63
Currently at 6%. Would be nice for it to get below 5%. I don’t think we see it in the 3s anytime soon.
This post was edited on 8/5/24 at 3:20 pm
Posted on 8/5/24 at 4:00 pm to Yaboylsu63
Bought a place back towards the end of May. Ended up getting 7%. I’ll continue to monitor, but not going to really consider to make a move until rates steady closer to 5%. I have a place I really like, it’s affordable to me, especially when considering the tax return.
Posted on 8/5/24 at 4:28 pm to slackster
quote:Ish. that's actually above the median.
10y treasury is at 3.75%, which objectively on the low end historically.
I agree, though. I don't think we'll see cascading lower mortgage rates. 2, 5 and 10 all came in like 40 bps last week.
Posted on 8/5/24 at 7:34 pm to Yaboylsu63
Rates are currently about the same as late spring of 2023. Probably will see them tick up a little in next week or so and just keep playing ping pong for a bit between 6 and 7.
Posted on 8/5/24 at 8:18 pm to Yaboylsu63
They haven’t fallen at all. People with better credit get better rates.
They haven’t made one of the 5 forecasted cuts for 2024, despite how low realtors tell you
They haven’t made one of the 5 forecasted cuts for 2024, despite how low realtors tell you
This post was edited on 8/5/24 at 8:20 pm
Posted on 8/5/24 at 9:27 pm to Stoic Poser
quote:
They haven’t fallen at all. People with better credit get better rates. They haven’t made one of the 5 forecasted cuts for 2024, despite how low realtors tell you
Don’t confuse the Fed Rate with mortgage rates.
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