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Interest rates question
Posted on 2/22/21 at 9:32 am
Posted on 2/22/21 at 9:32 am
I know there’s no way to fully predict interest rates but are the recent increases a cause for concern?
I’m currently building my first house (I’m 26 and this is all new to me) I’m set to close in May but I cannot lock in my interest rate until about a month before closing.
The rate I was pre approved for was pretty damn good. With the recent increases along with future stimulus and this new administration, am I completely fricked
I’m currently building my first house (I’m 26 and this is all new to me) I’m set to close in May but I cannot lock in my interest rate until about a month before closing.
The rate I was pre approved for was pretty damn good. With the recent increases along with future stimulus and this new administration, am I completely fricked
This post was edited on 2/22/21 at 9:34 am
5
Posted on 2/22/21 at 9:35 am to ThreauxDown
Even if it bumps up a little, you will still get a very low rate by historical norms. It won't go up much in that short a period of time.
Posted on 2/22/21 at 9:36 am to ThreauxDown
quote:
new administration
quote:
am I completely fricke
Yes......
Posted on 2/22/21 at 10:16 am to ThreauxDown
It has taken a downturn the last few weeks since early January. Ideally, mortgage backed securities increase and then you will see a mortgage rate decrease. The economy is going to take awhile to come back, so as mentioned, these are still very low rates that will not make a big jump.
Posted on 2/22/21 at 10:21 am to WeAreBR
That makes me feel a little better.
Am I the only one that thinks it’s ridiculous that you can’t lock in your interest rate as soon as construction starts
Am I the only one that thinks it’s ridiculous that you can’t lock in your interest rate as soon as construction starts
Posted on 2/22/21 at 10:27 am to ThreauxDown
first any rate that you get will be the best interest rate of your young life. Second the rates are not going to go up for good until the economy recovers. It's not recoverying this year. rates have moved up from one of the lowest rates of the year, they have about a .25% movement up right now. it will do this most of the year. go super low bounce up a little go back down super low. just get that house built the rate will be great when your done.
Posted on 2/22/21 at 10:33 am to ThreauxDown
I wouldn't worry about it too much. I am in somewhat of the same boat as I am rebuilding a house in Lake Charles and relocated to another city.
Last week they went up like .25% and in the grand scheme of things it is still 1% lower than when I purchased my first house 4 years ago. You will be fine.
Last week they went up like .25% and in the grand scheme of things it is still 1% lower than when I purchased my first house 4 years ago. You will be fine.
Posted on 2/22/21 at 11:04 am to ThreauxDown
quote:You are looking at a very long time potentially. A spec home, yes pretty quick. But even then after rough in it goes slow. A custom job, you are talking a pretty lengthy process.
Am I the only one that thinks it’s ridiculous that you can’t lock in your interest rate as soon as construction starts
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