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Mortgage rates with a 780ish credit score?
Posted on 3/2/23 at 10:41 pm
Posted on 3/2/23 at 10:41 pm
Was quoted locally 7.6. Anyone knows anything better? New home build looking around. Thibodaux area.
This post was edited on 3/2/23 at 10:50 pm
9
Posted on 3/2/23 at 10:57 pm to shoelessjoe
I was quoted 6.875 a few days ago
Posted on 3/2/23 at 10:58 pm to shoelessjoe
Bankrate.com says Whitney offers 7% with 20% down on a 530k mortgage in the Thibodaux zip code with a 780+.
Posted on 3/2/23 at 10:59 pm to VermilionTiger
quote:
I was quoted 6.875 a few days ago
What lender if you don’t mind me asking?
Posted on 3/2/23 at 11:35 pm to shoelessjoe
Just locked in 6.99 this morning with rocket mortgage
Posted on 3/3/23 at 3:59 am to oklahogjr
I feel bad for you guys
Posted on 3/3/23 at 4:02 am to shoelessjoe
quote:
Was quoted locally 7.6
Lord have mercy that’s high even for right now.
Posted on 3/3/23 at 4:39 am to shoelessjoe
3.50%
Posted on 3/3/23 at 5:42 am to shoelessjoe
These rates make my soul hurt for buyers.
Posted on 3/3/23 at 7:55 am to BearCrocs
quote:
feel bad for you guys
It's brutal but Im saving some money over rent still which is nice.
But let's just say I'm looking forward to refinancing one day whenever rates drop down.
Posted on 3/3/23 at 8:17 am to oklahogjr
quote:
Just locked in 6.99 this morning with rocket mortgage
Rocket and Better.com are the two I've had the best luck with.
I feel really fortunate right now that we bought about 5 or 6 months ago at 4.75%. I almost backed out of buying over a disagreement with the previous owner and we met in the middle. Of course, I gave up a 2.25% rate on my previous mortgage to move into a 4.75% so it felt like getting screwed at the time.
Posted on 3/3/23 at 8:28 am to BearCrocs
quote:
I feel bad for you guys
I get what you're saying because we're all so used to the sub 5% rates of the last 10-12 years. And I really feel bad for young people trying to buy their first home (especially in a coastal state) with the cost of insurance, housing prices, and interest rates; but historically 7% is about the norm.
Posted on 3/3/23 at 8:57 am to REB BEER
quote:
but historically 7% is about the norm.
Historically you could acquire a home for 2-2.5x household income. That multiple is substantially higher right now.
I don't know how people are paying these rates at these prices.
Posted on 3/3/23 at 9:16 am to thegreatboudini
quote:
Historically you could acquire a home for 2-2.5x household income.
This always seems to be overlooked from the “the rates are historically normal” crowd. Yea, they may be normal but houses also weren’t selling for $300k+ then either.
Posted on 3/3/23 at 9:45 am to thegreatboudini
quote:
Historically you could acquire a home for 2-2.5x household income. That multiple is substantially higher right now.
I agree it’s higher but so are people standards of living and home size expectations. Rates were in the low 6% range when I bought in 2005. People will be forced to accept smaller homes in the near future I am afraid
Posted on 3/3/23 at 9:58 am to bayoudude
quote:
People will be forced to accept smaller homes in the near future I am afraid
That is exactly what will happen. Houses are so much larger now because the low interest rates made them more affordable. The market will adjust, eventually.
Posted on 3/3/23 at 10:20 am to AUHighPlainsDrifter
Imagine being a homebuilder sitting on inventory you built post-covid that's priced 25-50% higher than the market 
The real estate world lost their minds the passed few years. Too many people that get paid too much convinced themselves their talent brought in all that new business and they're all getting burned right now.
The real estate world lost their minds the passed few years. Too many people that get paid too much convinced themselves their talent brought in all that new business and they're all getting burned right now.
Posted on 3/3/23 at 10:35 am to wutangfinancial
Problem with your post is inventory is still low nationwide and the housing market hasn't 'crashed' despite predictions of such for years now. These high rates will eventually go down some no, not to 3% but I could see them back in the 4.75 to 5 range in the next 18 months. It's a gamble to buy right now rate wise for sure.
Posted on 3/3/23 at 11:17 am to ronricks
Unfortunately I’m about to bite the bullet soon
Hoping to refinance one’s rates go down. Is there a limit on refinancing?
Hoping to refinance one’s rates go down. Is there a limit on refinancing?
Posted on 3/3/23 at 11:28 am to ronricks
The purchase and refinance activity for single family homes has absolutely crashed in this country 
You're the only one talking about price
You're the only one talking about price
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