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Mortgage rates
Posted on 2/2/18 at 9:50 am
Posted on 2/2/18 at 9:50 am
Mortgage rates are skyrocketing. I'm assuming this is due to the substantial increase in the 10-year treasury yield.
Can anyone with knowledge share their thoughts on whether they expect mortgage rates to continue on this upward trend? Or can we expect another dip?
I'm asking as a person on the cusp of purchasing a home.
Can anyone with knowledge share their thoughts on whether they expect mortgage rates to continue on this upward trend? Or can we expect another dip?
I'm asking as a person on the cusp of purchasing a home.
3
Posted on 2/2/18 at 9:53 am to Dayman
quote:
Mortgage rates are skyrocketing.
From 3.875% to 4.05%?
Posted on 2/2/18 at 9:54 am to Golfer
3.9 to 4.25ish is what I'm getting from Jan 1 to now.... That's a big increase.
Posted on 2/2/18 at 9:57 am to Golfer
quote:
From 3.875% to 4.05%?
Point me in the direction of your 4.05% rate. Everything in seeing is closer to 4.5%
Posted on 2/2/18 at 10:03 am to Dayman
LINK
Sorry. I looked last week. But 4.15% is not skyrocketing.
Not sure how far out you are from buying, but if you think they’re going to jump some more find a lender and lock in a rate. Some will even lower the rate if what you locked in at is higher than what they are offering once you begin to process the paperwork.
Sorry. I looked last week. But 4.15% is not skyrocketing.
Not sure how far out you are from buying, but if you think they’re going to jump some more find a lender and lock in a rate. Some will even lower the rate if what you locked in at is higher than what they are offering once you begin to process the paperwork.
This post was edited on 2/2/18 at 10:07 am
Posted on 2/2/18 at 10:04 am to Dayman
4.22
Posted on 2/2/18 at 10:07 am to Dayman
quote:
Point me in the direction of your 4.05% rate. Everything in seeing is closer to 4.5%
Yes rates up to about 4.5% today on the 30 yr. Wouldn't be surprised to see it climb into the 5% range by late summer if wage growth and inflation start to pick up.
Posted on 2/2/18 at 10:09 am to Golfer
The 4.15 is week ending January 25. They've jumped more this week.
Posted on 2/2/18 at 10:10 am to Dayman
They’ve gone up, but isn’t anything under 5% still considered good?
Posted on 2/2/18 at 10:12 am to Dayman
Wife works in mortgage and I think their rates are somewhere around 4.25 this week. IMO I think that the rate increases will be curbed by a market correction in the next 12-24 months. My 401(k) hopes I am wrong though
Posted on 2/2/18 at 10:13 am to Paul Allen
quote:
They’ve gone up, but isn’t anything under 5% still considered good?
I mean when historical averages are at 8% of course anything under 5% is good. This is probably about the highest its been in the last 4 years though. Posted on 2/2/18 at 10:16 am to HYDRebs
I mean, sure, 3.25 is better than what they are now, but I thought under 5% was always considered solid. What were rates 10-12 years ago? If I recall correctly, weren’t they 6-7%?
Posted on 2/2/18 at 10:24 am to Paul Allen
Yup you're right 5% is a solid rate in a normal market which looks like what we are getting back to.2008 is the last time they were in the 6% range, so you're right on the money.
Posted on 2/2/18 at 10:33 am to HYDRebs
As long as they don’t get up to 6% by May, I’m good. Currently in a construction loan that will need to be refi’d into a conventional around that time. And before anyone asks, single close wasn’t an option here.
Posted on 2/2/18 at 10:45 am to Golfer
quote:
As long as they don’t get up to 6% by May, I’m good. Currently in a construction loan that will need to be refi’d into a conventional around that time. And before anyone asks, single close wasn’t an option here
I'm in the process of a single close renovation loan. The rate increase since the process started is a bummer.
Posted on 2/2/18 at 10:48 am to TheBoo
quote:
3.9 to 4.25ish is what I'm getting from Jan 1 to now.... That's a big increase.
Here's the terrible thing about a 4.25% rate: Rates will likely never get cheap enough down the line to refinance (generally you'd like to get 1% lower to make a refi worthwhile). It's in this no-man's land of "pretty cheap historically" but not cheap enough to be happy with. (I bought my home at 4.25).
This post was edited on 2/2/18 at 10:49 am
Posted on 2/2/18 at 10:54 am to Dayman
I recently decided to build in a new development community and won’t close until the summer. Mortgage company is currently offering to lock in a 4.75% rate.
Is this something I should seriously consider? I know there’s a lot of uncertainty when it comes to the market, but I’m a little hesitant on waiting to lock given how much rates jumped since the new year.
Is this something I should seriously consider? I know there’s a lot of uncertainty when it comes to the market, but I’m a little hesitant on waiting to lock given how much rates jumped since the new year.
This post was edited on 2/2/18 at 4:57 pm
Posted on 2/2/18 at 11:14 am to KillerNut9
quote:
KillerNut9
I'm in the same boat. Just a couple weeks ago we were looking at 4.35 for a home renovation loan. I'm thinking of eating the jump and locking in. I can't stomach any more of a jump.
Posted on 2/2/18 at 12:51 pm to Dayman
my take as a mortgage professional.
This is a bad time of the year for rates. They are increasing but will hit their ceiling very quickly. Right now the stock market and economy are driving the rates higher. The highest rate we saw last year was 4.375%. right now i am pricing at 4.25%-4.375%. Once the spring sales start that will calm the markets and the rates. 5% is the top of what rates will do. Any higher than that and it will directly effect housing prices. also if we do get a correction from wall street expect to rates to tumble towards 4% very quickly.
This is a bad time of the year for rates. They are increasing but will hit their ceiling very quickly. Right now the stock market and economy are driving the rates higher. The highest rate we saw last year was 4.375%. right now i am pricing at 4.25%-4.375%. Once the spring sales start that will calm the markets and the rates. 5% is the top of what rates will do. Any higher than that and it will directly effect housing prices. also if we do get a correction from wall street expect to rates to tumble towards 4% very quickly.
Posted on 2/2/18 at 2:26 pm to hawkeye007
Thanks for the input. 
Side question: What are mortgage rates going around right now for those buying rentals? Are they around 5%?
Side question: What are mortgage rates going around right now for those buying rentals? Are they around 5%?
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