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re: What interest rates have you been getting the last 2-3 weeks? 30 year
Posted on 10/4/24 at 9:14 am to pwejr88
Posted on 10/4/24 at 9:14 am to pwejr88
5.75% on a custom home build, quote was yesterday with GMFS. Credit Score is 730.
We are holding out to start the build hoping to get 5 or lower even if we have to wait 12 months. Just stacking cash in the meantime.
We are holding out to start the build hoping to get 5 or lower even if we have to wait 12 months. Just stacking cash in the meantime.
3
Posted on 10/4/24 at 12:34 pm to ThatsAFactJack
Very nice
Posted on 10/4/24 at 1:34 pm to ThatsAFactJack
What area are you building / financing? I’m 3/4 through my build and waiting to lock in with GMFS. Thanks
Posted on 10/4/24 at 2:54 pm to Tiger In the Swamp
quote:
Tiger In the Swamp
quote:
What area are you building / financing? I’m 3/4 through my build and waiting to lock in with GMFS. Thanks
Address is Rayne but technically in Lafayette Parish. Very close to Indian Bayou Elementary.
Posted on 10/4/24 at 9:11 pm to Rize
quote:
Not sure if I should buy down points or not.
When paying points just need to figure out your recapture period. Anything over 18-20 months I wouldn’t pay points.
Posted on 10/5/24 at 6:22 am to SDVTiger
I just got a signed contract Friday so what do you think the market is going to do next week? The cost of rate by down was crazy Friday afternoon. I am set to close in 30 days
Posted on 10/5/24 at 6:26 am to npt817
quote:
With 800 score you mentioned I am at 6% no points on this setup today.
How many points to get a rate under 5.5? I saw a rate of 5.375 Friday my rating is over 800
Posted on 10/5/24 at 8:04 am to ThatsAFactJack
5.75% on a custom home build, quote was yesterday with GMFS. Credit Score is 730.
We are holding out to start the build hoping to get 5 or lower even if we have to wait 12 months. Just stacking cash in the meantime.
_______
My experience is the build is funded with a construction loan, not a normal mortgage loan. Are they guaranteeing you the same rate for the mortgage loan that will be used once it is built?
We are holding out to start the build hoping to get 5 or lower even if we have to wait 12 months. Just stacking cash in the meantime.
_______
My experience is the build is funded with a construction loan, not a normal mortgage loan. Are they guaranteeing you the same rate for the mortgage loan that will be used once it is built?
Posted on 10/5/24 at 12:36 pm to KTiger85
quote:
My experience is the build is funded with a construction loan, not a normal mortgage loan. Are they guaranteeing you the same rate for the mortgage loan that will be used once it is built
I was giving a construction loan rate with a 2% increase cap on my 30 year. We will refinance once the house is finished
Posted on 10/5/24 at 12:59 pm to 756
quote:
How many points to get a rate under 5.5? I saw a rate of 5.375 Friday my rating is over 800
What is your purchase price and downpayment?
Posted on 10/5/24 at 1:01 pm to npt817
265/100 k
Posted on 10/5/24 at 1:35 pm to 756
Looking at rates on weekend are kind of a crapshoot because they ususally are hedged a little higher in case the market opens bad on Monday mornings but as of right now it would cost 2.625 points to get a 5.49 rate on that setup, which is $4331.25. P&I would be 935.83. Par rate is 6.124 with a P&I of 1002.46. The difference is 66.63 a month so would take you 65 months to recoup the cost of the rate buydown.
Of course the MBS market took a bit of a dump this week with the employment numbers that came out so we will see what this week brings for us. Earlier in the week this setup would have been below 6 at par pricing.
Luckily I can float down for my customers if rates improve prior to closing for instances like this.
Of course the MBS market took a bit of a dump this week with the employment numbers that came out so we will see what this week brings for us. Earlier in the week this setup would have been below 6 at par pricing.
Luckily I can float down for my customers if rates improve prior to closing for instances like this.
This post was edited on 10/5/24 at 1:59 pm
Posted on 10/5/24 at 2:45 pm to npt817
How much is float down?
Posted on 10/5/24 at 2:47 pm to npt817
And tks for info
This post was edited on 10/5/24 at 2:49 pm
Posted on 10/5/24 at 3:04 pm to 756
quote:
How much is float down?
It doesn’t cost anything. We just need to be within 14 days of closing and if rate is lower than current locked rate we will float down to that rate.
Posted on 10/5/24 at 5:26 pm to npt817
Well I will see what opening markets say Monday my closing is 35 days out
Posted on 10/5/24 at 5:51 pm to 756
Shoot me an email at lsu817@gmail.com. Would love to help
Posted on 10/7/24 at 3:55 pm to npt817
I wonder if the mortgage market is going to settle down from the Smoking they took Friday-
Trying to decide if to lock a rate now or wait a few days
Trying to decide if to lock a rate now or wait a few days
Posted on 10/7/24 at 4:41 pm to KTiger85
quote:
My experience is the build is funded with a construction loan, not a normal mortgage loan. Are they guaranteeing you the same rate for the mortgage loan that will be used once it is built?
Yes, one time close, 5.75% during construction, interest only, and 5.75 after loan modification to permanent loan.
Posted on 10/7/24 at 6:00 pm to npt817
quote:
Shoot me an email at lsu817@gmail.com
Signed you up for some nudie websites. thank me later.
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