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Started By
Message
Will mortgage rate ever go back down?
Posted on 5/30/23 at 3:24 pm
Posted on 5/30/23 at 3:24 pm
I know we have some very smart market people here.
Is this about where things are going to stay going forward, or will they come down from 6-7?
It seems like now isn’t the time to buy, but maybe it is.
Is this about where things are going to stay going forward, or will they come down from 6-7?
It seems like now isn’t the time to buy, but maybe it is.
19
Posted on 5/30/23 at 3:27 pm to TackySweater
Nobody knows baw. I hope they go down soon. I need to move for work soon and have a 3.125 on my current home.
Posted on 5/30/23 at 3:31 pm to TackySweater
NOPE. THEY WILL NEVER COME DOWN! EVER!!
In reality, no one knows. MOst people "think" they will settle around 5-6 eventually.
I just bought 3 acres of land for my future homestead and don't care about rates until time to build in about 24 months. Currently sitting on 3.125 rate with current home.
In reality, no one knows. MOst people "think" they will settle around 5-6 eventually.
I just bought 3 acres of land for my future homestead and don't care about rates until time to build in about 24 months. Currently sitting on 3.125 rate with current home.
Posted on 5/30/23 at 3:33 pm to TackySweater
No one really knows. My personal prediction is that we stay in this range. The price of houses are going to start slowing down due to high cost of living and the government fighting inflation and keeping rates high. I stayed at a holiday inn last night so trust me.
Posted on 5/30/23 at 3:34 pm to LSURep864
quote:
Nobody knows baw. I hope they go down soon. I need to move for work soon and have a 3.125 on my current home.
Yep
We are sitting on a 3.25% rate on our house. It’ll only appreciate in value, but we are looking to build and for it to be bigger
Posted on 5/30/23 at 3:35 pm to TackySweater
probably a safe guess that we wont be seeing 2% rates again for many years.
Posted on 5/30/23 at 3:37 pm to notsince98
quote:
probably a safe guess that we wont be seeing 2% rates again for many years
We don’t even need that
We just need building costs to go down. But $60,000 millionaires are coughing up the money to live in debt the rest of their lives just to post their new house pictures on the internet
Posted on 5/30/23 at 3:37 pm to TackySweater
If prices would act in a decent inverse relation I wouldn't give a shite what interest rates were. The problem is rates and prices are both still going up.
Posted on 5/30/23 at 3:42 pm to TackySweater
quote:
Will mortgage rate ever go back down?
Maybe, but it will probably be a long time before we see 3% again. People in the 70's and 80's would have loved to refinance to current rates.
This post was edited on 5/30/23 at 3:43 pm
Posted on 5/30/23 at 3:44 pm to TackySweater
No one knows. If you can afford the note, won't be house poor and the house is what you really want then maybe the time is right.
If rates go down 1%+, then you refinance. If they go up then you'll be happy that you bought now.
If rates go down 1%+, then you refinance. If they go up then you'll be happy that you bought now.
Posted on 5/30/23 at 4:24 pm to TackySweater
The reality is that the 6 to 7% rates are close to normal if you look back 50 years or so. These last few years of 2.5% to 4% are an anomaly.
Posted on 5/30/23 at 4:27 pm to TackySweater
2.5%-4% was outside of the norm. 5-7% is historically low. I'd venture to guess we bounce in this 5-7% range for a very long time.
Posted on 5/30/23 at 5:05 pm to VermilionTiger
I'm at 2.25% and I really want to move. The only way it makes sense is to sell and buy/build without another mortgage.
Posted on 5/30/23 at 5:09 pm to TackySweater
They will come down after the crash.
Posted on 5/30/23 at 5:10 pm to LSURep864
quote:
I need to move for work soon and have a 3.125 on my current home.
Posted on 5/30/23 at 5:16 pm to GREENHEAD22
quote:
The problem is rates and prices are both still going up.
Wont be fixed until there is some sort of cap on private equity buying single family homes.
All this environment is doing is weeding out competition for all cash buyers.
This post was edited on 5/30/23 at 5:17 pm
Posted on 5/30/23 at 5:54 pm to LSURep864
quote:
Nobody knows baw. I hope they go down soon. I need to move for work soon and have a 3.125 on my current home.
Can you owner finance to a new buyer at the market rate? I’m at 2.5% and don’t want to sell but also don’t want to live in Louisiana forever.
Posted on 5/30/23 at 6:13 pm to TackySweater
My father in law financed his first house at 14.5%!
It was 1.25x his household income.
I close on a new construction home in 11 days. In the end I can't hold off any longer due to family growth, but I'm still buying what I can afford.
It was 1.25x his household income.
I close on a new construction home in 11 days. In the end I can't hold off any longer due to family growth, but I'm still buying what I can afford.
Posted on 5/30/23 at 8:19 pm to TackySweater
They will likely come down at some point, no idea when though.
Prior to all this debt deal bullshite, the thinking was they would drop back below 5% sometime over the next year or two. Now that Congress may simply "suspend" the debt ceiling until 01/2025?
The Fed has raised rates to attempt to fight off inflation from too much money being shoved into the system (Stimmy checks, PPP, etc) and now Congress is celebrating setting $1.375T as the deficit floor for at least the next budget (if not more).
Does that mean inflation will continue to be "sticky" over the next year (remaining above the desired 2%)? If so, does the Fed just sit at pausing or do they raise rates again?
With this level of dysfunction, it's anyone's guess.
Prior to all this debt deal bullshite, the thinking was they would drop back below 5% sometime over the next year or two. Now that Congress may simply "suspend" the debt ceiling until 01/2025?
The Fed has raised rates to attempt to fight off inflation from too much money being shoved into the system (Stimmy checks, PPP, etc) and now Congress is celebrating setting $1.375T as the deficit floor for at least the next budget (if not more).
Does that mean inflation will continue to be "sticky" over the next year (remaining above the desired 2%)? If so, does the Fed just sit at pausing or do they raise rates again?
With this level of dysfunction, it's anyone's guess.
Posted on 5/30/23 at 8:42 pm to TackySweater
The best time to buy real estate is 20 years ago. The second best time is now.
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