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Started By
Message
re: Mortgage demand from homebuyers drops to a 28-year low
Posted on 8/23/23 at 11:58 am to Athanatos
Posted on 8/23/23 at 11:58 am to Athanatos
quote:
home prices won’t go down
Want to place a little bet on that?
I'm not saying pricing will crash, but they will go down. It's already slowly happening in some markets.
0
Posted on 8/23/23 at 12:03 pm to Shexter
Of course there are situations where people must refi or must sell and buy new, but those select instances aren’t really a strong basis for a blanket “people who bought in 2020 are fricked when interest rates rise”
Posted on 8/23/23 at 12:06 pm to Thib-a-doe Tiger
quote:
The adjustable-rate mortgage share of applications increased to 7.6%, which was the highest level in five months. The number of ARM applications rose 4% week to week.
“Some homebuyers are looking to lower their monthly payments by accepting some interest rate risk after the initial fixed period,” noted Kan.
Posted on 8/23/23 at 12:08 pm to Purple Spoon
quote:
Well if you buy a home with an adjustable rate intending to refinance and now the rate is 7.5% instead of 4 that makes a huge impact on monthly notes and such.
I bought last summer with adjustable rate but it is locked for 10 years… most ARMs are locked for a period of 5 years or so.. therefore not affected by any near term market conditions.
Posted on 8/23/23 at 12:15 pm to PhiTiger1764
quote:
I bought last summer with adjustable rate but it is locked for 10 years… most ARMs are locked for a period of 5 years or so.. therefore not affected by any near term market conditions.
Out of curiosity, what was the fixed rate at the time and what variable rate did you sign with?
Posted on 8/23/23 at 12:17 pm to PhiTiger1764
quote:
I bought last summer with adjustable rate but it is locked for 10 years… most ARMs are locked for a period of 5 years or so.. therefore not affected by any near term market conditions.
saw some $4.99 fixed money available yesterday but it was builder offered financing
Posted on 8/23/23 at 12:18 pm to Gifman
quote:
And can because...... supply
So where do the figures for “supply” come from? Seems like there are more than enough new developments going up everywhere.
How do they determine how many people are actively seeking to buy a new house to determine that supply is low?
Posted on 8/23/23 at 12:20 pm to 632627
3.25% 30 year ARM locked 10 years then adjusts yearly beginning in year 11.
30 year Fixed were in the neighborhood of 5% last July when I locked.
I did get really lucky with my timing here. I don’t think that rate was advertised by my credit union very long.
30 year Fixed were in the neighborhood of 5% last July when I locked.
I did get really lucky with my timing here. I don’t think that rate was advertised by my credit union very long.
Posted on 8/23/23 at 12:22 pm to Gifman
quote:
Mortgage demand from homebuyers drops to a 28-year low by Gifmanquote:People still listing houses way too high And can because...... supply
They are listing newer houses for $260 sqft to $308 sqft up and down Hoo Shoo Too where I live. The Sanctuary on tiger bend is going for $280 to $290 a Sqft.
Posted on 8/23/23 at 12:27 pm to PhiTiger1764
quote:
3.25% 30 year ARM locked 10 years then adjusts yearly beginning in year 11. 30 year Fixed were in the neighborhood of 5% last July when I locked. I did get really lucky with my timing here. I don’t think that rate was advertised by my credit union very long
Nice, I think I’d be paying the minimum on that debt for ten years and put as much as possible into one-year T Bills or a HYSA. Then pay down that higher-rate debt and possibly reamortize if you can’t refinance to a lower rate. Assuming you stay in the house for ten years.
Posted on 8/23/23 at 12:27 pm to Art Vandelay
Government driving up costs of new houses in the name of energy efficiency.
Posted on 8/23/23 at 12:31 pm to stout
I bought a fairly modest house at just under 3%.
Every once in a while I look at the houses available and the projected monthly payments. If someone bought my house today, they’d probably pay 50k to 70k more for it and their payment would be more than double.
That’s an insane change in 3 or 4 years. I may be too cheap to ever move.
Every once in a while I look at the houses available and the projected monthly payments. If someone bought my house today, they’d probably pay 50k to 70k more for it and their payment would be more than double.
That’s an insane change in 3 or 4 years. I may be too cheap to ever move.
Posted on 8/23/23 at 12:33 pm to Sus-Scrofa
quote:
If someone bought my house today, they’d probably pay 50k to 70k more for it and their payment would be more than double.
That’s an insane change in 3 or 4 years. I may be too cheap to ever move.
mortgage rates will come back down, I'm usually against ARMs but right now I'd go for one if I were financing
Posted on 8/23/23 at 12:38 pm to 777Tiger
quote:
I had no choice but to refinance my house after a divorce. Went from 3% to over 6%, and my note went up $200 even though I financed less.
quote:
whole different ball game baw
Yep, the extra $200 a month was nothing compared to the first f*cking I got via divorce.
Posted on 8/23/23 at 12:39 pm to JohnnyKilroy
quote:
It was a common refrain around here early last year when rates were beginning to rise that “all these people who bought in the last couple of year” were going to be fricked when interest rates rose. No explanation was ever given as to why but posters banged that drum for a while.
People were under the impression that if you bought when rates were at 2.75% you were buying when the market was high and therefore probably overpaying because home values would drop when interest rates went up. We haven’t seen a market correction on home values though.
I was not one of these people, I’m happy to have bought in 2017 and re-financed in 2020.
Posted on 8/23/23 at 12:39 pm to JohnnyKilroy
quote:
It was a common refrain around here early last year when rates were beginning to rise that “all these people who bought in the last couple of year” were going to be fricked when interest rates rose
Maybe they were referring to the likelihood that the value of the houses would have to drop so that people could afford to buy houses at the higher interest rates. If so then, those with existing low interest rate mortgages could have a problem if they have to sell the property they bought at a high price that was "affordable subsidized" by a low interest rate.
This post was edited on 8/23/23 at 12:40 pm
Posted on 8/23/23 at 12:40 pm to Shexter
quote:
the extra $200 a month was nothing compared to the first f*cking I got via divorce.
I'm hip, it got better though, right?
Posted on 8/23/23 at 12:42 pm to stout
quote:
Mortgage rates jumped last week to the highest level in 23 years, pushing mortgage demand from homebuyers to the lowest level in 28 years
Could have been the entire article.
Posted on 8/23/23 at 12:53 pm to SquatchDawg
quote:
that supply is low
Artificially. Go to zillow, etc. and change filters from buying to for rent. Lots of people scooped up properties when the rate was comically low and are just renting them out.
Posted on 8/23/23 at 1:00 pm to Areddishfish
quote:
Lots of corporations scooped up properties when the rate was comically low and are just renting them out.
FIFY
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