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Started By
Message
re: Mortgages Jump to 7.16%, Highest Since 2001
Posted on 10/27/22 at 9:51 am to frequent flyer
Posted on 10/27/22 at 9:51 am to frequent flyer
Just wait till Nov. 2
0
Posted on 10/27/22 at 9:52 am to Cosmo
A lot of inventory about to hit the market
Auctions going to be wild! USNTI is about to be rolling in it
Auctions going to be wild! USNTI is about to be rolling in it
Posted on 10/27/22 at 9:59 am to bayoudude
quote:
If we get another 2008 type real estate crash I am scooping up as many rentals as I can.
Are you buying all cash, or do you run some sort of REIT?
If you’re financing, the bloating interest rate is going to destroy your cap rate. If the fed bottoms out rates again, maybe we’ll have a new economic boom so that your target market might be able to afford the rent to cover the cap. Maybe you can even refi, but what if rates stay high? Mid-range Section 8?
This post was edited on 10/27/22 at 10:00 am
Posted on 10/27/22 at 10:06 am to bayoudude
quote:
If we get another 2008 type real estate crash I am scooping up as many rentals as I can.
Not even close to as many junk loans.
All that will happen is things will go stagnant until prices or rates get back in line. The lack of housing supply is going to keep house prices propped up. Commodities aren’t going to want to dip far down in price either. High house prices, low supply, high interest rates coupled with inflation. Don’t see any of this really moving fast. Settle in.
Posted on 10/27/22 at 10:29 am to frequent flyer
Failure Joe and his administration are fricking disasters. Thanks to the idiots who voted for this garbage. We appreciate it.
Posted on 10/27/22 at 10:33 am to A Menace to Sobriety
Looks like about 10% of home loans are ARMs and it has been rising since earlier this year we are at an 8 year high. Seems like 2008 JuJu all over.
Posted on 10/27/22 at 10:33 am to ThePoo
quote:
A lot of inventory about to hit the market
From where?
Posted on 10/27/22 at 10:34 am to SDVTiger
quote:
They are not 7.1 and have dropped yuge this week
Are you looking at ARMs, 15y or 20yr or buying points or something?
You keep saying this yet offer no proof at all.
The FNMA 30yr contract rate right now is a 7.16%
ETA:
This post was edited on 10/27/22 at 10:38 am
Posted on 10/27/22 at 10:38 am to bbvdd
quote:
The FNMA 30yr contract rate right now is a 7.16%
Maybe retail with their built in 2pts
Posted on 10/27/22 at 10:40 am to frequent flyer
Love my 2.80%....10 years left. Will be buying rentals during the crash!
Posted on 10/27/22 at 10:41 am to Potchafa
My first loan in 1980- 16%. The good old days
Posted on 10/27/22 at 10:43 am to bbvdd
quote:
Are you looking at ARMs, 15y or 20yr or buying points or something?
He's looking at this week's numbers. You (and OP) are looking at last week's numbers.
Even the pic you posted says "At 10/21/22".
This week's numbers:
Posted on 10/27/22 at 10:47 am to Green Chili Tiger
30yr US treasury is down 30bps this week.
The 10yr is down 32bps.
The 10yr is down 32bps.
Posted on 10/27/22 at 10:54 am to frequent flyer
Just taking houses longer to sell in my neighborhood. People are still getting asking, or just slightly above it. No crazy bidding wars anymore aside from one or two properties.
This post was edited on 10/27/22 at 10:56 am
Posted on 10/27/22 at 10:55 am to RealDawg
quote:
The lack of housing supply is going to keep house prices propped up.
Found the realtor
Can you explain this to me? It’s like a 5th grade math question
The average person before the pandemic couldn’t come up with something like $300 dollars if needed. Inflation is up almost 10% and continues to rise, insurance rates are increasing, the cost of everything is increasing. Yet wages are stagnant.
How are people who were already living on a tight budget going to make ends meet? Many people will have to downsize when they realize their mortgage is eating into their budget too much because they bought more than they could afford.
It’s going to happen but it takes time. That will drive prices down, I don’t care what you claim the inventory is.
Posted on 10/27/22 at 10:57 am to bbvdd
quote:
The 10yr is down 32bps.
I realize that, and we could very well finish the week at a higher average than last week, but as of today the mortgage lenders are quoting and selling rates at an average of 6.79%, not the 7.16% from last week.
Posted on 10/27/22 at 11:47 am to WaWaWeeWa
quote:
Can you explain this to me?
You will see housing prices go down some. It will not come close to getting back down to the pre-pandemic pricing.
quote:
The average person before the pandemic couldn’t come up with something like $300 dollars if needed. Inflation is up almost 10% and continues to rise, insurance rates are increasing, the cost of everything is increasing.
This is true for everyone. Renters and owners alike. The key difference between those two groups is that homeowners with a fixed rate mortgage have a more fixed housing cost than renters.
quote:
Yet wages are stagnant.
Wages are up. They're just not up as much as home pricing and rents.
quote:
How are people who were already living on a tight budget going to make ends meet? Many people will have to downsize when they realize their mortgage is eating into their budget too much because they bought more than they could afford.
Anyone who bought a home over the last 10 years or so at a fixed rate of less than 3.5% would be absolutely insane to walk away from a fixed housing cost with an interest rate we may never see again to move to a rental situation where you can expect an increase at every lease renewal. Downsizing makes zero sense either. If you bought a $300,000 at 3% interest, you would have to downsize to a home that is $180,000 at today's rates just to end up with the same note.
quote:
It’s going to happen but it takes time. That will drive prices down
Sure. It will come down, but not at a level that will make up for the home price gains we've seen over the past two years.
The chances of seeing interest rates or home prices back at 2017/2018 levels ever again is nearly zero.
Meanwhile, the single largest generation since the boomers are entering the prime home buying stage of life and the US is already nearly ten million housing units undersupplied.
Posted on 10/27/22 at 11:50 am to frequent flyer
Consumers were spoiled when the rates were very low. A correction was due.
It doesn’t matter if it’s a sellers market or a buyers market it doesn’t stay that way - it always shifts
It doesn’t matter if it’s a sellers market or a buyers market it doesn’t stay that way - it always shifts
Posted on 10/27/22 at 11:54 am to SDVTiger
quote:
They are not 7.1 and have dropped yuge this week
On Thursday, October 27, 2022, the current average rate for the benchmark 30-year fixed mortgage is 7.32%, up 15 basis points over the last week. If you're looking to refinance your current mortgage, today's national average rate for a 30-year fixed refinance is 7.30%, rising 15 basis points from a week ago. In addition, today's national 15-year refinance rate is 6.50%, rising 7 basis points from a week ago. Whether you're looking to buy or refinance, Bankrate often has offers well below the national average, displaying the rate, APR (rate plus costs) and estimated monthly payment to help you compare deals and fund your home for less. With rates on the rise, it’s important to compare today's mortgage rates before committing to a loan.
Bankrate
Posted on 10/27/22 at 11:57 am to frequent flyer
nah, that can’t be right. i was told by the administration that judging by the 3Q #’s, the economy is in great shape.
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