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Buyers Backing Out On Homes Due To New Rates
Posted on 3/31/22 at 12:30 pm
Posted on 3/31/22 at 12:30 pm
Realtor here. Just had two buyers this week back out on purchases due to rising rates. Have another buyer still in the hunt but has to look for a lower value home because his DTI is to high for the price range he was searching in.
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Posted on 3/31/22 at 12:32 pm to Catchfalaya
Were they not able to lock rates?
Posted on 3/31/22 at 12:34 pm to Catchfalaya
Was this a surprise?
It was a good run there for my realtor friends and home prices. We moved last year because eventually the decade of prime rate being near zero was coming to an end. Theres a whole generation who has never heard of 9% mortgages. But that was the norm for my parents generation.
It was a good run there for my realtor friends and home prices. We moved last year because eventually the decade of prime rate being near zero was coming to an end. Theres a whole generation who has never heard of 9% mortgages. But that was the norm for my parents generation.
Posted on 3/31/22 at 12:35 pm to Catchfalaya
Rates are up almost a full percent from start of month to end of this month
Posted on 3/31/22 at 12:35 pm to AUFanInSoCal
They just started the process about three weeks ago we’re looking to lock in this week when their potential lenders hit them with north if 4.8% rates on a 30 year.
Posted on 3/31/22 at 12:37 pm to AUFanInSoCal
Rates don’t lock until you are X number of days out from the transaction.
With as fluid as inflation is right now and the inevitable bullshite delaying a closing, I bet you don’t have an idea of a likely rate until a few days before closing.
With as fluid as inflation is right now and the inevitable bullshite delaying a closing, I bet you don’t have an idea of a likely rate until a few days before closing.
Posted on 3/31/22 at 12:37 pm to Catchfalaya
What are the rates at today for good credit?
We got in at 3.0% in 2020. That was with a remodel refinance. I’m surprised that people are being shocked at this. I mean the fed raising interest rates directly affects this.
We got in at 3.0% in 2020. That was with a remodel refinance. I’m surprised that people are being shocked at this. I mean the fed raising interest rates directly affects this.
Posted on 3/31/22 at 12:37 pm to LSUnation78
Thing is back in your parents time a house worth $400,000 today was only $200,000 then. Making it that much harder for people today to qualify at 5% rates. Housing market bout to come to a complete halt I’m afraid.
Posted on 3/31/22 at 12:38 pm to LSUnation78
My FIL loves telling horror stories of having two mortgages of 10% or more simultaneously in the 80s.
Posted on 3/31/22 at 12:38 pm to Catchfalaya
The housing market will adjust.
Prices inflated because financing was so easy and affordable.
When no one can buy that 400k house, the price will come down.
ETA: but dont expect the tax man or your home owner’s to be as quick to draw down value of your property as they were to hit you every year it went up.
Prices inflated because financing was so easy and affordable.
When no one can buy that 400k house, the price will come down.
ETA: but dont expect the tax man or your home owner’s to be as quick to draw down value of your property as they were to hit you every year it went up.
This post was edited on 3/31/22 at 12:41 pm
Posted on 3/31/22 at 12:39 pm to Catchfalaya
If you can't afford a house at 4.8% you can't afford a house.
Posted on 3/31/22 at 12:40 pm to Catchfalaya
4.8% is going to look incredible in a year. My first house was at 8.25% in the 90's. Used to be a LOT higher than that in the '80's. 10% wouldn't shock me at all and honestly it is what we need even though it will be painful.
Posted on 3/31/22 at 12:40 pm to 3nOut
4.8% here
Posted on 3/31/22 at 12:40 pm to Catchfalaya
I haven’t had any back out on rates yet, but I’m definitely seeing people scale down on their range.
Fortunately the new construction I have closing in July is paying cash
Fortunately the new construction I have closing in July is paying cash
Posted on 3/31/22 at 12:43 pm to Catchfalaya
Which metro market are you in?
Surprised they didn’t have rate locks already in place.
With the inverted yield curve and movement of the ten year, it’s going to get interesting.
Surprised they didn’t have rate locks already in place.
With the inverted yield curve and movement of the ten year, it’s going to get interesting.
Posted on 3/31/22 at 12:43 pm to teke184
quote:
Rates don’t lock until you are X number of days out from the transaction.
Nope. You can lock an interest rate pretty much the second you're under contract. They are good for a certain amount of time and you can even pay to extend that window if your closing is delayed a bit.
Posted on 3/31/22 at 12:45 pm to Catchfalaya
The bubble, it will pop again.
Posted on 3/31/22 at 12:47 pm to deeprig9
quote:you mean rates that were available in 2015? Yup. People acting like 4.8 is a disaster
If you can't afford a house at 4.8% you can't afford a house.
Posted on 3/31/22 at 12:48 pm to Catchfalaya
Thankful to have closed last Summer at 2.49%.
Posted on 3/31/22 at 12:50 pm to Billy Rocks
I refinanced in Dec 2020 at 1.75% rate / 1.95% APR. Saves me $1000/month which I then apply that towards principal. 
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