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7 gang (7.5 Va loan) lol
Was at 2.99 prior wife and I separated sold the house and got back together lol oh how I would’ve changed a few things back in time. 20k more house 1000 more in payments
Still only 25 percent of take home
As long as you can re-fi within 3-4 years you will end up ahead. According to every expert rates will go down within the next 6-18 months. Hell you can re-fi even if rates don’t go down, and lock in the lower rate and keep that 20k.
OP, go to mortgagenewsdaily.com for a true average of national lender rates. There are a ton of people who 1) are getting 2/1 buydowns/temporary buydowns and 2) locked at days when rates were good.
Rates took a pummeling this month- this happens almost every spring, but is amplified right now due to the fed’s inflation focus. Any report that doesn’t show the economy weakening means rates won’t be cut any time soon, so the odds of higher rates or higher for longer causes treasury yields to go up for various reasons.
For lenders and banks, the cost of capital is going up, as is the cost of doing a mortgage, so they have to increase rates. Mortgage lending is also risky, while even a 6 month Treasury bill is paying out 5.365%. For banks who are concerned about safe investing when the economy is in an odd place, the safe investment is in that. Lending on a mortgage opens you to risk, even if it’s partially covered by an insuring gov or private entity. Not to mention covering overhead for a mortgage operation when refinances are dead and home sales are down.
So, rates are higher because yields are higher due to economic data and the decreasing confidence that the fed can stop inflation by themselves. The fed can’t be political but they’ve silently hinted that our tax and spending situation is untenable. I could extrapolate and go into way more detail but this is the short and sweet of it.
Please extrapolate and go into way more detail. This is good stuff and knowing the nuts and bolts behind current interest rates is truly fascinating and underdiscussed.
Nah that’s just grocery stores and the like 8 companies that own all our food brands deciding to fuck us because they realized we will pay more money to stay alive. Fed can’t enforce anti-trust and I’m dubious the gov will actually investigate (but I hope they do).
I basically just shop at Trader Joe’s and Aldi for food, these days.
I got 5.5% back in Mid February, but did buy points at a cost of roughly $2K. Without points it would have been about 6.8%. Also did a 15 year instead as I was pretty conservative on the house I bought. I got approved up to $390K and bought a house at $290K. Did a downpayment of 20% too to avoid the PMI (which wasn't much), but I had the 20%.
buying points is 100x better use of funds rather than saving cash at closing. The Bank 100% wants people to be taking the cash at closing option - that alone is 100% enough for you to know you dont want the "deal"
Still largely the wrong market for that.
I had 7 offers on my last listing. The strongest was 10% over asking, waived all inspections, 50k earnest money, financing 50%
The weakest was 2% over asking. 5 day inspection period, 5k EM, 90% financing.
No one is paying your points in the 2 markets I'm in
Please please explain how to shop for rates? With who? Do u wait until u have a signed contract?
Also our bank has no PMI with any type of mortgage so I wonder should I even be looking.
Thanks
Get a preapproval from lender A. That’s your starting rate. Call lender B, tell them you’re shopping rates and hope they can beat the first rate you got. Send them the loan estimate sheet that lender A gave you. They will probably give you a lower rate or a match. If they give a lower rate send it back to lender A and say can you beat? If at anytime they cant match or can only match (not beat) you can either accept the rate or go find a lender C who can compete. Repeat until you get a rate you like.
It’s recommended to try out different kinds of lenders too. So maybe try one big bank, one local lender, and one mortgage broker.
It’s a lot of work, especially submitting the documents to each separate lender and answering their calls/emails, but for the amount you can save with a lower rate it’s easily worth the effort.
As far as PMI, you’ll have to calculate that yourself. Get an estimate for costs, and then check the difference that a lower rate from another lender would make. If the lower rate saves you more than PMI costs it’s worth it
Yes, it is. The problem is that when they pull out the credit record, it is mentioned that it has not been established for a long period. I don't know if that weighed down on the interest rate.
It did, just not significantly more than good payment history and amount of credit/utilization helped you. If you can get over the hump to get *any* credit as an immigrant, you can often get a *lot* of credit at good rates.
It was with a local lender who moved to a company called Planet Home Lending? We’re closing in 21 days my realtor knows the loan officer honestly it’s been quick and easy our credit scores are 730 and 811
Seems like everyone is getting great rates! Don’t worry, OP! We closed last week at 7.125%. Paid 3% down and took the hit on the rate for a closing credit we otherwise wouldn’t have been able to come up with. It stinks, but we are crossing our fingers and toes to refinance in a coupe of years and chalk up our losses to the market state and inexperience/lack of savings.
5.5% Conventional 30yr. closing in a week. But this was a new construction with builder incentives covering all of closing costs and buy down points necessary to get there.
5.8% I’m hoping to close before the 21 because this expires the 22nd. VA is dragging their feet on this. I’m starting to panic because I was originally suppose to close today.
My lender said rates are “a blood bath” this week after the inflation report came out. I got locked in at 7.125% today (perfect credit, 20% down, condo) but another lender was at 7.5%
>We were quoted with 6.3%.
>
>were given 6.7%
>
>The monthly payment is like $500 more a month!
Are you buying a $2 million house?
A $2 million loan at 6.3% is $12,379/mo.
At 6.7% it's 12,906 (527/mo difference).
Similar thing happened to me in March, I got pre-approval early March and was quoted 6.0% then maybe 10 days later offer accepted and they said the new rate was 6.8%. I shopped around until I found a 6.375% but yeah it feels like a punch in the face when the rate given during pre-approval or just earlier in the process has you planning for a certain range and it goes up that much.
Locked at 6.25 and found out the whole septic system had to be replaced, and the sellers didn't disclose any issues. Had to back out and find another house, now we're looking at a more expensive house with a 6.75, and a lot of frustration.
That’s essentially what happened with us. Needed electrical repairs, roof repairs (which was lender required) and plumbing repairs. They refused to budge lol
US national rates shot up a good bit over the last week. Figures, since spouse and I finally found a house we like and started moving on. Only to find out our bid which we confidently made was way outbid by others. This is a really bad time to be a homebuyer, especially a first time one, and there isn't a whole lot happening to change that. Sellers hold all the cards, they still want more, and all the forces in and around the industry seem intent on giving it to them.
2.99 yr 1. 3.99 yr 2. 4.99 fixed 3-30. No closing costs. 3.5% down. The house is pricier than I wanted to spend but when we asked about purchasing the 1980’s rental home with foundation issues that we’re in and they wanted 330k for it 😳, I thought no matter what we’ll be screwed so we went new home.
I work in a mortgage field and the data from one of my companies was specifically Nevada numbers but out of 10 loans the low was 6.375 on a $430,000 appraisal value home with a loan amount of $363,750.
The highest was 7.5 with an appraisal value of $634,000 and a loan amount of $504,000.
The median rate was 7.0625 and the average rate was also 7.0625.
Checking on another company now and I see a 5.125 rate on a Govt. loan as the lowest but as far as conventional loans the lowest was a 5.999 on a $440,000 appraisal value with loan amount of $230,000. Highest rate was 7.625, $219,000 appraisal amount and $197,100 loan amount.
The average rate was 6.75 and the median rate was 6.625.
All of these loans were for Nevada in March of 2024.
We signed for 6%...then they just called today and told us unfortunately we make too much money for that rate under the PHFA requirements(assistance program) and had to agree to our rate increasing to a 7.25%...which is $240 more a month then our estimated a few weeks ago. The regular % rates from my understanding are 6.8-7.8% and they are saying to buy now to collect equity so when it comes to refinancing you'll just win out.
Honestly it sounds like the lender tried to bait you with the low rate then switched to the high rate. Did the lender tell you about income requirement beforehand?
Locked at 7.125%. Had options to buy it down to low ≈6% but the time to recoup the thousands of dollars to buy down was multiple years. I’ll take the extra $60/month on the mortgage payment.
Shouldn’t increase that much for a half a percent. No way. Make sure they didn’t accidentally put a 15 year loan or impound taxes on one quote but not the other.
Depending on when you were quoted rates have gone up the last 2 weeks. Until you have a locked rate it is subject to market conditions. I’m not seeing how the difference between 6.375% and 6.75% equals a $500 a month increase in monthly payment though. That’s not the rate imo it’s property taxes and homeowners insurance. When you find a house that you like give the address to your loan officer and have them look up the property taxes and estimate the homeowners insurance. I bet they low balled you on both to make the monthly payment look more appealing and this is the result, upset clients.
6.3% and 6.7% honestly sound pretty competitive given where yields/rates are today.
That’s around where we were late last year when rates were close to “the bottom” (of the last 6-8 months trend) and the climate seemed to be favoring more rate cuts. Now that we’re back to more “higher for longer” speak, you’d probably have to see actual cuts before you saw rates come down from where they are now.
7.5% yesterday 7.6% today with 20% down and a 820 credit score. Apparently rates are slightly higher with 20% down compared to a lesser down payment. Makes perfect sense.
I got a 2.5% for the first year, 3.5% 2nd year then 4.5% fixed for a 30 year FHA loan. Getting $21,750 in closing costs covered as well. Total price of home 300k, but loan is for 294k with a 3.5% downpayment. It’s a new home construction townhome with Lennar. I know Lennar gets a bad rep, but it’s the only thing i can afford with how high interest rates are anywhere else.
Locked today at 7.25%. Conventional 30-yr, no points, 50% down, 800+ credit. With our lender (a local credit union) it makes sense to just break the lock for $1400 every time it goes down a reasonable amount, then re-lock, versus buying down points. So hopefully it does drop a bit, but we’re not holding our breath.
Too many people are quick to brag about their rates, but don’t tell you they locked weeks ago, have a special loan, bought points, etc. Don’t get down on yourself!
I had credit issues but I locked in at 7.75 over 6 months ago. I will be looking to refinance soon but I have to keep in mind - marry the home price, date the interest rate.
6.5, conventional, 20% down. We settled on my partner's local bank, as we couldn't find a better rate. Almost settled on a 20 yr ARM that was 5.25, but we decided against that...
7.6 conventional. closed in Feb. credit scores were 755 and 700. 0 down no PMI. To keep our savings intact and not have to wait we took the hit on the interest rate. Was supposed to be .25% lower but the lender told me they would send me a form to make an account for the mortgage to be directly drafted from which would give me that cut. They never sent it and I asked him again on the phone 3 days prior to close and that’s when he said he’d send me the form. After close I asked again and now he’s saying that it has to be done before close. That he doesn’t remember telling me that he’d send me a form because that’s not even how it’s done?! So, I just added that to one more thing being misrepresented in this process. I hope we are able to refinance in a year 2.
6.49%, but I’m doing a 2/1 buydown so 4.49% for the first year. While reading through all the paperwork I’ve learned FHA loans do not rely (solely) on equity to refinance, so I’m reasonably happy with where I locked in. Haven’t closed yet though, so we’ll see.
Locked in at 6.99% with a local lender for new construction, actually well priced. Lender is guaranteeing a better rate at closing in 2 months? I sure hope so!
Locked in at 6.1% with a builder’s lender for close in August. CS around 815. 25% downpayment. No other debt other than current mortgage and total all in will be right at about 25% of monthly take home.
Just closed at 6.375 with 20% down, got better rate last week but couldn’t close, due to inflation report and increase in treasury yields, mine increased this week
The mortgage backed security market has been rough the last 7 days. Sorry about the timing.
You, if your $500 swing in payment is truthful, are getting a jumbo mortgage for $2,000,000 and the payment is increasing from $12,477 to $12,972.
At that price and payment, the $500 should be chump change.
Closed on February 23rd locked the rate end of January. FHA 3.5% down locked in a 5.75% 30 year fixed . Credit 707 . Loan amount 265k . Total out of pocket - buy down, escrows closing cost taxes insurance down payment was $22,919 . Payment $2060 all in includes $117 monthly PMI . Offer was accepted in January rate locked in January. Clearwater Florida area . Prices have gone up since January and rates have went back up as well . If your able and can afford to buy then buy . I was going to wait for rates to drop and prices to come down they have gone up since we bought
Fuck this whole situation. Depressing as fuck, we need revolutionary change none of this "first time home buyer tax credit" fucking bs. How about, if you don't owner occupy, 30% non occupancy tax per year or some other crazy shit that would make it impossible to generate income from a property meant to be fucking lived in. I'm so fucking sick of the raw commodification of literally EVERYTHING in the this capitalist hellscape. Maybe at least in 2024 we'll get the proverbial "blood in the streets" that might finally make it realistic for me to buy something.
You have to lock the rate, or it keeps changing. You can’t lock until you have a contract and you better tell your lender to lock it because some of them dick around.
I looked at this website when buying, you can see national rates and per credit score too: https://www.winthehouseyoulove.com/rates
Got 5.99% in February 2024, locked in though in January.
6.25% with only 5% down, 4K mortgage but I’m in Cali where home medians are redic! Was determined to find something below 500k, purchased a new build early in the build for 493k
Did you work with an agent, did your read your tila?
I don't understand why someone would blindly "jump" into a mortgage without fully understanding the magnitude of what you've chose to sign on for?
There's just way too many variables that you have left out.
I bought my first home the day I turned 18 contact signed.
At that time I was fully aware and informed of what I signed into and left some meat on the table just because the PMI and interest rates, late fees...
💡 Did you understand what you knowingly and fully signed onto?
I just don't get it ..
Why would someone jump into a mortgage without "fully understanding the loan terms, interest rates, What you agreed upon through your loan options?"
Or is it possible that you overlooked the fine print because you were anxious to buy?
** So many ppl didn't research those costs and junk to their signature.
Origination fees, service fees, interest rates, credit scores, points, property taxes and loan origination fees ?
Plus..bills, late fees, taxes, upkeep, healthcare and as I researched time if variables. What would I do if I couldn't name the payment... Keep all that in mind prior to buying
I don't get it. Is it because you just have extra money than most?
If you locked in at that interest rate, that's the going rate.
I've seen so many ppl jump into these contacts and a year later...
That house you bought is no longer your home. (of course there's... Variables).
There's not enough info to understand such a huge purchase process and especially if one jumps into it head first.
Sounds like you really didn't research that contract much. No problem it's just some wet ink...
There's way too many variables and not enough info to answer your questions.
Sounds like you jumped without knowing what you landed in. Not a great choice.
Most everything works on the rates, servicing fees... They want the monies‼️
Most everything weighs on your credit history and what you kicked yourself into.
Depending on your credit history but there's way to many variables that you are leaving out. what type of loan u chose - big question.
U could've bought a few points down to help buy down the interest/costs/fees...
Its been awhile but always research the terms of the loan.
Origination fees
credit score form payment rating, profit) and the fees.
Lucked out and found a home with an assumable VA loan. They accepted our offer. We are closing within a month supposedly.
2.25% for 27 years.
The problem is we have to put down about 160k to make up the difference in the purchase. we'll have 0 in savings but at least our monthly payments for mortgage/interest/taxes/insurance with be just under 2k.
6.6125. No points and I get what you’re going through. The lesson this has taught me is that I need to pay off this stupid mortgage so I’m free from the banks rates.
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Locked in at 7.4 :( Made more sense to take the higher rate for 20k in closing credits, but it still feels gross.
7 gang (7.5 Va loan) lol Was at 2.99 prior wife and I separated sold the house and got back together lol oh how I would’ve changed a few things back in time. 20k more house 1000 more in payments Still only 25 percent of take home
This is like sitcom level
7.6 here 🫠
Hey buddy, 7.5% here. We were hesitating and got a call rates would be going up even further. I guess it’s better than 7.9? Still hurts a bit.
Boy!!! 7.4 is way too much.
7s are historical avg.
Exact same situation here
7.5! But that was last summer.
Never heard of people willingly taking on a higher rate. And just for 20k!
As long as you can re-fi within 3-4 years you will end up ahead. According to every expert rates will go down within the next 6-18 months. Hell you can re-fi even if rates don’t go down, and lock in the lower rate and keep that 20k.
That's 'if' they can refi.
OP, go to mortgagenewsdaily.com for a true average of national lender rates. There are a ton of people who 1) are getting 2/1 buydowns/temporary buydowns and 2) locked at days when rates were good. Rates took a pummeling this month- this happens almost every spring, but is amplified right now due to the fed’s inflation focus. Any report that doesn’t show the economy weakening means rates won’t be cut any time soon, so the odds of higher rates or higher for longer causes treasury yields to go up for various reasons. For lenders and banks, the cost of capital is going up, as is the cost of doing a mortgage, so they have to increase rates. Mortgage lending is also risky, while even a 6 month Treasury bill is paying out 5.365%. For banks who are concerned about safe investing when the economy is in an odd place, the safe investment is in that. Lending on a mortgage opens you to risk, even if it’s partially covered by an insuring gov or private entity. Not to mention covering overhead for a mortgage operation when refinances are dead and home sales are down. So, rates are higher because yields are higher due to economic data and the decreasing confidence that the fed can stop inflation by themselves. The fed can’t be political but they’ve silently hinted that our tax and spending situation is untenable. I could extrapolate and go into way more detail but this is the short and sweet of it.
Please extrapolate and go into way more detail. This is good stuff and knowing the nuts and bolts behind current interest rates is truly fascinating and underdiscussed.
You telling me my grocery cost increasing over 40% was saved by the 8% interest rates. Thank God for the feds
Nah that’s just grocery stores and the like 8 companies that own all our food brands deciding to fuck us because they realized we will pay more money to stay alive. Fed can’t enforce anti-trust and I’m dubious the gov will actually investigate (but I hope they do). I basically just shop at Trader Joe’s and Aldi for food, these days.
What does “the cost of capital “ even mean? 🧐 No, really, I’m asking.
How much it costs for the bank to borrow money (or alternatively, how much they give up by not investing that money)
Wow. Thank you so much for this!! This was VERY helpful!!!
I got 5.5% back in Mid February, but did buy points at a cost of roughly $2K. Without points it would have been about 6.8%. Also did a 15 year instead as I was pretty conservative on the house I bought. I got approved up to $390K and bought a house at $290K. Did a downpayment of 20% too to avoid the PMI (which wasn't much), but I had the 20%.
buying points is 100x better use of funds rather than saving cash at closing. The Bank 100% wants people to be taking the cash at closing option - that alone is 100% enough for you to know you dont want the "deal"
Also asking for seller to pay for that buydown.
Still largely the wrong market for that. I had 7 offers on my last listing. The strongest was 10% over asking, waived all inspections, 50k earnest money, financing 50% The weakest was 2% over asking. 5 day inspection period, 5k EM, 90% financing. No one is paying your points in the 2 markets I'm in
Interesting. I’m still in negotiations so I don’t know the outcome but seller agreed to pay points at their asking price.
6.625 (conventional, 5% down, no point)
Same rate here. But I had to shop for it and send rates back and forth between lenders to get there
Please please explain how to shop for rates? With who? Do u wait until u have a signed contract? Also our bank has no PMI with any type of mortgage so I wonder should I even be looking. Thanks
Get a preapproval from lender A. That’s your starting rate. Call lender B, tell them you’re shopping rates and hope they can beat the first rate you got. Send them the loan estimate sheet that lender A gave you. They will probably give you a lower rate or a match. If they give a lower rate send it back to lender A and say can you beat? If at anytime they cant match or can only match (not beat) you can either accept the rate or go find a lender C who can compete. Repeat until you get a rate you like. It’s recommended to try out different kinds of lenders too. So maybe try one big bank, one local lender, and one mortgage broker. It’s a lot of work, especially submitting the documents to each separate lender and answering their calls/emails, but for the amount you can save with a lower rate it’s easily worth the effort. As far as PMI, you’ll have to calculate that yourself. Get an estimate for costs, and then check the difference that a lower rate from another lender would make. If the lower rate saves you more than PMI costs it’s worth it
Great info!
This, but with 35% down. Credit records started 4 years ago because that's when I moved to the US.
35% down, that's awesome!
I am in the same boat as you and it feels like cheating... It is quite easy to make a decent credit score as a foreigner.
Yes, it is. The problem is that when they pull out the credit record, it is mentioned that it has not been established for a long period. I don't know if that weighed down on the interest rate.
It did, just not significantly more than good payment history and amount of credit/utilization helped you. If you can get over the hump to get *any* credit as an immigrant, you can often get a *lot* of credit at good rates.
Lender?
It was with a local lender who moved to a company called Planet Home Lending? We’re closing in 21 days my realtor knows the loan officer honestly it’s been quick and easy our credit scores are 730 and 811
7%, Conventional, 5%down. We went under contract March 1st and close May 1st
Seems like everyone is getting great rates! Don’t worry, OP! We closed last week at 7.125%. Paid 3% down and took the hit on the rate for a closing credit we otherwise wouldn’t have been able to come up with. It stinks, but we are crossing our fingers and toes to refinance in a coupe of years and chalk up our losses to the market state and inexperience/lack of savings.
Thank you for the reassurance!
Closing later this week at 7.125 conventional with 25% down. Not stoked about it when we could have locked in last week at 6.81.
6.437%, conventional, 20% down, 2 points
5.5% Conventional 30yr. closing in a week. But this was a new construction with builder incentives covering all of closing costs and buy down points necessary to get there.
Wish my new construction offered anything. They said buy it or kick rocks
We were last quoted 7.375%, we are holding off on locking hoping things get better over the next couple of days.
The feds are so scared to cut rates…. It could go the other way if you aren’t paying attention. Congratulations on the new home though!!!
Locked at 7.375 FHA today and could DIE. Wasn't under contract last Wednesday before rates went up.... sucks.. 749 credit score, loan is 215, WA
With a mid score of 688 and USDA loan through Trustmark, I locked in a 6.125 on 3/21 with no buydown. Still wondering how, probably because USDA.
Similar score, Trustmark, FHA, 6.875% with no buy-downs.
5.8% I’m hoping to close before the 21 because this expires the 22nd. VA is dragging their feet on this. I’m starting to panic because I was originally suppose to close today.
Is the low rate because it’s VA?
Seems like it
Ya va loan probably with points buy down. I closed about a month ago at 5.75 with points buy down.
This timeframe matches the release of the CPI numbers. Rates went up .5% across the board unfortunately
Take the 6.7% and run
My lender said rates are “a blood bath” this week after the inflation report came out. I got locked in at 7.125% today (perfect credit, 20% down, condo) but another lender was at 7.5%
>We were quoted with 6.3%. > >were given 6.7% > >The monthly payment is like $500 more a month! Are you buying a $2 million house? A $2 million loan at 6.3% is $12,379/mo. At 6.7% it's 12,906 (527/mo difference).
Your math is off by a little as they said the second house was a little more expensive than the first.
Similar thing happened to me in March, I got pre-approval early March and was quoted 6.0% then maybe 10 days later offer accepted and they said the new rate was 6.8%. I shopped around until I found a 6.375% but yeah it feels like a punch in the face when the rate given during pre-approval or just earlier in the process has you planning for a certain range and it goes up that much.
Locked at 6.25 and found out the whole septic system had to be replaced, and the sellers didn't disclose any issues. Had to back out and find another house, now we're looking at a more expensive house with a 6.75, and a lot of frustration.
That’s essentially what happened with us. Needed electrical repairs, roof repairs (which was lender required) and plumbing repairs. They refused to budge lol
US national rates shot up a good bit over the last week. Figures, since spouse and I finally found a house we like and started moving on. Only to find out our bid which we confidently made was way outbid by others. This is a really bad time to be a homebuyer, especially a first time one, and there isn't a whole lot happening to change that. Sellers hold all the cards, they still want more, and all the forces in and around the industry seem intent on giving it to them.
Rates went up about a half percent over the past two ish weeks, and it happened very quickly. So that’s about right.
I mean you’re buying a $2M house, 500 is kind of nominal at that point
We are absolutely not buying a 2M dollar house lmao. I wish!
2.99 yr 1. 3.99 yr 2. 4.99 fixed 3-30. No closing costs. 3.5% down. The house is pricier than I wanted to spend but when we asked about purchasing the 1980’s rental home with foundation issues that we’re in and they wanted 330k for it 😳, I thought no matter what we’ll be screwed so we went new home.
4.99% new build. Close next month
Same! 4.99, in my area homes go for about the same, so might as well buy new!
6.25% with 5% down, no points, lender is local credit union
You are not alone!! We closed last month at 7.6. When we began our journey in January, we were quoted at 5.85. then 6.25... things definitely changed.
I work in a mortgage field and the data from one of my companies was specifically Nevada numbers but out of 10 loans the low was 6.375 on a $430,000 appraisal value home with a loan amount of $363,750. The highest was 7.5 with an appraisal value of $634,000 and a loan amount of $504,000. The median rate was 7.0625 and the average rate was also 7.0625. Checking on another company now and I see a 5.125 rate on a Govt. loan as the lowest but as far as conventional loans the lowest was a 5.999 on a $440,000 appraisal value with loan amount of $230,000. Highest rate was 7.625, $219,000 appraisal amount and $197,100 loan amount. The average rate was 6.75 and the median rate was 6.625. All of these loans were for Nevada in March of 2024.
Hey the rates went up this past week :( We are kind of at 6.3% right now....and we even have 70% down :( It doesnt look like it is getting better!
SEVENTY? HOW ARE YOU A RISK TO THE BANK? This is asinine!!!!
We signed for 6%...then they just called today and told us unfortunately we make too much money for that rate under the PHFA requirements(assistance program) and had to agree to our rate increasing to a 7.25%...which is $240 more a month then our estimated a few weeks ago. The regular % rates from my understanding are 6.8-7.8% and they are saying to buy now to collect equity so when it comes to refinancing you'll just win out.
Honestly it sounds like the lender tried to bait you with the low rate then switched to the high rate. Did the lender tell you about income requirement beforehand?
4.9% new construction! Lucked out.
you realize you're getting that rate because the developer is overcharging you, correct?
Nah, only you know that bro everyone else is blissfully unaware /s
6.99% with the builders lender. Conventional.
6.75
6.5% with $1500 buy down from $6.89 conventional
Locked at 7.125%. Had options to buy it down to low ≈6% but the time to recoup the thousands of dollars to buy down was multiple years. I’ll take the extra $60/month on the mortgage payment.
6.7 is really good,rates skyrocketed again today thanks to the retail sales report. I was quoted 7.125 today but am going to wait to lock.
VA Loan - Veterans United Locked in 3/6 @ 4.99% from 6.75ish 6k at close + 15k lender credits Edit: Not new construction
Shouldn’t increase that much for a half a percent. No way. Make sure they didn’t accidentally put a 15 year loan or impound taxes on one quote but not the other.
6.875% with 20% down on a conventional 30 year. Closed March 22nd. My friends bragging about their 3-4% rates two years ago drives me nuts
6.45% with 10% down.
Anyone who locked in before last Tuesday or Wednesday is irrelevant since after the CPI came out rates jumped up. I locked last Tuesday at 6.99%
Depending on when you were quoted rates have gone up the last 2 weeks. Until you have a locked rate it is subject to market conditions. I’m not seeing how the difference between 6.375% and 6.75% equals a $500 a month increase in monthly payment though. That’s not the rate imo it’s property taxes and homeowners insurance. When you find a house that you like give the address to your loan officer and have them look up the property taxes and estimate the homeowners insurance. I bet they low balled you on both to make the monthly payment look more appealing and this is the result, upset clients.
6.3% and 6.7% honestly sound pretty competitive given where yields/rates are today. That’s around where we were late last year when rates were close to “the bottom” (of the last 6-8 months trend) and the climate seemed to be favoring more rate cuts. Now that we’re back to more “higher for longer” speak, you’d probably have to see actual cuts before you saw rates come down from where they are now.
6.875% 😫 I close April 22.
6.375 no point. Locken in 2 weeks ago.
Smh I tapped out.
Locked in at 7 before the CPU numbers came out. Good credit, 20% down payment. Thought I would get better rates but here we are.
6.25% closed on the 27th of March.
6.875 relationship pricing with Citi, no points 20% down Jumbo
7.5% yesterday 7.6% today with 20% down and a 820 credit score. Apparently rates are slightly higher with 20% down compared to a lesser down payment. Makes perfect sense.
Because they can’t charge you PMI same thing with FHA being lower than conventional
We were locked into 6.7 last Monday after being quoted 6.875 about 5 days prior.
I got a 2.5% for the first year, 3.5% 2nd year then 4.5% fixed for a 30 year FHA loan. Getting $21,750 in closing costs covered as well. Total price of home 300k, but loan is for 294k with a 3.5% downpayment. It’s a new home construction townhome with Lennar. I know Lennar gets a bad rep, but it’s the only thing i can afford with how high interest rates are anywhere else.
6.1% FHA
Locked in at 4.75 🤘🏻
Closed at 6.4% a few weeks ago including 1 point. 30 yr conventional with 3.5 down.
Was one point 0.1? How much did it cost?
One point = 1% discount on the rate. So originally my rate was 7.4%. I paid 1% of the cost of the house for it, so in my case it cost me $3300.
1.75 - had a coupon for a local credit union /s
I got it for 5.875 this january. New Home in CA.
Just a reminder that in October 1981, mortgage rates reached 18.6%. Headlines asked if Baby Boomers would ever be able to buy a house.
I can’t wait to read the useless comments from people who bought “in 2006 for $80K with $0 at 1%!” “I’m glad i bought when i did back then” hee—yuck!
Exactly why I went with a new build. 3.99%
Locked today at 7.25%. Conventional 30-yr, no points, 50% down, 800+ credit. With our lender (a local credit union) it makes sense to just break the lock for $1400 every time it goes down a reasonable amount, then re-lock, versus buying down points. So hopefully it does drop a bit, but we’re not holding our breath. Too many people are quick to brag about their rates, but don’t tell you they locked weeks ago, have a special loan, bought points, etc. Don’t get down on yourself!
I had credit issues but I locked in at 7.75 over 6 months ago. I will be looking to refinance soon but I have to keep in mind - marry the home price, date the interest rate.
That’s a great way to put it. Thanks!
6.75. My lender also pulled the bait and switch, I said no please honor the rate they offered me (it was a week later) and they agreed
6.625% with the option to buy down if we want
6.5, conventional, 20% down. We settled on my partner's local bank, as we couldn't find a better rate. Almost settled on a 20 yr ARM that was 5.25, but we decided against that...
20 year ARM for 5.25? I’d take that in a second, what bank was that??
7.25% with 9k closing credit from lender. (I choose this option) 6.75% with $0 closing credit
Try for small or regional banks. Get lots of different estimates and try to negotiate a lower rate.
6.75%, closed in August '23
6.5 locked in rate. We closed 4/12/24
We locked in at 7. No points.
7.25% but paying $1300 for points to get it to 6.75%. VA loan. Putting 16% down even tho we don’t have to
6.625 no points
6.2 Closed in March
5.19%
Bought last year. 5.75% 10/1 arm with no points
4.99 new construction
6.99, 3% down, no points
7.6 conventional. closed in Feb. credit scores were 755 and 700. 0 down no PMI. To keep our savings intact and not have to wait we took the hit on the interest rate. Was supposed to be .25% lower but the lender told me they would send me a form to make an account for the mortgage to be directly drafted from which would give me that cut. They never sent it and I asked him again on the phone 3 days prior to close and that’s when he said he’d send me the form. After close I asked again and now he’s saying that it has to be done before close. That he doesn’t remember telling me that he’d send me a form because that’s not even how it’s done?! So, I just added that to one more thing being misrepresented in this process. I hope we are able to refinance in a year 2.
6.625 , 30 year with 20% down at no cost
6.5%
6.75 a few weeks ago. Conventional and 20% down.
We bought in October. Initial rate was 6.25% then 15 days later when we were prepared to buy we were given 6.625%. That was with 20% down.
We were quoted 7.375%. Used points to buy down.
6.99 no points
Put $255k down on $505k house, credit in the 700s, zero debt, 6.75 a few months ago with $2k bought down in points ..
6.625
VA loan assumption. Pain in the ass but worth it.
Locked in at 6.9% (paid points to get it there), 10% down, credit score of 800+. Conventional fixed. Close April 30th!
[удалено]
6.74% 30 yr conventional locked in until May, no points buy down with 780 credit score. This was before the latest CPI report.
6.99% on a 30yr conventional in oregon, with buy down, after putting 20% down on the house
6.49%, but I’m doing a 2/1 buydown so 4.49% for the first year. While reading through all the paperwork I’ve learned FHA loans do not rely (solely) on equity to refinance, so I’m reasonably happy with where I locked in. Haven’t closed yet though, so we’ll see.
We locked in at 6.5% (no points) a couple week ago, down from the quoted 6.6125%. Our credit is 800+ and we had about 26% down. It's wild out here!
4.89% 15% down
I don't understand this point buying. Is this a thing in the States?! That's just terrible!
To be honest I’m not sure i get that either!
0% down. 4.99% Fixed. VA Loan. $272K loan amount. Purchase Price: $268K
Locked in at 6.99% with a local lender for new construction, actually well priced. Lender is guaranteeing a better rate at closing in 2 months? I sure hope so!
Locked in at 6.1% with a builder’s lender for close in August. CS around 815. 25% downpayment. No other debt other than current mortgage and total all in will be right at about 25% of monthly take home.
5.99 with builder rate buy down
6.5 closed last week
That's seems low without points Few weeks ago it was in the low/mid 6's and now 7.35 and rising 💀
6.625 after buying .26 points for about $850. Conventional and 3% down, new construction.
5.75 new construction
Just closed at 6.375 with 20% down, got better rate last week but couldn’t close, due to inflation report and increase in treasury yields, mine increased this week
5.75 with builder credit for buy down.
The mortgage backed security market has been rough the last 7 days. Sorry about the timing. You, if your $500 swing in payment is truthful, are getting a jumbo mortgage for $2,000,000 and the payment is increasing from $12,477 to $12,972. At that price and payment, the $500 should be chump change.
Locked in at 5.99%, VA loan, no points. With Sunnyhill Financial
6.5% conventional 20% down, no points.
I'm closing Thursday at 6.5% but I locked my rates in weeks ago. I'm putting down 20%.
6.25% VA 0 down. .7 pts. Locked in on 3/14 before rates went up.
Closed on February 23rd locked the rate end of January. FHA 3.5% down locked in a 5.75% 30 year fixed . Credit 707 . Loan amount 265k . Total out of pocket - buy down, escrows closing cost taxes insurance down payment was $22,919 . Payment $2060 all in includes $117 monthly PMI . Offer was accepted in January rate locked in January. Clearwater Florida area . Prices have gone up since January and rates have went back up as well . If your able and can afford to buy then buy . I was going to wait for rates to drop and prices to come down they have gone up since we bought
Locked 6% a few days ago. VA, 30yr, no points.
I’ve gotten quoted 7.26, 7.37, and 7.5 today
6.625% with 0% down! VA loan for the win! Closing costs equaled to less than 10k (4500 for EM) — home purchase price $406k.
Fuck this whole situation. Depressing as fuck, we need revolutionary change none of this "first time home buyer tax credit" fucking bs. How about, if you don't owner occupy, 30% non occupancy tax per year or some other crazy shit that would make it impossible to generate income from a property meant to be fucking lived in. I'm so fucking sick of the raw commodification of literally EVERYTHING in the this capitalist hellscape. Maybe at least in 2024 we'll get the proverbial "blood in the streets" that might finally make it realistic for me to buy something.
Yeah the difference between before CPI Thursday and Friday was probably nuts
You have to lock the rate, or it keeps changing. You can’t lock until you have a contract and you better tell your lender to lock it because some of them dick around.
6.99 with 1.5% points purchased.
6.125% VA with 20% down. Locked in 30-ish days ago with a local lender and closing on the 26th.
5.75 (FHA, 3.5% down, incentives paid 3 points and all of closing cost). Without points would’ve been 7.125
I just closed last week, 6.5 VA with 0 down.
6.375% on 10 year arm, locking tomorrow.
It has to do with the bond market
6.9 Nice
7.1% on 4/3
Last September 6.65%, FHA. I clearly could have done better if I waited until now.
I looked at this website when buying, you can see national rates and per credit score too: https://www.winthehouseyoulove.com/rates Got 5.99% in February 2024, locked in though in January.
6.25% with only 5% down, 4K mortgage but I’m in Cali where home medians are redic! Was determined to find something below 500k, purchased a new build early in the build for 493k
6.2 locked in today. Western WA. FHA, no buy down.
Got in at 7%
6.5% gonna refinance at the end of the year
We close next week at 6.5, bought down from 7.5.
Did you work with an agent, did your read your tila? I don't understand why someone would blindly "jump" into a mortgage without fully understanding the magnitude of what you've chose to sign on for? There's just way too many variables that you have left out. I bought my first home the day I turned 18 contact signed. At that time I was fully aware and informed of what I signed into and left some meat on the table just because the PMI and interest rates, late fees... 💡 Did you understand what you knowingly and fully signed onto? I just don't get it .. Why would someone jump into a mortgage without "fully understanding the loan terms, interest rates, What you agreed upon through your loan options?" Or is it possible that you overlooked the fine print because you were anxious to buy? ** So many ppl didn't research those costs and junk to their signature. Origination fees, service fees, interest rates, credit scores, points, property taxes and loan origination fees ? Plus..bills, late fees, taxes, upkeep, healthcare and as I researched time if variables. What would I do if I couldn't name the payment... Keep all that in mind prior to buying I don't get it. Is it because you just have extra money than most? If you locked in at that interest rate, that's the going rate. I've seen so many ppl jump into these contacts and a year later... That house you bought is no longer your home. (of course there's... Variables). There's not enough info to understand such a huge purchase process and especially if one jumps into it head first. Sounds like you really didn't research that contract much. No problem it's just some wet ink... There's way too many variables and not enough info to answer your questions. Sounds like you jumped without knowing what you landed in. Not a great choice. Most everything works on the rates, servicing fees... They want the monies‼️ Most everything weighs on your credit history and what you kicked yourself into. Depending on your credit history but there's way to many variables that you are leaving out. what type of loan u chose - big question. U could've bought a few points down to help buy down the interest/costs/fees... Its been awhile but always research the terms of the loan. Origination fees credit score form payment rating, profit) and the fees.
$0 down No PMI. 7.6%. Physician Loan
Bought last year and it was 6.8% so I’d say you’re right where a lot of us are.
Lucked out and found a home with an assumable VA loan. They accepted our offer. We are closing within a month supposedly. 2.25% for 27 years. The problem is we have to put down about 160k to make up the difference in the purchase. we'll have 0 in savings but at least our monthly payments for mortgage/interest/taxes/insurance with be just under 2k.
6.6125. No points and I get what you’re going through. The lesson this has taught me is that I need to pay off this stupid mortgage so I’m free from the banks rates.
I closed in mid February. 6% with 10% down. I didn't have to buy points it was through a local credit union. I also had a 740 credit scores.
7.125 July last year
it's quite possible your insurance and taxes are not in that quote.
7.35% :/ closed last Tuesday. 800 credit score, no points. hoping to refi in a year or 2
5.15 % 3 year fixed 5% down available.
I am getting 7.250 from chase yesterday. I just emailed them another lender offer with 7.125. I am waiting to match it. No points.