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Mortgage Rates (1 Viewer)

Not much. 

If I was selling right now, I would either negotiate lower % than usual or go FSBO. The realtors I know are saying when you get a seller client, it is the easiest and fastest money they have ever made. 
Yeah I’m sure thats why my realtor dropped a point and a half of her end to help close my purchase. She had just sold our home and did well. 

 
I’m currently in escrow on a home in SoCal but prior to winning this bid was in 6/7 bidding wars for homes prior.  Lost one to a “10k over what ever the top bid is and no inspections, all cash 14day close” offer.   It’s ####### nuts out there!  
Yea it’s pretty bananas out there.  Definitely happy i sold in December.  Would have never gotten that amount for my home.   

 
PinkydaPimp said:
Yea it’s pretty bananas out there.  Definitely happy i sold in December.  Would have never gotten that amount for my home.   
For sure.  It was fun selling my home as we got way over and the bank account afterwards had me feeling baller (like a true FBG’er lol).  But that quickly reversed once we  started to buy.  Now house poor takes on a whole new meaning.  

 
For sure.  It was fun selling my home as we got way over and the bank account afterwards had me feeling baller (like a true FBG’er lol).  But that quickly reversed once we  started to buy.  Now house poor takes on a whole new meaning.  
Indeed it does.  

 
I’m signed on at my local bank for a refi @ 3.25% with one available float down. It just came in at 3.125%. Should I grab it or wait?
Neither is a good rate right now. Even 30s are probably 2.625 or 2.75 with little closing costs. Paying 0.375% is a lot to lose of you are staying there a while.

 
I’m signed on at my local bank for a refi @ 3.25% with one available float down. It just came in at 3.125%. Should I grab it or wait?
I would say you want to connect with a broker and get a better rate. 

I can connect you with one if you want. 

 
What's driving this?  Surely there is some forward pressure given inflation. 
Fed is still buying bonds and the treasury yield is still low and rates were artificially inflated over the last 9 months with thr "adverse market fee" on most conventional refis. 

 
My "zestimate" is now $100k higher than what my appraisal was when I refinanced in January.
My "zestimate" is $600k higher than what my appraisal was when I refinanced in April.  :unsure:

+8.6% in the last 30 days.  :oldunsure:

Yeah, I have to take that with a grain of salt. Would love if it was true but can't believe it is....

 
My "zestimate" is $600k higher than what my appraisal was when I refinanced in April.  :unsure:

+8.6% in the last 30 days.  :oldunsure:

Yeah, I have to take that with a grain of salt. Would love if it was true but can't believe it is....
Just looked at mine, 

It's +43k since the last time looked  and +17k over the appraisal I got last month, 

 
Just crazy.

Refi one year ago on a jumbo for 3.125% on a 30 year fixed.  Figured I was finally done.

Lender reached out to me yesterday.  Just started a new refi at 2.75% for a 30 year fixed, total closing costs $2K (rolled into the loan).

There is NO WAY it's ever going to get lower than that.  I'll just keep saying it, I guess.

 
Just crazy.

Refi one year ago on a jumbo for 3.125% on a 30 year fixed.  Figured I was finally done.

Lender reached out to me yesterday.  Just started a new refi at 2.75% for a 30 year fixed, total closing costs $2K (rolled into the loan).

There is NO WAY it's ever going to get lower than that.  I'll just keep saying it, I guess.
In the process of refinancing mine for 2.2% for a 15 year. 

 
Just crazy.

Refi one year ago on a jumbo for 3.125% on a 30 year fixed.  Figured I was finally done.

Lender reached out to me yesterday.  Just started a new refi at 2.75% for a 30 year fixed, total closing costs $2K (rolled into the loan).

There is NO WAY it's ever going to get lower than that.  I'll just keep saying it, I guess.
Damn. I’m at 2.375 for 15, but it looks like I could have spent a little more and gotten 2% or 2.125%. Not crazy less but I’m surprised because we were told over the past 5-6 months that rates were going up.

 
Damn. I’m at 2.375 for 15, but it looks like I could have spent a little more and gotten 2% or 2.125%. Not crazy less but I’m surprised because we were told over the past 5-6 months that rates were going up.
I had the option of 2.375 for a 15 as well.

 
I had the option of 2.375 for a 15 as well.
I’m glad I did it. Cash flow right now is optimal so it’s nice seeing the balance go down way more quickly and we are looking to move to our post kids place in 5-7+ years so it would be nice to have as much equity as possible. Ever since the mortgage interest deduction became useless, it doesn’t feel as good to pay so much interest. 

 
Damn. I’m at 2.375 for 15, but it looks like I could have spent a little more and gotten 2% or 2.125%. Not crazy less but I’m surprised because we were told over the past 5-6 months that rates were going up.
That was the expectation... 

Then again, if you said to me a couple of years ago that it would be routine to get 30 year loan under 3% with par pricing I would have laughed at you. 

So what the hell do I know. I give up on predicting rates. 

 
That was the expectation... 

Then again, if you said to me a couple of years ago that it would be routine to get 30 year loan under 3% with par pricing I would have laughed at you. 

So what the hell do I know. I give up on predicting rates. 
I have been following this thread from afar, but I think I need to go ahead and pull the refi trigger while the gettin' is good.  The wife and I have been putting it off thinking we'd be moving in the near future, but now that isn't going to happen.

We owe $59K on our primary house about 30 miles east of Atlanta that Reddit and Zillow estimate to be near $300K.  We have a 2nd mortgage as well for $40K that we used to pay cash for a rental house in our area 6 years ago so we owe a total of just under $95K or so on our primary residence and the paid for rental house is worth a little over $215K (if that matters).  We haven't refinanced since 2009 or so and our rate is more than double what we could likely get now.  

Would you know anyone in my area who we could talk with about refinancing our primary house?  Actually, would a broker be better than our credit union for refinancing?  I'm guessing yes since they can shop it.  My credit rating is about 725.

 
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I have been following this thread from afar, but I think I need to go ahead and pull the refi trigger while the gettin' is good.  The wife and I have been putting it off thinking we'd be moving in the near future, but now that isn't going to happen.

We owe $59K on our primary house about 30 miles east of Atlanta that Reddit and Zillow estimate to be near $300K.  We have a 2nd mortgage as well for $40K that we used to pay cash for a rental house in our area 6 years ago so we owe a total of just under $95K or so on our primary residence and the paid for rental house is worth a little over $215K (if that matters).  We haven't refinanced since 2009 or so and our rate is more than double what we could likely get now.  

Would you know anyone in my area who we could talk with about refinancing our primary house?  Actually, would a broker be better than our credit union for refinancing?  I'm guessing yes since they can shop it.  My credit rating is about 725.
I know a couple of good GA brokers. Feel free to message me. 

I am a big fan of CU's. They typically are not that competitive with mortgages. Most of them just do not have the scale to be competitive and the big ones that could are horrible (NFCU is a great example of being able to do them but sucking at it). That all being said, I have seen some good deals here and there from CU's. 

 
Are any of you guys aware of banks that do a construction loan that converts into a 30 year mortgage, where you can lock the interest rate for the mortgage when the construction loan is taken out?   

 
Not much. 

If I was selling right now, I would either negotiate lower % than usual or go FSBO. The realtors I know are saying when you get a seller client, it is the easiest and fastest money they have ever made. 
My seller's agent, on an annualized basis, would make 1.6M/year if he repeated my sale over and over through the year.  Nice gig.

But, it was a rental, with all that entails - and it was one of his contacts that made the match to sell it.  So it wasn't completely free money.

 
Any advice/info on how to tap into home equity at a low rate?  Earlier this year refi'd the mortgate down to 2.65%.  But I have $50k in student loans that is sitting at 4.35% -- would love to chop the rate on that pile of owed cash.  But cursory look online tells me that equity loans are in the same range?

 
Has anybody here done a mortgage on land before. I am looking at buying a lot on the water. It is ready to build on, but I have no intention on building anytime soon. 

 
Any advice/info on how to tap into home equity at a low rate?  Earlier this year refi'd the mortgate down to 2.65%.  But I have $50k in student loans that is sitting at 4.35% -- would love to chop the rate on that pile of owed cash.  But cursory look online tells me that equity loans are in the same range?
Yea, a HELoan likely won't get you much better rate. A HELOC would but Fed rates should be going up which will make that more expensive over time. 

 
Has anybody here done a mortgage on land before. I am looking at buying a lot on the water. It is ready to build on, but I have no intention on building anytime soon. 
They are pretty sucky terms usually and one of the very few areas a broker is not your best bet (I don't even know of a wholesaler that does them). 

Your two better options would be doing an equity on your primary (either HELOC, HELoan or cash out refi depending in specifics) or buying it within a construction loan which if your plan was to buy and wait will not work. For the cash out refi and construction loans, hit up a broker. 

For land loan... try a bank or credit union... not many do them so you will have to do some poking around. 

For equity lines and loans, hit up some credit unions. 

 
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With the Omicron scare, rates took a bit of a dip... so if you were thinking or on the fence or thought you missed your chance... now is the time to check on your options before rates get pushed back upwards with inflationary pressures.

 
A little late on this... but.... it is official.... rates will be going up. 

The Fed announced a tapering of their bond buying which has been what has kept rates low as a way to fight inflation. This means rates will be going up. 

Is it possible they come back down? Sure. I think there is a decent chance of this. The economy is really not on solid footing and the inflation we have seen is causing the fight against it. As they push everything up to bring that down it may end up causing issues in the economy to where we are right back where we are now in the not too distant future....

BUT.... that may not happen. What we do know is that rates are up. If you needed to do something and haven't done something then now is the time to do something or it will cost you more later. 

 
Update: If you didn't refinance... you missed the boat. She is off sailing the Oceans of increasing rates now.
Not horrible although not sure why people would have waited until now. It’s about 0.5% from my rate but I did a 15 year refi. I wasn’t quite at the bottom but 10/15 year rates still under 3%. 

 
Not horrible although not sure why people would have waited until now. It’s about 0.5% from my rate but I did a 15 year refi. I wasn’t quite at the bottom but 10/15 year rates still under 3%. 
15s are still pretty low and the payment increase isn’t huge anyways since you’re financing for a shorter amount of time. 30s are nearing 4% though……..with the price of houses….ouch. 

 
Not horrible although not sure why people would have waited until now. It’s about 0.5% from my rate but I did a 15 year refi. I wasn’t quite at the bottom but 10/15 year rates still under 3%. 
Historically not bad at all. Comparatively to a couple of months ago... heck, a month ago, rates have gone up significantly. 

 
It was fun while it lasted
There is a possibility, according to the guy I listen to the most, for rates to actually go to the lowest levels ever in the next year or two or so. 

His reasoning is basically this: stimulus (monetary and fiscal) will have all run its course and after chasing inflation, things will sour and they will go back heavy and hard to all the things that keep rates low. 

He expects the lowest rates ever to yet be seen. We shall see...

 
From the perspective of real estate, this pop up in morts. is going to put a lot of pressure super fast on these prices.  

 
Tampa market is still insane. After being underwater many years ago, my home value is now up $100k in about a year and a half. Crazy. 

 

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