got quoted for 4.625 percent 30 year fixed loan today (high conforming LTV of 85)
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Anonymous
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i am officially priced out of the market.
this sucks. especially when i started shopping for a house last summer but was too picky and waiting for the "perfect house" =( |
Anonymous
| You’re not the only one OP and prices should start to reflect this. |
Anonymous
Prices don’t have anything to do with rates |
Anonymous
| You're not priced out. You just need to purchase a slightly cheaper house. |
Anonymous
| Can you buy it down with points OP? |
Anonymous
This is one of those things you see economics types claim that may have some validity, but you always suspect whatever validity it has is far less than asserted. I guess we’ll find out soon enough. |
Anonymous
| Oof. Sorry OP. We are getting there… I was hoping rates would wobble a bit down this week. |
Anonymous
Well, OP is one person who disproves what you're saying. Look, I get it, you've bought into all of the agent propaganda about how it's always a good time to buy, and also that it's always a good time to sell. But if rates go up, people quite clearly will have to adjust their price range. |
Anonymous
Except for the cash buyers we have run into more than once 😭 |
Anonymous
| OP, I am in the same boat - except that I've been looking nervous way longer than you. In retrospect, we should have bought - but I didn't foresee this steep incline in prices. Now with rising interest rates, I am still not seeing any decline or leveling off of prices - at least not yet. I think we too are officially priced out - as I just don't think I could bring myself to pay a million dollars (or more) for what you can get for that price in the neighborhood where we want to stay for the next few years (for schools) |
Anonymous
Are you looking at credit unions? Higher with less than 20% down, but I still see below 4 for jumbo E.g., https://www.chevronfcu.org/rates Rates shown are for a credit score of 740 or better, purchase, one unit, owner-occupied property on a 45 day lock, based on an 80% or less loan to value ratio. Your rate may be different. Not all borrowers will qualify for all rates. Rates and terms are subject to change without notice. Limited to owner-occupied, one-to-four family units. Other restrictions on property may apply. Property insurance required. Flood insurance may be required. Rates subject to change daily. Rates are not guaranteed until locked. If down payment is less than 20%, mortgage insurance may be needed on the loan. This could increase the monthly payment and the APR. |
Anonymous
| they jumped a lot yesterday. they may come back down (slightly). property values do not necessarily go down but things like major bidding wars decrease when rates are higher. |
Anonymous
| they jumped a lot yesterday. they may come back down (slightly). property values do not necessarily go down but things like major bidding wars decrease when rates are higher. |
Anonymous
| As a realtor, I think we will see a bit more inventory as rates go up, as people who do need to move will be anxious to do so before the rate environment makes Buyers uncomfortable. More inventory will help stabilize prices a bit. |
Anonymous
+1 |