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(Marketwatch)   Mortgage rates fall to a record low for the eighth time this year, making buying that new split-level refrigerator box or van condo with river views more affordable for many   (marketwatch.com) divider line
    More: Followup, Mortgage loan, mortgage rates, Mortgage industry of the United States, Mortgage, new record lows, rate mortgage, Loan, prospective home buyers  
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466 clicks; posted to Business » on 06 Aug 2020 at 3:32 PM (37 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



Voting Results (Smartest)
View Voting Results: Smartest and Funniest

 
2020-08-06 4:24:02 PM  
7 votes:
The thing is, with the way that house prices have shot up so much, a lot of people are still biting off way more than they can chew.
 
2020-08-06 4:32:53 PM  
4 votes:
Wait to buy a house, they're going to get a hell of a lot cheaper lol
 
2020-08-06 6:13:54 PM  
3 votes:
Bull puckey. At least where I live house prices have some how managed to go up even higher by a good amount. 600K homes snapped up in two days. 700-800K homes snapped up in a week. Places that would qualify as a hovel selling like fresh bread. I got no idea where these buyers and their money are coming from. It's insane. It's like the stock market disconnect.
 
2020-08-06 5:51:45 PM  
2 votes:
Got my mortgage offer today, 30 years fixed at 3.125% with 25% down.

Article is spot on; decent housing stock is next to impossible to find at the moment. By the time the vaccine comes out and houses get cheap, rates are already going to be ratcheting back up again.
 
2020-08-06 4:26:48 PM  
2 votes:
I'm in the market to buy a house, but I have a hankering we have just begun a housing price plunge.

/My apartment rent is surprisingly super low for my area, so I'm kind of afraid/in no huge rush to leave.
 
2020-08-07 12:43:16 AM  
1 vote:
Yes, but the house prices seem to be going up faster than the interest rate is dropping.
 
2020-08-06 8:29:57 PM  
1 vote:

OptimisticCynicism: Izunbacol: Ugh, shoulda held off longer for the refi. Still, 3.25 isn't bad, and I pay a few hundred extra each month toward the principle.

Timing anything is hard. I closed on a  2.875 refi in June but if these keep plunging I'll start watching rates again for when it makes sense next. I'm in no rush, but the lower the rate is, the lower of a percent drop is needed to justify the transaction costs.

As it is, my 30 year has the trajectory to be paid 20 and I've got the flexibility to cut back as needed.


this is the hard part.  I have a 5 years left of a 15-yr that is at 4%.

Even though rates kept dropping, it just never made much sense for my situation to re-fi.  Especially if it resets the clock to 10 or 15 yrs.

Looking forward to a) no house payment and b) actually making a modest profit if I ever decide to sell.
 
2020-08-06 7:58:22 PM  
1 vote:

Izunbacol: Ugh, shoulda held off longer for the refi. Still, 3.25 isn't bad, and I pay a few hundred extra each month toward the principle.


Timing anything is hard. I closed on a  2.875 refi in June but if these keep plunging I'll start watching rates again for when it makes sense next. I'm in no rush, but the lower the rate is, the lower of a percent drop is needed to justify the transaction costs.

As it is, my 30 year has the trajectory to be paid 20 and I've got the flexibility to cut back as needed.
 
2020-08-06 6:43:08 PM  
1 vote:

Shaggy_C: jayphat: HOLY SHIAT!

Yeah. Been a slog.


For every 100K, they expect you to put down 25K? That's farking unreal. Do they want the blood of your firstborn too?
 
2020-08-06 6:32:14 PM  
1 vote:

flemardo: Bull puckey. At least where I live house prices have some how managed to go up even higher by a good amount. 600K homes snapped up in two days. 700-800K homes snapped up in a week. Places that would qualify as a hovel selling like fresh bread. I got no idea where these buyers and their money are coming from. It's insane. It's like the stock market disconnect.


The young urban professional class is abandoning the cities. Why live in a cramped apartment for the same price as a huge McMansion in the suburbs if you don't have a to commute?
 
2020-08-06 6:18:20 PM  
1 vote:

Shaggy_C: Got my mortgage offer today, 30 years fixed at 3.125% with 25% down.

Article is spot on; decent housing stock is next to impossible to find at the moment. By the time the vaccine comes out and houses get cheap, rates are already going to be ratcheting back up again.


HOLY SHIAT!
 
2020-08-06 4:53:17 PM  
1 vote:
I've lived in my suburban neighborhood for 26 years. For the first time in...ever, we have a food line at a church in the next block every week. The line of cars goes back about 1/2 a mile to pick up donated food.

The DJIA is about to go over 28,000.

New house loans are running in almost negative real interest rate territory.

And unemployment is over 10% for the long-haul it seems.

The current economy is high on the money supply
 
2020-08-06 2:54:54 PM  
1 vote:
there's about a mile long trumptown of rvs along the 33 highway in ventura. its definitely grown in the past couple months
 
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