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(CNBC)   Mortgage refis hiat millennial numbers   (cnbc.com) divider line
    More: Followup, Mortgage, Mortgage rates, Mortgage loan, Monetary policy, last week, mortgage application volume, brief pause, lower interest rates  
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850 clicks; posted to Business » on 28 Sep 2022 at 9:18 AM (9 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



33 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-09-28 9:19:38 AM  
I've been getting letters from Quicken for "Rocket Solar".  They're not originating enough loans for homes so they're trying to find new business in originating loans for solar panels.
 
2022-09-28 9:24:19 AM  
Millenials are killing the refi market now.  When will this reign of terror end?
 
2022-09-28 9:36:56 AM  
I should totally refinance my mortgage at my current level for a higher level

i.imgflip.comView Full Size
 
2022-09-28 9:38:30 AM  

OhioUGrad: I should totally refinance my mortgage at my current level for a higher level

[i.imgflip.com image 250x140]


I'm guessing the main reason for this is that people are refinancing from variables to fixed because they think rates will go even higher.
 
2022-09-28 9:38:33 AM  
Yeah, of course I'm not going to refinance my home now, I'm locked in at a much lower interest rate and I'm only 5 years into my mortgage, so most of what I've paid is interest and not principal.  The only thing I could pull out of my home is the increased value and anything I've paid over my mortgage then I'd have a higher mortgage.
 
2022-09-28 9:38:53 AM  
The Fark filters are having a heyday with some of these word combinations lately.
 
2022-09-28 9:40:48 AM  

Rapmaster2000: OhioUGrad: I should totally refinance my mortgage at my current level for a higher level

[i.imgflip.com image 250x140]

I'm guessing the main reason for this is that people are refinancing from variables to fixed because they think rates will go even higher.


You're more optimistic than I am.  Over the last couple years I got tons of letters saying I could get $50,000 cash based on the increased value of my home.
 
2022-09-28 9:46:43 AM  
Mortgage "refis hiat"

The Farkafilter has gone rouge. Repeat: The Farkafilter has gone rouge.
 
2022-09-28 9:49:26 AM  
I am glad I did my refi before numbers went whacko, only thing I did wrong was the time frame on it, oh well live and learn.
 
2022-09-28 9:52:53 AM  

electricjebus: Yeah, of course I'm not going to refinance my home now, I'm locked in at a much lower interest rate and I'm only 5 years into my mortgage, so most of what I've paid is interest and not principal.  The only thing I could pull out of my home is the increased value and anything I've paid over my mortgage then I'd have a higher mortgage.


but if you had an older mortgage and were watching rates drop, waiting to refi, then now you've waited too long.
 
2022-09-28 9:55:37 AM  

brainlordmesomorph: Mortgage "refis hiat"

The Farkafilter has gone rouge. Repeat: The Farkafilter has gone rouge.


The filter went a shade of red?
 
2022-09-28 9:56:13 AM  

brainlordmesomorph: electricjebus: Yeah, of course I'm not going to refinance my home now, I'm locked in at a much lower interest rate and I'm only 5 years into my mortgage, so most of what I've paid is interest and not principal.  The only thing I could pull out of my home is the increased value and anything I've paid over my mortgage then I'd have a higher mortgage.

but if you had an older mortgage and were watching rates drop, waiting to refi, then now you've waited too long.


I'm not that far off from the floor.  It got a little lower last year, but overall I'm happy with where I'm at.  If I had a mature mortgage, I'd probably say "just pay the damn thing off"  You've already paid most of the interest and now you're just paying the principal.
 
2022-09-28 9:58:41 AM  

electricjebus: brainlordmesomorph: electricjebus: Yeah, of course I'm not going to refinance my home now, I'm locked in at a much lower interest rate and I'm only 5 years into my mortgage, so most of what I've paid is interest and not principal.  The only thing I could pull out of my home is the increased value and anything I've paid over my mortgage then I'd have a higher mortgage.

but if you had an older mortgage and were watching rates drop, waiting to refi, then now you've waited too long.

I'm not that far off from the floor.  It got a little lower last year, but overall I'm happy with where I'm at.  If I had a mature mortgage, I'd probably say "just pay the damn thing off"  You've already paid most of the interest and now you're just paying the principal.


Also, if I needed some cash I'd probably hit up my 401K, because I've also got a pension I'm fully vested in and will have 30 years in a month after I turn 65.
 
2022-09-28 10:08:45 AM  

Chief Superintendent Lookout: brainlordmesomorph: Mortgage "refis hiat"

The Farkafilter has gone rouge. Repeat: The Farkafilter has gone rouge.

The filter went a shade of red?


I have dyslexia, so fark you. LOL

(I actually cannot tell those words apart. )
 
2022-09-28 10:10:20 AM  

Rapmaster2000: I'm guessing the main reason for this is that people are refinancing from variables to fixed because they think rates will go even higher.

Think?

You have all the analysts going "The Fed will probably stop at around 4.5% or so", the Fed basically going "we're going to keep raising rates", etc. Rates are almost certain to go higher.
 
2022-09-28 10:17:18 AM  

brainlordmesomorph: Chief Superintendent Lookout: brainlordmesomorph: Mortgage "refis hiat"

The Farkafilter has gone rouge. Repeat: The Farkafilter has gone rouge.

The filter went a shade of red?

I have dyslexia, so fark you. LOL

(I actually cannot tell those words apart. )


*giggle*

That's a word I have to look at several times with a "Dafuq?" look to ensure I spelled it properly.
 
2022-09-28 10:35:42 AM  

KRSESQ: The Fark filters are having a heyday with some of these word combinations lately.


I think the "...s hiat..." schtick is the new "Your dog wants..." schtick. Some admin finds it amusing and is greenlighting them all.
 
2022-09-28 10:43:03 AM  

brainlordmesomorph: Mortgage "refis hiat"

The Farkafilter has gone rouge. Repeat: The Farkafilter has gone rouge.


Nothing new. Google lost control of their search engine almost a decade ago.
 
2022-09-28 11:31:36 AM  
We refinanced in 2020 and got a pretty decent rate, 2.something%.

We had been thinking of getting something on a bit more land, but the rates just aren't super favorable. Even though we could just refinance when the rates do come down, it's still a pain.

But what surprised me the most, was this ad I got in the mail yesterday:

Fark user imageView Full Size


"Getting a lower initial interest rate with an adjustable-rate morgage (ARM)"

I literally yelled "What the Fark?" when I read that. Does non one remember the early 2000's? 2008? Nothing? Holy fark we're screwed.
 
2022-09-28 12:05:24 PM  

logieal: Does non one remember the early 2000's? 2008? Nothing? Holy fark we're screwed.


No.  No one remembers.  Hell, the stock market only remembers from one day to the next.  "The stock market is down, begin hyperventilating!"  "The stock market is up, you've missed your chance, unless you move now, now, NOW!"  And millions do.  They're that stupid.

This pleases our government, so don't expect them to bail us out.  They only gave the kids $10,000 because they know they'll blow it, and that's good for THE ECONOMY.
 
2022-09-28 12:06:07 PM  

ColleenSezWhuut: Millenials are killing the refi market now.  When will this reign of terror end?


Only when the last tree has been cut down, the last fish been caught, and the last stream poisoned, will we be sated.
 
2022-09-28 12:17:37 PM  

logieal: We refinanced in 2020 and got a pretty decent rate, 2.something%.

We had been thinking of getting something on a bit more land, but the rates just aren't super favorable. Even though we could just refinance when the rates do come down, it's still a pain.

But what surprised me the most, was this ad I got in the mail yesterday:

[Fark user image image 843x1500]

"Getting a lower initial interest rate with an adjustable-rate morgage (ARM)"

I literally yelled "What the Fark?" when I read that. Does non one remember the early 2000's? 2008? Nothing? Holy fark we're screwed.


It looks like it *is* an easy decision.
/No and Hell No.
 
2022-09-28 12:20:33 PM  

cryinoutloud: logieal: Does non one remember the early 2000's? 2008? Nothing? Holy fark we're screwed.

No.  No one remembers.  Hell, the stock market only remembers from one day to the next.  "The stock market is down, begin hyperventilating!"  "The stock market is up, you've missed your chance, unless you move now, now, NOW!"  And millions do.  They're that stupid.

This pleases our government, so don't expect them to bail us out.  They only gave the kids $10,000 because they know they'll blow it, and that's good for THE ECONOMY.


It was really the zero down, interest only ARMs that caused issues.  ARMs have always been around.
 
2022-09-28 12:41:23 PM  
I like my fixed 3.25% rate
 
2022-09-28 12:42:47 PM  

trialpha: Rapmaster2000: I'm guessing the main reason for this is that people are refinancing from variables to fixed because they think rates will go even higher.

Think? You have all the analysts going "The Fed will probably stop at around 4.5% or so", the Fed basically going "we're going to keep raising rates", etc. Rates are almost certain to go higher.


Given what Volker did and that everyone thinks it's a success story, folks should be prepared for rates to break 10 percent.
 
2022-09-28 1:48:13 PM  
I'm locked into a rate that's almost a whole percentage point below the federal reserve rate... umm no thanks on a refinance.
 
2022-09-28 3:26:06 PM  
But is water wet?
 
2022-09-28 3:40:32 PM  

TedCruz'sCrazyDad: cryinoutloud: logieal: Does non one remember the early 2000's? 2008? Nothing? Holy fark we're screwed.

No.  No one remembers.  Hell, the stock market only remembers from one day to the next.  "The stock market is down, begin hyperventilating!"  "The stock market is up, you've missed your chance, unless you move now, now, NOW!"  And millions do.  They're that stupid.

This pleases our government, so don't expect them to bail us out.  They only gave the kids $10,000 because they know they'll blow it, and that's good for THE ECONOMY.

It was really the zero down, interest only ARMs that caused issues.  ARMs have always been around.


When I sold my place in Sunnyvale in 2004, Countrywide was giving the buyers a mortgage with starting payments higher than their gross income.  How do I know that? Countrywide sent the paperwork to my house, not the buyers!  Escrow went through eventually, I took the check and drove to Oregon.
 
2022-09-28 7:04:21 PM  
I am just over a year into a 5 year ARM. I gambled that the cycle would be back to low interest rates or I would be out of my condo by the time the reset happens. At my current payment levels the balance will be around 80k when the rate reset occurs and it can only go up 2% at that time. So in real terms my worst exposure is an extra ~$1500 interest in year 6. I am still well ahead with 5 years of 2.75% versus the 4% fixed at the time and about $3000 in closing costs saved. Year 8 is when things could start to favor getting a fixed rate but I am either then at a $60k balance or in a new home.
 
2022-09-28 11:32:40 PM  
And in other news:

Fire indeed hot !
 
2022-09-28 11:33:50 PM  

margarito bandito: I am just over a year into a 5 year ARM. I gambled that the cycle would be back to low interest rates or I would be out of my condo by the time the reset happens. At my current payment levels the balance will be around 80k when the rate reset occurs and it can only go up 2% at that time. So in real terms my worst exposure is an extra ~$1500 interest in year 6. I am still well ahead with 5 years of 2.75% versus the 4% fixed at the time and about $3000 in closing costs saved. Year 8 is when things could start to favor getting a fixed rate but I am either then at a $60k balance or in a new home.


Dude. A year ago a 30 year fixed was 2.85(ish) and you took out an ARM?

Do you hit on 20?
 
2022-09-29 2:56:18 AM  

OhioUGrad: I should totally refinance my mortgage at my current level for a higher level

[i.imgflip.com image 250x140]


You know, I've been getting spammed with refi offers since my mortgage was traded off to a new company. These earnest emails all say something like, "don't miss out! You could be eligible for a great new rate! Call to refinance TODAY!"

The sender is the new mortgage company. Who should know that i came in with a 3% fixed 15-year (that's half paid off). Why in the actual fark would i want to refinance this, you dumb shiats?
 
2022-09-29 12:43:19 PM  

paulleah: margarito bandito: I am just over a year into a 5 year ARM. I gambled that the cycle would be back to low interest rates or I would be out of my condo by the time the reset happens. At my current payment levels the balance will be around 80k when the rate reset occurs and it can only go up 2% at that time. So in real terms my worst exposure is an extra ~$1500 interest in year 6. I am still well ahead with 5 years of 2.75% versus the 4% fixed at the time and about $3000 in closing costs saved. Year 8 is when things could start to favor getting a fixed rate but I am either then at a $60k balance or in a new home.

Dude. A year ago a 30 year fixed was 2.85(ish) and you took out an ARM?

Do you hit on 20?


I thought that as well. I locked in at 2.375 on a 15 year at around the same time. I was going to say something but I suspect a combination of non ideal credit rating and not shopping around for the rate may have played a factor.

I normally used to finance through my main bank for convenience but they quoted me over 3% on a 15 year at the time. I spent about 1 hour making phone calls before I ended up with a bank out of town that gave me my current rate. Loan origination fees were extremely low as well, I think I got the refinance done for under a grand including a home appraisal cost which I wanted done anyways.

I think the common local banks are so used to people just accepting ridiculous terms that they don't bother trying to be competitive. My bank called me back about a week later to see if I wanted to proceed and I told them I was going with someone else to which without missing a beat they asked if they could revise their rates on their offer. I told them what the other bank was offering and they said they couldn't match that so I moved on but seriously if they would've given me a reasonable rate at the start I probably wouldn't have shopped it around. I consider it a lesson learned, I shop everything now at least far enough to know I'm not getting bent over.
 
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