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(Fox Business)   Mortgage rates drop to lowest levels since September. Thanks, Biden   (foxbusiness.com) divider line
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    More: Interesting, Mortgage loan, Real estate, Fannie Mae, Freddie Mac, Refinancing, Mortgage rates, Loan, Interest rate  
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551 clicks; posted to Business » on 27 Jan 2023 at 11:35 AM (8 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



20 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
DaMannimal
2023-01-27 11:47:33 AM  
Yes because demand is dead.  The smart people aren't out there catching a falling knife.  The dumb ones will be regretting their purchase in 18 months time.
 
clkeagle [BareFark]
2023-01-27 11:55:35 AM  

DaMannimal: Yes because demand is dead.  The smart people aren't out there catching a falling knife.  The dumb ones will be regretting their purchase in 18 months time.


That isn't saying much. I have 3.75% and still regret my purchase...
 
JammerJim [TotalFark]
2023-01-27 12:00:09 PM  
Just yesterday I was told high mortgage rates were killing working people. Is this sort of yo-yo thing normal for the business tab? I don't usually spend a lot of time here.
 
Muta
2023-01-27 12:16:05 PM  

DaMannimal: Yes because demand is dead.  The smart people aren't out there catching a falling knife.  The dumb ones will be regretting their purchase in 18 months time.


If you're buying a home so you have a place to live for the next 20 or 25 years then you're fine.

If you're buying a house so you can put up new drapes and sell it for a 5 figure profit in 6 months then your fornicated in the rectum.
 
Snarcoleptic_Hoosier
2023-01-27 12:23:47 PM  

DaMannimal: Yes because demand is dead.  The smart people aren't out there catching a falling knife.  The dumb ones will be regretting their purchase in 18 months time.


I closed a little over a month ago with my roommate. 6.25% on a 30 year fixed with an FHA mortgage. The first 12-18 months will be a bit tight for cash, but I've read almost everyone is house poor for the first year or two.

I'm in a great location with a structurally fine (but aesthetically dated) condo. I can refinance if rates go back down, but my "rent" will never go up. I can find 2 bedroom apartments in Atlanta for $1850 a month without any problem. In 10 years, my cost stays the same. I may not have timed the market bottom, but I'm locked in at a fair price for years.

Plus I can do what I want. They're my walls and my carpet.
 
Kuroshin
2023-01-27 12:27:21 PM  
Rates go up, rates go down. You can't explain that.
 
Red Shirt Blues
2023-01-27 12:28:31 PM  

JammerJim: Just yesterday I was told high mortgage rates were killing working people. Is this sort of yo-yo thing normal for the business tab? I don't usually spend a lot of time here.


encrypted-tbn0.gstatic.comView Full Size
 
SVC_conservative [TotalFark]
2023-01-27 12:47:10 PM  

clkeagle: DaMannimal: Yes because demand is dead.  The smart people aren't out there catching a falling knife.  The dumb ones will be regretting their purchase in 18 months time.

That isn't saying much. I have 3.75% and still regret my purchase...


I shoulda got a boat
 
max_pooper
2023-01-27 1:00:53 PM  

Snarcoleptic_Hoosier: DaMannimal: Yes because demand is dead.  The smart people aren't out there catching a falling knife.  The dumb ones will be regretting their purchase in 18 months time.

I closed a little over a month ago with my roommate. 6.25% on a 30 year fixed with an FHA mortgage. The first 12-18 months will be a bit tight for cash, but I've read almost everyone is house poor for the first year or two.

I'm in a great location with a structurally fine (but aesthetically dated) condo. I can refinance if rates go back down, but my "rent" will never go up. I can find 2 bedroom apartments in Atlanta for $1850 a month without any problem. In 10 years, my cost stays the same. I may not have timed the market bottom, but I'm locked in at a fair price for years.

Plus I can do what I want. They're my walls and my carpet.


The principle and interest part of your mortgage will never go up but your insurance and taxes certainly will, oh and HOA fees as well since its a condo.
 
Red Shirt Blues
2023-01-27 1:14:51 PM  

max_pooper: Snarcoleptic_Hoosier: DaMannimal: Yes because demand is dead.  The smart people aren't out there catching a falling knife.  The dumb ones will be regretting their purchase in 18 months time.

I closed a little over a month ago with my roommate. 6.25% on a 30 year fixed with an FHA mortgage. The first 12-18 months will be a bit tight for cash, but I've read almost everyone is house poor for the first year or two.

I'm in a great location with a structurally fine (but aesthetically dated) condo. I can refinance if rates go back down, but my "rent" will never go up. I can find 2 bedroom apartments in Atlanta for $1850 a month without any problem. In 10 years, my cost stays the same. I may not have timed the market bottom, but I'm locked in at a fair price for years.

Plus I can do what I want. They're my walls and my carpet.

The principle and interest part of your mortgage will never go up but your insurance and taxes certainly will, oh and HOA fees as well since its a condo.


And special assessments. New windows?...fark you pay me. New HVAC system?...fark you pay me.
 
trialpha
2023-01-27 1:46:51 PM  

max_pooper: The principle and interest part of your mortgage will never go up but your insurance and taxes certainly will, oh and HOA fees as well since its a condo.


Condos: combining the worst aspects of renting and owning.
 
sleze
2023-01-27 2:06:59 PM  

Snarcoleptic_Hoosier: DaMannimal: Yes because demand is dead.  The smart people aren't out there catching a falling knife.  The dumb ones will be regretting their purchase in 18 months time.

I closed a little over a month ago with my roommate. 6.25% on a 30 year fixed with an FHA mortgage. The first 12-18 months will be a bit tight for cash, but I've read almost everyone is house poor for the first year or two.

I'm in a great location with a structurally fine (but aesthetically dated) condo. I can refinance if rates go back down, but my "rent" will never go up. I can find 2 bedroom apartments in Atlanta for $1850 a month without any problem. In 10 years, my cost stays the same. I may not have timed the market bottom, but I'm locked in at a fair price for years.

Plus I can do what I want. They're my walls and my carpet.


We bought at the TOP of the market before the Great recession in 2007 and had a rate of 6.125%.  But because we bought a tiny, shiatty house in a GREAT neighborhood with great schools, the value of our house never went down.  We refinanced once to lower the rates (and get out of PMI) and then two more times as parts of renovations (with those and time the value of our house has more than doubled).  I don't expect rates to ever drop again to the 2-3% marks that they did in the last couple of years but they WILL drop again and you did the right thing.

Until towns get serious with cracking down on vacant, unrented houses/condos used to prop up prices, renting will be out of control for a while.
 
phedex
2023-01-27 2:17:22 PM  

Snarcoleptic_Hoosier: DaMannimal: Yes because demand is dead.  The smart people aren't out there catching a falling knife.  The dumb ones will be regretting their purchase in 18 months time.

I closed a little over a month ago with my roommate. 6.25% on a 30 year fixed with an FHA mortgage. The first 12-18 months will be a bit tight for cash, but I've read almost everyone is house poor for the first year or two.

I'm in a great location with a structurally fine (but aesthetically dated) condo. I can refinance if rates go back down, but my "rent" will never go up. I can find 2 bedroom apartments in Atlanta for $1850 a month without any problem. In 10 years, my cost stays the same. I may not have timed the market bottom, but I'm locked in at a fair price for years.

Plus I can do what I want. They're my walls and my carpet.


You did the right thing.   And like others have mentioned, yes of course there will be price increases on other things... but thats a far cry from the approximate 20k I had to pay over 5 years for new HVAC and roof.

I would be all about living in a condo at this point, honestly.
 
misanthropicsob [OhFark]
2023-01-27 2:36:39 PM  

JammerJim: Just yesterday I was told high mortgage rates were killing working people. Is this sort of yo-yo thing normal for the business tab? I don't usually spend a lot of time here.


Yes it's normal.

This is also a case where PolTab-like headline writing is detected in the Business Tab.

"Don't criticize the fed chair for raising interest rates and how it's effecting home ownership; Interest rates for home ownership is lowering to 6.25%."
 
dericwater
2023-01-27 4:05:15 PM  

Snarcoleptic_Hoosier: DaMannimal: Yes because demand is dead.  The smart people aren't out there catching a falling knife.  The dumb ones will be regretting their purchase in 18 months time.

I closed a little over a month ago with my roommate. 6.25% on a 30 year fixed with an FHA mortgage. The first 12-18 months will be a bit tight for cash, but I've read almost everyone is house poor for the first year or two.

I'm in a great location with a structurally fine (but aesthetically dated) condo. I can refinance if rates go back down, but my "rent" will never go up. I can find 2 bedroom apartments in Atlanta for $1850 a month without any problem. In 10 years, my cost stays the same. I may not have timed the market bottom, but I'm locked in at a fair price for years.

Plus I can do what I want. They're my walls and my carpet.


You don't think your HOA fees will ever increase?
 
hoodiowithtudio
2023-01-27 4:57:01 PM  

Snarcoleptic_Hoosier: DaMannimal: Yes because demand is dead.  The smart people aren't out there catching a falling knife.  The dumb ones will be regretting their purchase in 18 months time.

I closed a little over a month ago with my roommate. 6.25% on a 30 year fixed with an FHA mortgage. The first 12-18 months will be a bit tight for cash, but I've read almost everyone is house poor for the first year or two.

I'm in a great location with a structurally fine (but aesthetically dated) condo. I can refinance if rates go back down, but my "rent" will never go up. I can find 2 bedroom apartments in Atlanta for $1850 a month without any problem. In 10 years, my cost stays the same. I may not have timed the market bottom, but I'm locked in at a fair price for years.

Plus I can do what I want. They're my walls and my carpet.


Talk to your bank about whether mortgage recast is a good idea, especially if you plan on putting money on your principal.
 
AppleOptionEsc
2023-01-27 10:48:48 PM  

JammerJim: Just yesterday I was told high mortgage rates were killing working people. Is this sort of yo-yo thing normal for the business tab? I don't usually spend a lot of time here.


Yep. We've been heading for a recession since 2012.

If it wasn't for COVID, the daily prediction and refutation might have never come true.
 
thesharkman
2023-01-28 9:47:56 AM  

Muta: DaMannimal: Yes because demand is dead.  The smart people aren't out there catching a falling knife.  The dumb ones will be regretting their purchase in 18 months time.

If you're buying a home so you have a place to live for the next 20 or 25 years then you're fine.

If you're buying a house so you can put up new drapes and sell it for a 5 figure profit in 6 months then your fornicated in the rectum.


It is interesting when I look at history of some properties when I go Zillow hunting. So much just bought a house I don't know if they did anything to it but they had it for like 6 months now they're trying to sell for like 40 to 50,000 more. Like who's going to be the sucker to take that over
 
paulleah
2023-01-28 5:27:36 PM  

DaMannimal: Yes because demand is dead.  The smart people aren't out there catching a falling knife.  The dumb ones will be regretting their purchase in 18 months time.


You will not see sub 4% money again in your lifetime. The proper mortgage rate is between 4-7%. It's the fair and proper rate going back hundreds of years.

The last ten plus years are an anomaly.
 
p89tech
2023-01-28 9:35:46 PM  
6.15% plus how many points?

And what size down-payment required?

Both are up.
 
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