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Current Events > Mortgage rates at 8%

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DanHaren4Ringz
10/20/23 10:13:20 PM
#1:


So glad I got 5.5% fixed in May, and back then I thought that was peak and that I would refinance next year. I shoulda bought down the rate
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MacadamianNut3
10/20/23 10:14:06 PM
#2:


Is this stealth brag topic. If so, then 2.375%

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misterbum
10/20/23 10:14:24 PM
#3:


56 karma eh, will you make it to 60?

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TheSuperSilver
10/20/23 10:15:11 PM
#4:


Bought March 2022 at 3.875%.

Most homeowners with a mortgage are at 6% or less.

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LeCh0nk
10/20/23 10:20:51 PM
#5:


2% locked in a couple of years ago.

Edit: Oh the fake doctor is back? Probably googled a number that sounded good

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CE_gonna_CE
10/20/23 10:22:40 PM
#6:


Primary residence = 2.875%
Rentals = 3.125%, 4.25%, 4.625%

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radical_rhino
10/20/23 10:25:46 PM
#7:


I went 50k over asking to get in at 4% when a house popped up that met my criteria.

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BunkerBoy
10/20/23 10:30:07 PM
#8:


LeCh0nk posted...
Oh the fake doctor is back

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R1masher
10/20/23 10:30:37 PM
#9:


I sold my mortgage to Franky fishstick, he gets to use the basement for his nefarious deeds and I dont ask questions, see

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Euripides
10/20/23 10:31:47 PM
#10:


I just bought a house cash, so my mortgage is zero with a zero % rate

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ShineboxPhil
10/20/23 10:41:06 PM
#11:


Got 5.24 back in May.
Hope in 3 years it goes lower than that.

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__aCEr__
10/20/23 10:42:24 PM
#12:


LeCh0nk posted...
Oh the fake doctor is back?

We're at the point where the next question is "Which one?"

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archizzy
10/20/23 10:45:50 PM
#13:


I'm glad my mortgage is completely paid off. Just property taxes and insurance. But when I had refinanced in 2010 it was 3.75% and I was quite happy with that at the time.

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streamofthesky
10/20/23 10:45:52 PM
#14:


I went for an ARM, never thought I would, but it got me at least 1.5% less than the 30 year fixed rate at the time. I have 7 years (of the fixed rate, before it becomes "floating") for the Fed to panic and lower rates so I can lock in a decent fixed rate, which seemed like a pretty safe bet.
People said I should just take the high fixed rate and refinance later. I was like, "if I'm gonna have to refinance later on either way, why not take the lower rate?"
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#15
Post #15 was unavailable or deleted.
VeggetaX
10/20/23 10:50:08 PM
#16:


misterbum posted...
56 karma eh, will you make it to 60?
Was about to say the same thing. TC been banned so many times already too.

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pick4six
10/20/23 11:28:24 PM
#17:


Madness, and houses are double the price than it was 4 years ago too

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Trumpo
10/20/23 11:44:31 PM
#18:


4 percent gang checking in


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Euripides
10/21/23 10:03:35 AM
#19:


pick4six posted...
Madness, and houses are double the price than it was 4 years ago too

Yep, I love it.

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TimeForAction
10/21/23 10:12:53 AM
#20:


3% dont @ me
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R1masher
10/21/23 10:14:49 AM
#21:


Euripides posted...
Yep, I love it.

everyone selling, nobody buying according to Nelsha

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hereforemnant
10/21/23 10:14:57 AM
#22:


Anyone remember seeing those goofy ass bot reply threads under YouTube videos where it's a bunch of fake people talking about some financier helping them with their crypto or some BS?

This reminds me of that

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Block_that_Kick
10/21/23 10:17:07 AM
#23:


Went from a meh home with a 2.75% rate to an amazing home with a 6.875% rate. Not mad about it.

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tankboy
10/21/23 10:17:28 AM
#24:


2.2%
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mystic_belmont
10/21/23 10:18:05 AM
#25:


I'm waiting to find some land to build on.

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Son_Of_Spam
10/21/23 10:30:44 AM
#26:


MacadamianNut3 posted...
Is this stealth brag topic. If so, then 2.375%
1.99% in late 2016.

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Euripides
10/21/23 10:36:00 AM
#27:


R1masher posted...
everyone selling, nobody buying according to Nelsha

Nelsha?

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R1masher
10/21/23 10:39:05 AM
#28:


Euripides posted...
Nelsha?

my realtor, my boys long time friend, my youngest daughters friends mom, all around awesome lady that always sends a Christmas card

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VampireCoyote
10/21/23 10:45:12 AM
#29:


Imagine having a home

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ShineboxPhil
10/21/23 3:06:24 PM
#30:


VampireCoyote posted...
Imagine having a home

Feels great.

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Euripides
10/21/23 3:06:45 PM
#31:


VampireCoyote posted...
Imagine having a home

Don't have to, I'm sitting in one

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DarkAssassin89
10/21/23 3:13:53 PM
#32:


You guys in the US should be glad you dont live in Canada. Housing prices are even more ridiculous here (relatively speaking). Vancouver is especially insane.

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mgsbutser
10/21/23 5:00:39 PM
#33:


1.9% for 5 years, I'm in Canada. Started it June 2021.
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noisetank
10/21/23 5:02:07 PM
#34:


misterbum posted...
56 karma eh, will you make it to 60?

imagine stewing an account for 50 days just to post on CE

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Uta
10/21/23 5:06:31 PM
#35:


I'm getting quoted 7.6% Is there a way to make that go down or is the housing market just that fucked right now?

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_Raich_
10/21/23 5:11:18 PM
#36:


got a 3/5 ARM here, 5.25% for a home bought at the end of August this year. Housing prices here aren't too crazy (330k is what I paid), so I plan on getting a large chunk of it paid off in advance before the interest rises or needs a refinancing

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Zeeak4444
10/21/23 5:19:25 PM
#37:


streamofthesky posted...
I went for an ARM, never thought I would, but it got me at least 1.5% less than the 30 year fixed rate at the time. I have 7 years (of the fixed rate, before it becomes "floating") for the Fed to panic and lower rates so I can lock in a decent fixed rate, which seemed like a pretty safe bet.
People said I should just take the high fixed rate and refinance later. I was like, "if I'm gonna have to refinance later on either way, why not take the lower rate?"

ill be honest its certainly not the same but this mentality was a large contributor to the 2008 market crisis.

Everyone thought ARMs would be fine and theyd refinance lower. That didnt end up being the case.

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Zeeak4444
10/21/23 5:20:39 PM
#38:


Uta posted...
I'm getting quoted 7.6% Is there a way to make that go down or is the housing market just that fucked right now?

not a lot of options tbh. And the majority available you likely would have already took it you could.


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LeCh0nk
10/21/23 5:26:28 PM
#39:


Uta posted...
I'm getting quoted 7.6% Is there a way to make that go down or is the housing market just that fucked right now?
You're fucked... On the bright side though high interest rates work both ways (though obviously leaning more in favour of the banks...) so you can probably invest whatever down payment into a safeish fund and get a reasonable return.

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Euripides
10/21/23 5:27:28 PM
#40:


Never get an ARM

Ever

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archizzy
10/21/23 5:29:58 PM
#41:


Zeeak4444 posted...
ill be honest its certainly not the same but this mentality was a large contributor to the 2008 market crisis.

Everyone thought ARMs would be fine and theyd refinance lower. That didnt end up being the case.

As you have already pointed out it wasn't the same but just to add on to this the people that did it then were really short sighted as interest rates were at one of the lowest historical points of the last 50 years so them getting a flexible rate was just really stupid as the rates really almost had nowhere to go but up and when you are *just* making it where you are what do you expect will happen if it goes up a percent or two? Those people really did it to themselves.

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streamofthesky
10/21/23 5:34:28 PM
#42:


Zeeak4444 posted...
ill be honest its certainly not the same but this mentality was a large contributor to the 2008 market crisis.

Everyone thought ARMs would be fine and theyd refinance lower. That didnt end up being the case.

The interest rate in the 2000's was still historically low, people were just buying up houses and pulling any trick they could to make the payments lower.
These rates are high compared to the past 2 decades and conversely now greed will work against them. Eventually wall street will get sick of people being able to make money parking it in the banks and want another artificial stock bubble.

I don't know, I don't see how the current rates are sustainable long term w/ how fucked our economy is now. I've been overpaying each month to bring my principle down, just in case... And I want to pay it off in 20 years anyway, that's the goal... Does mean I'm spending over half my net pay (not gross pay; what a stupid metric to measure affordability) on my mortgage, which is rather painful in the short term.
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realnifty1
10/21/23 5:44:58 PM
#43:


Uta posted...
I'm getting quoted 7.6% Is there a way to make that go down or is the housing market just that fucked right now?

Have a bunch of extra cash that you can use to buy points and bring it down.
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streamofthesky
10/21/23 6:00:10 PM
#44:


realnifty1 posted...
Have a bunch of extra cash that you can use to buy points and bring it down.
But then if rates drop back to 3% in a few years and you refinance, all the money you spent dropping from 7.6% to 7% or whatever becomes totally wasted from then on.
Buying "rate points" is expensive, and it's for like every 0.25% down for each "point" you buy.
If you have the extra cash, I think throwing more into the initial down payment (so the initial loan itself is lower) and overpaying your mortgage w/ principle payments early on is smarter long term, though I guess a detailed breakdown comparing both options (if you never refinance) would be interesting.
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DirkDiggles
10/21/23 6:06:47 PM
#45:


Wasn't he the one with the Lawyer Sister?

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