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Old 07-23-2011, 12:18 PM
 
295 posts, read 712,471 times
Reputation: 144
Default would mortgage interest rate go up due to debt ceiling default

would mortgage interest rate go up due to debt ceiling default
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Old 07-23-2011, 12:35 PM
 
Location: El Dorado Hills, CA
2,974 posts, read 3,697,907 times
Reputation: 2760
Yes.
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Old 07-23-2011, 02:07 PM
 
Location: Mountain Ranch, CA The heart of Calaveras County
6,049 posts, read 11,166,934 times
Reputation: 4763
A lot!
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Old 07-23-2011, 02:36 PM
 
295 posts, read 712,471 times
Reputation: 144
i am about to lock my rate in 2 months
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Old 07-23-2011, 09:43 PM
 
Location: Atlanta, GA
105 posts, read 142,082 times
Reputation: 104
Maybe around .75-1 pt higher. Tighter lending laws. Home prices may drop as well due to the amount of money buyers can borrow. (Higher rates = high monthly payments = less home you can afford)
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Old 07-24-2011, 09:34 AM
 
Location: New York
158 posts, read 241,044 times
Reputation: 152
Maybe. Get a rate lock now! It seems like buyers are waiting until this all shakes out - which is counter intuitive.
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Old 07-24-2011, 09:00 PM
 
295 posts, read 712,471 times
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i dont have closing date yet. still 2 to 3 months away. can i lock my rate already?
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Old 07-24-2011, 09:54 PM
 
Location: Atlanta, GA
105 posts, read 142,082 times
Reputation: 104
I'm in the same situation as you and the lender that I may be using requires a property (with an offer to purchase contract) before you can lock in the loan. Now, if your lender allows you to lock in the loan for up to 3 months, you'll probably have to pay for the lock extension, maybe as much as .25-.50pts.

In all likelihood the situation will be temporary but may have a negative impact on rates.
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Old 07-25-2011, 05:23 AM
 
Location: Charleston, SC
5,081 posts, read 7,507,863 times
Reputation: 2235
I'd be a bit concerned, but more from a general misunderstanding of the situation by the general public. If the debt ceiling isn't raised there's still enough coming in to the government to pay its debt, but because they wouldn't be able to borrow more either domestic obligations (SS / Medicare / welfare / handouts...) would have to be cut. Or government offices, or some other means of not spending more than is taken in.

There's been enough FUD thrown in by the media and everywhere else so that people are probably expecting the end of the world if the debt ceiling isn't raised.
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Old 07-25-2011, 11:45 AM
 
Location: Spring
680 posts, read 994,938 times
Reputation: 178
who knows what to expect.
I just hope i don't get screwed, I can't lock in now and probably wont' be able till October. So hopefully we dont get screwed.

Once you lock, are you able to unlock and get current market rates if they are beneficial ?
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