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Old 07-05-2013, 09:44 AM
 
Location: Plano, Texas
1,673 posts, read 7,008,907 times
Reputation: 697

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Since May, mortgage rates for a 30 year fixed have risen from about 3.5% to about 5% today. For people considering buying a new home, will this rise make you less likely to buy or are rates at 5% still low enough?
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Old 07-05-2013, 02:18 PM
 
148 posts, read 219,970 times
Reputation: 95
My friend is now looking for a home since he is concerned that the rates will keep going up. Mortgage applications have been down % wise since the rates started creeping up in early May from the reports I read. I am curious what will happen with home prices in the next 12 months. I think the people who were holding out are now in a position where they have to pull the plug. I also think that with these rates, a lot of people cant afford a house they could have just two months ago. Im so relieved I locked in when I did.
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Old 07-06-2013, 08:44 PM
 
Location: New York, NY (Washington Heights)
201 posts, read 388,197 times
Reputation: 230
I've been looking, but this combined with some other factors has probably caused me to stop. One other main factor being that the areas I've been looking in (certain Brooklyn neighborhoods) are ridiculously competitive right now with extremely low inventory. I've had to stand outside on the sidewalk waiting for 10-15 min just to get in to see an open house because there was already a long line of people waiting. I was outbid on one apartment - offered over the ask & was told my offer was way off the mark. Other properties have multiple back-up offers - some from people who have all cash. It also doesn't help that I have a few holdings in metals, which have decreased considerably over the last month or so. So I guess mortgage rates climbing + metals declining + low housing inventory have combined to the perfect trifecta to keep me from buying.
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Old 07-06-2013, 11:18 PM
 
92 posts, read 114,582 times
Reputation: 72
Rise baby rise...rise like the market ...don't stop til you pop !
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Old 07-09-2013, 08:24 PM
 
Location: MID ATLANTIC
8,666 posts, read 22,853,798 times
Reputation: 10490
WARNING: PURE OPINION (AND POSSIBLE BS) FOLLOWS

It seems almost overnight the switch was flipped from a seller's market, to a maybe, buyer's market. If you noticed my double hesitancy it's because I did see about 80% of my working buyers drop out, but my sellers (that are going onto buying after they get a contract) firmly believe it's still a seller's market and don't understand why the offers don't mirror those of their neighbors.

My crystal ball says the only thing that has changed in the last 30 days is Bernanke opened his mouth. The markets are already starting to digest Obamacare and QM.....come January, if the unemployment has continued to improve, I'll revise my opinion. But right now, I do believe we will come drop back to the low to mid 4's, but probably not for another 30 days.
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Old 07-09-2013, 10:10 PM
 
28,455 posts, read 85,157,040 times
Reputation: 18726
Default It ain't just NY...

Quote:
Originally Posted by wisnowbird View Post
I've been looking, but this combined with some other factors has probably caused me to stop. One other main factor being that the areas I've been looking in (certain Brooklyn neighborhoods) are ridiculously competitive right now with extremely low inventory. I've had to stand outside on the sidewalk waiting for 10-15 min just to get in to see an open house because there was already a long line of people waiting. I was outbid on one apartment - offered over the ask & was told my offer was way off the mark. Other properties have multiple back-up offers - some from people who have all cash. It also doesn't help that I have a few holdings in metals, which have decreased considerably over the last month or so. So I guess mortgage rates climbing + metals declining + low housing inventory have combined to the perfect trifecta to keep me from buying.

Lots of "hot" areas across the country are extremely susceptible to going from "over heated" directly into "melt down"...
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Old 07-11-2013, 08:16 AM
 
54 posts, read 84,858 times
Reputation: 107
Rates are about to drop. All the news sites are reporting this morning that Bernanke said that the stimulus of bond buying will continue even after unemployment reaches 6.5%. So for the forseeable future expect to see rates start to drop.
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Old 07-11-2013, 07:51 PM
 
40 posts, read 121,663 times
Reputation: 16
Default rate lock help

I am getting close to my closing date which is due in 4 weeks, should I lock the rate now or wait few more days?
Thanks.
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Old 07-12-2013, 06:46 AM
 
148 posts, read 219,970 times
Reputation: 95
Quote:
Originally Posted by googleajax View Post
I am getting close to my closing date which is due in 4 weeks, should I lock the rate now or wait few more days?
Thanks.
If I could answer that question I would be sitting on a beach somewhere in the Caribbean drinking a cocktail for the rest of my life.
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Old 07-12-2013, 12:57 PM
 
3,805 posts, read 9,302,051 times
Reputation: 4978
Rates are inching up again in about five minutes.

Stop the agony of wondering. Lock in.
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