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I hope this is so. We have a new construction build and have been unable to lock because of delays. We are farther then 60 days out. A few days ago we were offered 4% on a 30 and a 60 day but with higher fees. Assume I'm going to be impacted, it's just a matter of how much. First increase in 9 years and we are the ones penalized because of builder delays. Not happy, obviously.
I hope this is so. We have a new construction build and have been unable to lock because of delays. We are farther then 60 days out. A few days ago we were offered 4% on a 30 and a 60 day but with higher fees. Assume I'm going to be impacted, it's just a matter of how much. First increase in 9 years and we are the ones penalized because of builder delays. Not happy, obviously.
Did you read the post above....nothing has happened. Mortgage rates remain very attractive.
I hope this is so. We have a new construction build and have been unable to lock because of delays. We are farther then 60 days out. A few days ago we were offered 4% on a 30 and a 60 day but with higher fees. Assume I'm going to be impacted, it's just a matter of how much. First increase in 9 years and we are the ones penalized because of builder delays. Not happy, obviously.
We are in the exact same position. Our build just keeps getting delayed. The bank quoted us 4.125% for a 30 yesterday, which was higher than I expected. She said we should sit tight though, because she thinks it will go back down shortly. She said there was a "short term blip" and that "rates should tick back down". I'm hoping so...
1/4 of a % isn't earth shaking catastrophic. It's like adding 25 bucks to your monthly loan.
It's when you start getting into the 5-6% rate and adding 1/4% it starts making a difference.
I think we could stand up to maybe 4.5/5% rates. After that it gets stuffy
1/4 of a % isn't earth shaking catastrophic. It's like adding 25 bucks to your monthly loan.
It's when you start getting into the 5-6% rate and adding 1/4% it starts making a difference.
I think we could stand up to maybe 4.5/5% rates. After that it gets stuffy
Yep. If only people would freak out about high-interest credit card debt, car leases, daily $5 Lattes, and other components of personal finance that actually matter.
The all too common misconception here is that there is a correlation between the Fed's fund rate (what they raised) and mortgage interest rates. There isn't any direct connection between the 2 rates... at all.
What you need to worry about is the impact from a macroeconomic perspective. All the free money floating around is now not so free and the true impact is pretty much a mystery. Pumping $50B into the stock market every month has a long term consequence and here it comes, because now the Fed is going to have to drain significant "cash" out of the system in support of this rate hike. It's unchartered territory, unless you count Keynesians sitting around a table theorycrafting as true knowledge. The simple truth is our fractional deposit financial system based entirely on fiat (promise to pay aka debt) is stretched to practical limits. The Fed doesn't know what will happen with this hike. Money has velocity and it does not have a definitive "worth" or "value".
Judging all this by the advertised mortgage rates seems pretty silly in the big picture.
1/4 of a % isn't earth shaking catastrophic. It's like adding 25 bucks to your monthly loan.
It's when you start getting into the 5-6% rate and adding 1/4% it starts making a difference.
I think we could stand up to maybe 4.5/5% rates. After that it gets stuffy
This irritates the hell out of me and the mentality of the builder as well. $25 upwards is significant enough and we may pull out of the deal. We were planning to keep our current house and have zero debt. If the tables were reversed and we couldn't make closing, we could potentially lose a $10k deposit.
I lost $1600 credit from the bank just because i got a little greedy and waited for 1.5 day and later got the same Interest rate with 0 credits i wish i would have known that feds had that meeting coming up on wednesday
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i wish i would have known that feds had that meeting coming up on wednesday 
