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I've been waiting on a short sale contract for several months now. What used to be a good deal doesn't look so good anymore since my lender won't lock the rate until the seller gets bank approval. I doubt I'm the only one considering letting the contract expire soon and then rebidding at a lower value.
Rates will go back down and 1st time home buyers credit will probably increase and get an extension. This administration will not let the housing market get worse even if it means our grandkids pay for it later on. If rates continue to go up, kiss any recovery good bye.
So do you think it will continue upward, or can we see a dip down this summer still? On page two, one person has said up and one has said down.
We went with a mortgage "broker" that was suggested by the realtor. She turned out to be batty, forgetful, and in the end, still in school and not a full fledge broker yet. Needless to say, we are dropping both the broker and realtor for others (we hadn't signed anything with the realtor yet). However, we didn't realize our problem until after 5.0% disappeared and we couldn't lock in on that rate anymore! It will be difficult for us--we are moving to a remote area and there are only 6-7 houses for sale and only two in our price range, and only one we sort of like. Ugh! The increase in the percentage has greatly affected our ability to pay for said house.
I think the below 4% rate was a historic low and a anomaly that I'm sure a lot of people will have wish they jumped on. I think rates will remain in the mid 5% range for a while. A 5-7% rate is very good by historic measures. People waiting for it to go lower will be left behind just like people that did not get back into the stock market after March.
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