Mortage rates are RISING to 7.69 percent! (Dumont: rent, second mortgage, bad credit)

[block911]

UH HOLEY MOLEY

My co-worker bought a house in Dumont and his fixed rate on his mortgage is 7.69!!!!

THe rates are rising so what the hell is the point to wait out and watch home prices fall?

TIME TO LEAVE NJ!!@$

[block911]

but seriously man wtf… there is no reward for anything anymore. To get on top you have to be crooked and rob people.. thats what i’m learning cuz the honest, intelligent way doesn’t work. I see it in the government, I see it in celebrities, school teachers etc. There is no golden pot at the end of the rainbow.. because now having waited 2 years for prices to drop I waisted 24,000 in rent and now will have a higher mortgage rate.

Simple calculations:

Lets see the townhouse I wanted was asking firm 319,000 2 years ago so a mortgage on that would be 1796.90 with a 5.4 rate.

Now it dropped to 300,000
Which is a payment of 2136.81 a month with a 7.69 rate

For it to be comparable to before the I have to buy the house at around: 251000.00 dollars… and nobody is dropping prices like that.

Flush this **** it’s over… and trust me it will go higher my dad bought his first house in Old bridge in 1979 for 60,000 with a rate of 13 percent. So yeah the rate CAN go that high.

[BobKovacs]

If he paid 7.69%, he's got some credit issues. Even with the recent spikes of the past two weeks, rates below 7% are still common.

Bob

[judogl44]

Definitely has credit problems-rates did go up but not that much.

[andyh428]

definitely has credit issues...so that rate is what he gets for his past troubles. i just got preapproved for below 6.5%

[kort677]

Originally Posted by block911

UH HOLEY MOLEY

My co-worker bought a house in Dumont and his fixed rate on his mortgage is 7.69!!!!

THe rates are rising so what the hell is the point to wait out and watch home prices fall?

TIME TO LEAVE NJ!!@$

bankrate.com list 30 year standard mortgage at 6.29% down from last week at 6.33%, so there are other factors involved, 7.69 is a high rate, could it be that the guy has poor credit? that is one reason why his rate is so high, interest rates are about the same rate regardless of you being in NJ or not

[tahiti]

agree with the others - my credit union is 6.625% with 0 points - 30 yr fixed. must be bad credit or your coworker is a lousy mortgage shopper! lesson to everyone to PAY THEIR BILLS ON TIME.

[DaSkorpion]

Originally Posted by block911

UH HOLEY MOLEY

My co-worker bought a house in Dumont and his fixed rate on his mortgage is 7.69!!!!

THe rates are rising so what the hell is the point to wait out and watch home prices fall?

TIME TO LEAVE NJ!!@$

================

Definitely bad credit related or he jumped on the first mortgage deal he got.....even with worse credit he could have still shopped around and could have gotten something a little less than 7.69%.

[NewJersey?]

My SIL closed on her house today and got 6.75% with Zero points. Not too bad.

I still agree with the OP's reasoning on prices making less of a difference when you factor in interest rates. We have to guess where prices are going, and guess where interest rates will be simultaneously. Pretty difficult if you ask me.

I still don't see how people can make definitive claims on where the market will be in a few years. More precisely, that it will be a better time to buy. Unless, maybe, if they buy with an all cash deal.

Predicting the future is no easy task.

[block911]

Originally Posted by BobKovacs

If he paid 7.69%, he's got some credit issues. Even with the recent spikes of the past two weeks, rates below 7% are still common.

Bob

sorry i followed up and asked its for a second mortgage? on a new house he's buying