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femalej
LIF Adolescent
Member since 7/11 833 total posts
Name:
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Re: anyone paying attention the mortgage rates?
Posted by MegZee
Historically, these are still incredibly low interest rates.
They have been artificially low for way too long.
My parents first mortgage was 12%...
i hate hearing this from lenders and REA. Fact of the matter is that when our parents generation bought, the housing prices were much lower.
Depending on the price, a higher interest rate on a much lower price house is actually a better deal than the recent bump in rates on a higher priced house
btw, the rates just broke the 5% number. ughhh. i want to vomit!
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Posted 6/24/13 2:25 PM  |
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Prudential Douglas Elliman Real Estate
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Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
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Re: anyone paying attention the mortgage rates?
Posted by femalej
Posted by MegZee
Historically, these are still incredibly low interest rates.
They have been artificially low for way too long.
My parents first mortgage was 12%...
i hate hearing this from lenders and REA. Fact of the matter is that when our parents generation bought, the housing prices were much lower.
Depending on the price, a higher interest rate on a much lower price house is actually a better deal than the recent bump in rates on a higher priced house
btw, the rates just broke the 5% number. ughhh. i want to vomit!
It's just one of the gambles of the housing market. There is no guarantee for rates. I wouldn't go nuts, because the numbers always change. Just decide when to lock in on with a rate that you can live with, that's all you really can do!
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| Posted 6/24/13 2:50 PM |
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marianne13
LIF Adolescent
Member since 6/10 887 total posts
Name:
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Re: anyone paying attention the mortgage rates?
Posted by femalej
Posted by MegZee
Historically, these are still incredibly low interest rates.
They have been artificially low for way too long.
My parents first mortgage was 12%...
i hate hearing this from lenders and REA. Fact of the matter is that when our parents generation bought, the housing prices were much lower.
Depending on the price, a higher interest rate on a much lower price house is actually a better deal than the recent bump in rates on a higher priced house
btw, the rates just broke the 5% number. ughhh. i want to vomit!
Exactly. Some of our parents paid around $40k for their houses.
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| Posted 6/24/13 3:01 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: anyone paying attention the mortgage rates?
Posted by marianne13
Posted by femalej
Posted by MegZee
Historically, these are still incredibly low interest rates.
They have been artificially low for way too long.
My parents first mortgage was 12%...
i hate hearing this from lenders and REA. Fact of the matter is that when our parents generation bought, the housing prices were much lower.
Depending on the price, a higher interest rate on a much lower price house is actually a better deal than the recent bump in rates on a higher priced house
btw, the rates just broke the 5% number. ughhh. i want to vomit!
Exactly. Some of our parents paid around $40k for their houses.
And they dealt with massive inflation.
Prices are lower now then when I bought in 2006, and rates are still lower today than they were in 2006. So I'd love to be a first time buyer right now!!
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| Posted 6/24/13 3:58 PM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: anyone paying attention the mortgage rates?
Posted by Century 21 Dallow - Christine Braun
But on the upside - - rates in the 4s (while seemingly high after we've been in the 3s for so long) are still so historically low! Even in 2008 when I bought my house, the best rates were in the low 6s. And when our parents bought, rates were like 18%! So I guess it's all relative.
!
 seriously... when we bought our house in 2007 our rate was 6.125% & it was a steal!
Thankfully we were able to refi earlier this year to low 3's.
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| Posted 6/25/13 9:53 AM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: anyone paying attention the mortgage rates?
Posted by lorich
Posted by Century 21 Dallow - Christine Braun
But on the upside - - rates in the 4s (while seemingly high after we've been in the 3s for so long) are still so historically low! Even in 2008 when I bought my house, the best rates were in the low 6s. And when our parents bought, rates were like 18%! So I guess it's all relative.
!
seriously... when we bought our house in 2007 our rate was 6.125% & it was a steal!
Thankfully we were able to refi earlier this year to low 3's.
I get that my coop is 5.75 but for a long time the rates have been in the mid 3's so people buying NOW, some of them in contract for a couple months but waiting for the summer (bc that is when a lot of people move) are getting stuck paying a full point higher and THAT is upsetting. We locked in at 3.5 (thank god  ) but yesterdays rates were 5 at some banks and that would be $300 more a month! $108k over the life of the loan!!!
Message edited 6/25/2013 10:06:44 AM.
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| Posted 6/25/13 10:05 AM |
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femalej
LIF Adolescent
Member since 7/11 833 total posts
Name:
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Re: anyone paying attention the mortgage rates?
Posted by DiamondGirl
Posted by lorich
Posted by Century 21 Dallow - Christine Braun
But on the upside - - rates in the 4s (while seemingly high after we've been in the 3s for so long) are still so historically low! Even in 2008 when I bought my house, the best rates were in the low 6s. And when our parents bought, rates were like 18%! So I guess it's all relative.
!
seriously... when we bought our house in 2007 our rate was 6.125% & it was a steal!
Thankfully we were able to refi earlier this year to low 3's.
I get that my coop is 5.75 but for a long time the rates have been in the mid 3's so people buying NOW, some of them in contract for a couple months but waiting for the summer (bc that is when a lot of people move) are getting stuck paying a full point higher and THAT is upsetting. We locked in at 3.5 (thank god ) but yesterdays rates were 5 at some banks and that would be $300 more a month! $108k over the life of the loan!!!
this is my biggest issue. it's one thing to sign up for a certain range. but to go into contract at a full point (or more!!) lower than what it is now, just sucks. big time.
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| Posted 6/25/13 10:12 AM |
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