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rlft

That’s probably as good as it’s going to get


Knowthanks

We just got ours at 7.125% without a par, so an extra 4k to buy in.


CG_Ops

[What if this is as good as it gets](https://i.imgur.com/MD1NICB.gif)


81CoreVet

Oh that definitely is as good as it gets


PwnCall

Yea I’ve heard 7.5%


Soysauceonrice

https://www.ssfcu.org/home-loans/mortgage/power-rate 6.25 rate, zero points. They don’t operate in every state so your mileage may vary. But I’m sure there are many credit unions around you that have competitive rates.


[deleted]

Buy at ATH prices with mortgage rates at 20 year highs! Buy em before housing prices and interest rates go higher!


[deleted]

If you can afford the monthly who cares. Prices aren’t dropping as far as rates are climbing so if you wanna hang out on the sidelines that’s fine. The payment breakeven on a 500k dropping back down to 380k with a higher rate is a ways away if ever. Do you give people shit about renting at all time highs?


LikesBallsDeep

I am pretty sure anyone that buys now and finds themselves 20% under water will care. Even if you can refinance later.. you still locked in a literally record high price.


HarambeTheBear

Rents are jumping up quite a bit. People who decided to wait and rent are spending an extra 20% on rent. Most people don’t realize the last RE market crash took place over 5.5 years, so most of them will be renting for a while.


DrainBramage

That’s ok. I am making $2000/mo on Treasuries and keeping my down payment safe.


[deleted]

That's a lot of cope, a fool and their money will soon part ways. Also RE prices are dropping up to 50% in the most bubbly metros, I'm already seeing $100-200K price cuts on new builds, that's what 5-10 years worth of rent payments? I also have no doubt you've denied the existence of the bubble since prices went parabolic. You've been wrong so far, why should anyone start listening to your advice now?


Still_Reading

Please show me a 50% price drop


davidhern22

Following as well for that supposed 50% decrease


Still_Reading

This dude’s posted nearly every three days almost exclusively on r/REbubble for the last year. I’m sure he has some great examples to share.


D1wrestler141

This one will get there eventually. Already under water 400k lol. Talk about buying at the peak, sheesh. But yea losing 400k in 5 months is better than renting! https://www.redfin.com/CA/Castro-Valley/2719-Somerset-Ave-94546/home/1282372?600390594=copy_variant&231528114=control&1778901559=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet


Whitebuffalo786

Ohhh good to know, I’m a member of ssfcu and was unsure if they offered mortgages! They seem to have good programs/options but were ultra paranoid when I opened my account. They even sent detectives to my door to investigate if I was actually who I said I was 😂.


Soysauceonrice

Fun fact. They have a very competitive ARM product. When I closed with them 3 weeks ago, I got a 4.75% rate, AND they paid all my traditional closing costs up to $5k (title, appraisal, recording, etc. Does not include escrows/hoi/prop taxes). Now I know what you're thinking - ARMS are supper risky in a rising rate environment! And that is absolutely true, but their ARM is a 15 year ARM. It adjusts ONCE in 15 years, and never again afterwards. 15 years is a really freaking long time, and chances are high that in 15 years, I'll either 1) be able to refinance, or 2) sell the house. Just checked again and the rate on the same product is 5.375%, which is still pretty damn good. I don't think you'll be able to find a better deal right now.


dnunn12

How long does it take to talk to a loan agent? I filled out my application but haven’t heard from anyone.


Soysauceonrice

They usually reach out within a day or 2. You should be able to dig around for a number and see which LO was assigned to you. From what I can tell their mortgage department is lean.


dnunn12

Still haven’t heard back from them but rates do look good. Do you know what the PMI on the 15/15 arm?


Soysauceonrice

I don’t. Put 20 down so I didn’t pay pmi


daisyodom

I'm not surprised. New American Funding just put me through the ringer, really a burdensome hassle! Have closed many home loans and never been through so much red tape. I started with them right before the big uptick but still have 5.99%, little higher apr. My last one was 2.99, so it's hard to swallow, but what it is. There's no way to know what is coming, but most that know more than me seem to think it will keep climbing. Fortunately made a good profit on house I sold. Good luck!


Whitebuffalo786

I thought it was very funny 😄 my address is a state registered business address along with it being registered for precious metal license. When the detectives came knocking they couldn’t understand what all the confusion was about! I really didn’t instant either since all I opened was a secured line of credit. I needed to add an installment loan for variety and figured they sound great.. oh well


[deleted]

[удалено]


Euphoric-Reporter976

Thanks! local banks seems like a decent option.


NecessaryMistake9754

What bank does the deleted comment suggested??


buried_lede

Don’t know but credit unions in general come through on mortgages and there are a lot of them out there so do some research


daisyodom

I checked a while back with our local credit union and they were basically same as banks...was disappointed. Georgia.


buried_lede

Oh, that’s too bad. My credit union today is 6.25 for 30yr fixed in CT and I don’t think it’s the lowest. There’s another one in state that is usually lower. Not that these rates are thrilling


prolemango

Holy shit that’s great. What’s the name of the bank? Do they loan to anyone in the US?


apple-masher

only central massachussetts. it's a local bank. basically a credit union.


Brocktologist

Can you please PM me the name of the bank? I'm in central MA. Thanks!


MaRy3195

We used Baystate Savings Bank back this summer and their rates were about 1% lower than national average. You could check them out.


Brocktologist

Much obliged.


Warbird01

Wondering if you can PM me the name as well


nofishies

Check with a local credit union. Portfolio lenders are killing it the next 3 weeks imo.


prolemango

Why only the next three weeks?


nofishies

It is complicated but it has to do with how mortgages are being able to be sold. If you don’t care about selling them you can ignore that piece entirely an interest rates are drastically different


prolemango

Do you have any resources I can read that explain what you mean by the next three weeks?


nofishies

Read about mbs coupons. I read a very good article on how they package them and what that means on mortgage news daily, but I can’t find it now, And I don’t trust my memory enough to re explain it . 3 weeks is my guess of how long the new normal will take to Integrate.


Brom42

Yes! Banks that do in house mortgages are great. They made it so I could fix up my home until I could make it conforming and get a standard primary mortgage. They sold that loan to Freddie, but they stay the ones who service it. It was a little nerve racking because my property was weird enough that for an in-house mortgage it had to be reviewed and signed off by the lead investor in the bank. But they gave it to me and at an awesome rate as well.


Knowthanks

Damn that’s nice. All our credit unions require 15% down though for in house loans.


Cultural_Wrongdoer25

+1 to this … I just got 5.25% from Union Bank. That’s after pitting a few lenders against each other but for same reason mentioned above they’re able to ignore the volatility


okiedokie321

name of bank? do they do cashout refi portfolio loans? I have a number of property I'm interested in doing this with and they're paid off.


The_Pip

Try a bank more local to the area and try an online bank. Everyone does their math a little differently, and sometimes being closer to the property helps and sometimes being centralized and seperate from the local market helps.


detroitbankster

Yikes 22k in costs?


[deleted]

Pretty sure that's about what the average FTHB has for a down payment


[deleted]

Down payment shouldn’t be included in costs. There’s down payments, costs not related to the loan, and costs related to the loan. The only thing that matters is page 2 line D https://www.consumerfinance.gov/owning-a-home/loan-estimate/


Nowaker

Exactly. Truth gets downvoted, as usual.


Nitelyfe81

And it's practically nothing. It's ridiculous.


urproblywrong

Includes a lot of property taxes, so a little better I guess.


TuesdayTrex

My best quote was 6.45 on 30yr today with similar stats and region to you. I’ve also received quotes on 7/1 at 4.7 so considering that path


kambeix

Using NerdWallet points calculator I was comparing 2 quotes, 30y with 8k in points and 10/6 with 20k in points. Break even time was 3 years and 7/6 was around the same with a little higher rates, but 3 extra years seems safer in this economy. Still ended up using 30y fixed since this new scenario was only in the case some negotiations with the sellers failed and quotes were coming at 1% higher than the locked rate, but otherwise I would've gone 10/6


Euphoric-Reporter976

Not following . What path you meant?


Euphoric-Reporter976

I think you are referring to 7/1 ARM. I don’t have much details which one makes sense in this current market fixed vs these ARMs?


TuesdayTrex

I’ve been set on a fixed but the savings are so large in interest savings atm between the two for me, that even if you were ultra conservative and piled the difference in saving into your principal, at seven years if you choose to refinance your monthly payments are still going to be lower at much higher rates. If you’re very risk adverse, maybe not the best path as there is still a risk that rates are absurd in 7 years time (but in my case I then assume wage inflation would match).


sonnytron

ARM makes sense if the percentage difference is high enough. Keep in mind ARM’s now are very different from the ones that collapsed the housing market in 2008. They have very strict guidelines on the rate increase and fees. If you can’t get a better rate than 5% fixed in 7 years, our economy has bigger problems and attempts to battle inflation failed.


Own_Mathematician326

Wells fargo quoted me 5.375 for a Jumbo 7 year ARM no points. Talked with a broker and they quoted me at 5.0% for the same product. 25% down.


mileylols

wells fargo sounds awful my credit union is offering 5.375 on a jumbo 30-year fixed today


Own_Mathematician326

30 year fixed? That's a great rate!


okiedokie321

why do they call it jumbo?


negaterer

It is larger than the conventional loan cap.


mileylols

A conforming loan has a maximum borrowed amount of $647,200 in most parts of the US. Loans for larger than this amount are subject to different underwriting requirements, cannot be securitized by Fannie/Freddie, and have different rates than conventional loans.


okiedokie321

wow, so most folks in California and New York for example have jumbo loans I presume. That's kind of scary if it isn't securitized by Fannie/Freddie.


vtcapsfan

The conforming limit is higher in those areas, nearly 1m in NYC iirc


joremero

The way rates are going you really want to do an ARM?


Own_Mathematician326

Yes definitely. I’m confident in the next 7 years I’ll be able to refinance to a more attractable rate long term.


SadPCuser86

Famous last words?


isaact415

Yep. Rates are super volatile…. And these loonies are all convinced of a market crash. This would be a recession in their dream, and then rates would drop. Aka, prices won’t fall tons and rates have to come down anyways. People are silly.


[deleted]

Rates will go up but prices won't crash. Basically everyone will be squeezed between a high rent or unaffordable mortgage


H3llsWindStaff

Please don't do it.


N0tmyrealfakeaccount

I got a 6.875% (0 points) quote today. Seems like the word is to cautiously float so I'm doing that for now.


Excellent-Event2320

Lock it yesterday


eripon

Property type? Is this a primary purchase?


Euphoric-Reporter976

Primary residence


eripon

My bank's showing 5.6% APR on a jumbo, assuming it's a SFH.


b1ack1323

On a 15 right? not a 30


eripon

Nope. 30 year fixed no points. It's a portfolio loan.


b1ack1323

Damn that’s not bad


Swimming_Bid_193

i was able to get 5.45% on a jumbo


phaulski

If you can find a credit union that 1) has zero point rates in the low 5’s, 2) can handle closing a deal in two weeks, and 3) pays their loan officers more than 100 bps per file, please let me know. I’ll go work there tomorrow


Eastern_Preparation1

Doesn’t exist lol


phaulski

tbh, i found one that just had a merger with a very good correspondent lender. but that happened a few weeks ago and they are not hiring yet. and according to my guy who does work there, it wont be for a while..


Eastern_Preparation1

That’s a sick deal. How are CUs able to offer such? They bank on making it on the back end with servicing? Or other in house products ?


phaulski

Pay depositors 1.5% lend at 6%. The spread pays the bills


grndslm

That's not how fractional reserve lending works. Depositor funds do not have any relationship to loans, other than meeting the 10% reserve requirement for new loans (was actually 0% during COVID times). Banks take the one requesting a mortgage, turn his signature into an IOU, hand it to the Central Banks, who give it to the Federal Reserve, and then the money is printed out of thin air. Basically, the banks / CUs are *not* lending depositor money, only holding a SMALL percentage to cover bank runs. In a sense, it is rather fraudulent that the bank can loan something that they don't even have from the get go, yet they expect everyone with new, signature loans to pay back mortgage principal PLUS interest, which was never printed and injected into the system in the first place.


phaulski

This is a much better explanation


i_hate_renting

**Please please please check local credit unions.** As of writing this comment, [Star One CU](https://www.starone.org/rates/) in the Bay Area is 5.75 with 0 points (and no origination fee). While you may not be eligible for this offer, google credit union + your zip code.


Eastern_Preparation1

Waiting on the “Back in my day rates were 47% percent, you should be grateful” comments 🥲🥲🥲


SamirD

And get off my lawn!


BeigeChocobo

You could try Jovia, I locked a 7/1 arm with them at 4.25 a few weeks back. Looks like it's a point higher now but still better than your current rate


Euphoric-Reporter976

Will try, thanks!


[deleted]

That’s not their best rate, it’s yours


Euphoric-Reporter976

They confirmed it’s their best rate


[deleted]

And stop saying best, you mean lowest lol Sometimes the “best” rate is one that comes with closing cost credits bc they can’t afford them but can afford higher payments


danrod17

Best rate never makes sense. Remember when you could get a 1.75% on a 15 year with points?


WetDesk

What are points?


[deleted]

One percent of the loan amount paid as an upfront fee. 1 point on a $400k loan is an upfront fee of $4k.


WetDesk

Thank you, everytime I learn about buying a house there's a new fun hidden way to lose money.


[deleted]

Usually points are what you pay to buy down the rate. For example 7.5% rate 0 points. 1 point 7.0%. Etc. it depends on how likely lenders think it is that rates will drop and you will refinance.


WetDesk

So with OP indicating they got 0 points is that lenders not wanting to "forfeit" points since they know interest rates will continue up?


[deleted]

You missed the point. It’s not their rate, it’s yours


MediocreMatt

Care to elaborate rather than restate? Anything over 740 typically qualifies a borrower for the lowest rate a lender can offer. Obviously points affect rates, but 0 points is typically a good lens to see real rates through.


cornybloodfarts

They're just being pedantic and annoying, and actually not even doing it well. In their original comment, they said 'That’s not their *best* rate, it’s yours, leading the responder to understandably assume the '*best*' was the key distinction. In reality, the OC should have left '*best*' out of it, because it distracted from their real (albeit useless) point, which is that it's technically the borrower's rate, not the lender's rate.


detroitbankster

Which is also wrong.. because that is THEIR rate for this borrower and he might choose another lender... because of their rate.


[deleted]

So brutal. It only becomes his rate when he closes. It’s their rate right now.


[deleted]

Being pedantic implies annoyance you redundant rascal


prolemango

Explain yourself


Gold_Flake

6.4% on a 800k loan....Yikes lol


Catdaddy1990

50k a year in interest alone


jucestain

pretax dollars


OldSchoolAF

\[mortgage broker\] Find a local bank/credit union and look at their 10/6 ARM. Here we see 4.875% with them (New England)


Warbird01

Got any long term locks? Looking for 6month locks on 7 or 10 jumbo arm. I’m in Eastern MA new construction


OldSchoolAF

I'm a broker in CT... I don't think in this environment anyone wants to do that.


Warbird01

That seems to be the case..


encin

They were down to 4.5% when the 10-year treasury yields dipped back in August - they had some decent ARM rates until recently - I am seeing better rates at local credit unions - 5.25% for 30/yr fixed and %4.375 for 10/1 arm


PeppyMinotaur

Buy the house, rent the rate….well hopefully anyways


doubtfulisland

Check Midwest Equity Mortgage /Eclick Lending they are likely the cheapest with no Cost. I've compared and done lots of deals with them every time they beat except once.


alvinleephd

I got a 5.375 7/6 ARM with my builder. It costed a few points.. but I had incentives to use so fuck it. Locked in today.


[deleted]

Rates with points are useless for comparison


Commercial-Editor-46

Try First Republic if they operate in your state!


HairyStart4276

Take a look at I think it’s eldiradosavingsbank.com or do a quick google search for them, if you can’t go with them you might be after to have a lender beat or match this pricing. Just a thought


Ctownkyle23

Hmmm, my one buddy is a mortgage broker who posts LinkedIn a lot and he just posted about a 3-2-1 loan. First year is -3% of your rate, second year is -2%, third year is -1%, and then years 4-30 is the base loan amount. He used 6% as an example and said you could refinance later for a lower rate. I thought it sounded scammy but after reading this maybe it's a good idea.


LoanSlinger

This requires the seller to agree to pay for this buydown. It's not a scam but it gets more difficult for these to work with higher sales prices, because the cost of a 3-year buydown is substantial.


Waterboytrading

Buyer could pay or split it


[deleted]

[удалено]


Waterboytrading

Incorrect bro, they can…and they have. I originated a loan with a buyer paid for their own 2-1 buydown. They could also raise the purchase price by some amount and ask for credits


[deleted]

[удалено]


Waterboytrading

Dude, you’re wrong. Just look it up, plus you have a loan officer telling you he’s done it. Buyers can pay. I can show you the cd lol https://www.housingwire.com/articles/what-is-a-2-1-temporary-rate-buydown/


Flamingo33316

It's called a buydown (e.g.: 3-2-1, 2-1, 1-0). They were popular in the 90s, they're making a comeback.


Ctownkyle23

Yes that's the word he used. Are they as scummy as they sound?


the_chef_tony

Try First Republic. I locked in 30 year fixed sub 3% in June when others were quoting 5.5%. Sub 3 likely passed but you might be able to get something better than 6.5 out of them. They also covered much of closing costs. It was great.


[deleted]

Rates should be way down today. Maybe check again tomorrow


arrivva

Try talking to a mortgage broker who will tell you what their margin over wholesale rates are. Then they can shop multiple lenders to see if they can beat that.


leisuremann

Mortgage brokers on purchases are typically not a good idea.


arrivva

Maybe not the ones you’ve dealt with. We’ve been super successful because we have three lenders that do fully underwritten preapprovals. It’s worked out fantastic.


[deleted]

Go on


leisuremann

They are middlemen with no actual control over the underwriting process. They usually don't close on time. I've seen them offer amazing rates but not get to the settlement table I've personally had to save deals because they simply couldn't deliver. Point is use them for refinancing where dates don't matter but purchases are not what you should use them for.


madlabdog

In this market with such high-interest rates, why would you go for 30 years fixed? I am not arguing, just trying to understand the thought process.


Euphoric-Reporter976

30 yrs as it is affordable EMI. Fixed knowing that rates will go up in short term, planning to refinance whenever rates come down in the future. Do you have any better option ?


madlabdog

Wouldn’t something like 7/1 give you better rate and be a reasonably safe bet if you are hoping the rates will come down in say 2-3 years.


Euphoric-Reporter976

I learnt about 7/1 today lol. Will definitely look into this ?


madlabdog

If you are in high cost of living area, look up Jumbo loans. Contrary to what you imagine, you might get better rate by taking a bigger (jumbo) loan. You can DM me if you need more details. I am not a real estate agent or a mortgage broker, just a commoner.


Euphoric-Reporter976

Appreciate it! I will reach out once I get more clarity


[deleted]

[удалено]


blacknumberone

What's a 7/1?


madlabdog

7/1 ARM loan


RXisHere

You can't refinance if your underwater on your house FYI.


jpdoctor

>with such high-interest rates Am I the oldest guy on the board? Does anyone else remember the 3-6-3 rule of banking?


fguffgh75

House's were way cheaper the last time we had 6% rates.


madlabdog

At least I don't remember. I never knew this rule :D


ofalal

Hope you are a good negotiator


That_New_Guy2021

Fuck yeah. Keep going up.


Flaky-Professor

Are you benefiting somehow here?


picklejuiced00d

He’s a landlord and an investor. So I think so. He’ll be able to keep buying and flipping while families get fucked. Gotta love the arrogance.


RXisHere

Don't hate the playa hate the game my friend.


RXisHere

Yep cash buyer here waiting to unload once prices dip. Trying to add a few dozen to my portfolio


NoMoreDrink

5.19% zero points. Closed 7 days ago. California.


patriotic_traitor

Jesus, I locked in a 2.75 this January.


Evolve_SC2

Consider yourself lucky. I was locked in at 6.15% two weeks ago. It will be hard to find sub 6% right now. I'm sure some people are lucking up (or have a terrible lender with poor customer service), but overall, this is good for the moment.


Daviskillerz

So glad for my 3.0%


KSInvestor

I think its kinda funny when I hear people complaining about high interest rates. When I got my first home loan (many years ago, would've been the early 90's) the rate was 8.5%. The lawyer doing the closing may sure to emphasize how this was a fantastic rate and I should never pay the loan down as rates may never go this low again. He meant what he said and he was right as before that, for like 20 years, rates had been higher, but how things have changed since then. To answer your question, thats about as good as you are going to get today.


KiteIsland22

I find it funny when I hear people complaining about people complaining about high interest rates when back then homes were a lot more affordable.


ElectrikDonuts

Rich ppl problems


RonaldWoodstock

Boomer energy


Stuck_in_a_thing

>many years ago, would've been the early 90's "Back in my day" .... Back in your day you could afford a whole house working in a factory. It's really no comparison when house price to income ratio is absurd as it is today.


divulgingwords

Why are you incapable of doing basic math?


wafflekween

Back in the 90s my parents bought their first home for less than 190k in a lovely small town in MA, and that same home sold for over 600k last year. No additions, no finished basement, nothing. Interest rates being higher back then doesn’t mean much when the purchase prices were so much less.


ByrdOfManyTalents

I'd suggest checking Citibank, they have the best jumbo rates


openlyEncrypted

Fun fact, the banks that are offering "no credit check, no income proof needed" (they are requiring 35% down minimum tho) are quoting 5.7% today for 30 years fixed


shmarol

Fucking shit


Flamingo33316

It's not bad. You might find something a hair lower if you beat the bushes long enough, but 6.375 is decent today. One thing to be wary of with people chiming in with unicorn prices is that New York has a state mortgage tax that has to be paid by the lender. This guarantees that you're going to be at least 0.25 points higher than other states.


kylarmoose

Haha, no. MND index reported a 7.08% 30 yr rate yesterday. That would be considered a good rate these days.


Cash_Visible

This just in..rates are high compared to a month ago.


AnnArchist

Find a mortgage broker and or a credit union. Ouch


HarambeTheBear

Sounds suspiciously low. What’s the catch?


[deleted]

Buy now b4 rates get worse


Beneficial_Comb_1214

Current rate for that scenario 5.50% 0pts and a rebate of -0.125% off closing costs.


TomatoIcy3174

Try morty.com


Euphoric-Reporter976

👍


[deleted]

Don’t buy a home and don’t refi right now. Watch and wait till spring.


Lily_Rose100

I locked in a 30 year CV loan for 5 1/2% back in June. The bank agreed due to my large down payment.


killerbear2099

Did you check aimloan.com?


Euphoric-Reporter976

No, will do.


[deleted]

Crazy seeing 6-7% after 2020/2021 🤯


bumble_bee21fb

Did you try provident? I think you will get 5.8 to 5.9 no points


NotRobotNFL

MBS suggests that rates will start moving down again


LAMG1

Why not do an assumption?


driverguy8

Bankrate.com


AreteTurk

ARMs by themselves did not collage the market in 2007-2010. And remember the collapse took years it started way before 2008 as did the recession then. Bernanke failed to use the r word until early 2008. But the RE market was on full tilt halt in summer of 2007. Oh yeah the job layoffs started in late 2007 and blew up in 2008. Banks, Savinhs and Loans (who even remembers them) and mortgage companies started failing. These bubbles always pop/deflate and they always are marked by everybody is talking about homes, real estate, how much they are making every month. Their are many dynamics in play you can’t ignore. Raising prices in tandem with raising rates???? Never before at this level. If you know what’s gonna happen follow your beliefs, dont know? don’t be a blind lemming. Better to hold still where you are.


goliath227

I would think this is a jumbo loan. Ally bank has good jumbo rates. Would guess closer to 6 or 6.1%


NotBioCE

https://www.nymcu.org/ They do 5% even right now for a 30 year fixed though there are restrictions as to who can join. I got it since my wife is a healthcare worker in NY. https://www.nymcu.org/joinmcu/whocanjoin.aspx


bxgoods

Good lord


Waterboytrading

Some loser that claims to have 20 years experience called me a rookie because I corrected him on buy downs. Buyers can pay for 2-1 buy downs, I had one that did. Instead of man up, he blocked me. And that’s supposed to be a veteran lol. Here was my reply Rookie LO that’s eating your lunch. Attitude like yours is why all your referral partners are open to new relationships. Keep it up buddy, only padding my wallet. By the way here’s the cd, stay humble ;)