I’ve been closely following the recent trends in mortgage rates and, honestly, it’s making me a bit anxious about where they’re headed. I’m currently in the process of buying my first home and trying to figure out the best time to lock in a rate. For those of you who have recently purchased a home or gone through refinancing, what rate did you manage to lock in at? Also, how did you decide on the timing?
I’ve seen some mixed predictions about whether rates will go up or down in the next few months, and it’s really hard to know what to believe. Are any of you holding off in hopes that rates will drop, or are you locking in now to avoid potential increases? I’d love to hear about your experiences and any advice you might have for someone in my position. Thanks a lot!
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900,000 townhouse in fucking Ajax! Bruh. Your liability to this exceeds $2 million +++ during the life of the mortgage. Forgetting about insurance, maintenance, and property taxes. You’re enslaved to a half-house in a large box store near a freeway suburb.
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mortgage rates are approximately 6.95% for a 30-year fixed-rate loan and 6.25% for a 15-year fixed-rate loan.These rates have seen fluctuations and are influenced by various economic factors, including inflation and Federal Reserve policies. Shopping around for the best rates is recommended
In December 2023, I received an offer of 7.1% for a conventional loan and 5.9% for an FHA loan (with a buy down of approximately .35 points). I am not currently making any offers.
I have friends who are currently making offers and have secured a 7.0% interest rate.
In late 2023, I chose to lock in at 6.2% for a 30-year fixed mortgage after consulting with my lender who advised that rates were likely to rise due to economic forecasts.
I managed to secure a 5.8% rate by keeping a close watch on the market and acting quickly during a brief dip. I was fortunate to work with a mortgage broker who provided regular updates on rate trends.
I recommend locking in now to avoid potential increases. As of early 2024, mortgage rates have been fluctuating due to various economic factors.