30 yr fixed at over 6%

Jeez.
Apr 12, 2022

Loan amount$300K

Down payment20%

State

Florida

Credit score700 - 719

30-yr fixed

6.038%

30-yr fixed FHA

5.354%

30-yr fixed VA

5.404%

4 Likes

Fuck, just as I’m getting ready to sell.

6 Likes

Shitty credit score for an OGer

7 Likes

I pulled up the average.

3 Likes

Zero down for the VA loan though

1 Like

Damn …
june 2020
loan: 353k
Credit score 810
no downpayment
30 year fixed 2.75%
Refi in '21 Loan 321k @ 2% No PMI

4 Likes

The next rate hike may be 50bps… will we see 7-8%?

2 Likes

Yeah it’s bad. I haven’t seen anything under 4.25% in awhile. And some private loans in the teens. Had one at 16% last week.

16%?? wtf They need to rent…

2 Likes

It is going to crush affordability across the economy, and test all income/wealth brackets.

Lots of wealthy people took margin loans against investments to buy homes while the rates were low. Now the rates spiked and they are down 12+% ew and 5-10% FI. The margin calls have been brutal.

Consumer debt for the other end of the spectrum is not going to look so good in about 18 months. I will be curious to see where charge offs go.

For the rest of the spectrum home affordability is taking a beating.

5 Likes

i just locked my house little under a year ok at 3.125% pretty happy about that

4 Likes

Dang! Hopefully this slows the home market insanity. It wasn’t sustainable as it’s been going, should these rate hikes help slow the crazy buying?

1 Like

In ‘09 I got in for 4.625 and was stoked for that! Currently I’m at 2.xx (I forget) and I’m very content.

2 Likes

Rates don’t effect cash buyers, but the overall environment of higher rates and inflation could start to slow the capital inflows into their funds.

3 Likes

Wonder how or if that will drive home prices down One might assume this might drive rent prices even higher

It’s almost always a 2nd. People needing the cash.

1 Like

6% will be a dream for people in another year or two.

7 Likes

But I believe around 75% of buyers use a mortgage

3 Likes

wasn’t it in the double digits in the 80’s? I could be misremembering.

Wow that sucks. I just refied 6 months ago and got a 2.5% 30 year fixed

3 Likes