I haven’t posted in a while but I’ve been following this site for a few years now. We bought a teardown this summer and we’re currently building a house. We’ve got a 6% construction loan (prime + 1% with a 6% floor). The house won’t be ready until next summer so it’s killing me to watch the rates that are currently available. We’ll need a loan of about $1.45M on a bank appraised completed project price of $2.15M. The three most recent sales for near identical homes have been $2.175M, $2.165M and $2.18M. I’ve been following NFCU’s rates closely. Currently their 30-fixed with 0 pts for a jumbo loan over $730K is 5.5%. Of course, who knows where rates will be in 6 months. Do you have any advise for me? Thanks.
