[quote=XBoxBoy][quote=JPJones][quote=deadzone][quote=spdrun]Average 30-yr was below 3% about 6 months ago. Now, it’s what, 4.25%? And the hikes are just beginning.[/quote]
Actually 4.68% today. But who’s counting? Apparently interest rates don’t impact the local housing market according to the “Professionals” on this board.[/quote]
What are your credentials? What is your source on that 4.68% number?[/quote]
3/23/2020 the stated rate is 4.68%. Keep in mind that is an average for loans available yesterday. When sdrealtor quotes that a client just closed at such and such, that loan was started a month or more ago when rates were lower. And with points you can always lower your rate.
From my experience Mortgage news daily is well worth following if you want to see what rates are doing. The question/issue isn’t what rates are today, the question is how will these increased rates impact real estate. So far inventory numbers tell me the answer is not so much. Of course, maybe it’s too soon to tell.[/quote]
You are correct and of course I knew that and was just working over deadzone because it’s yet another example of how he does not understand in the slightest how real estate works. For that matter no one buys an average house or takes out an average mortgage. Average rates quoted on a site like that are for the country not here. The quality of borrower here is generally substantially higher than most places. The loans are also much bigger While still in the conventional range so the rates /fees are lower.
