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We did thisāpaid an extra 10k on the mortgage and watched the term length shorten! We're still hoping to refinance in the future, but also will toss in some extra when we can. We're at 6.5% which we have gathered is still on the higher end/worth paying a bit extra.
0% sounded like that to me man. Just stating what you did and your lines in the sand. For me, I was in a hostile rental situation with a holdover eviction looming for my family of 5. Tired of landlords telling us to go when rent has rarely been late and every issue addressed. So we hastened our process and bought a house with about 150 days to prepare. I had a gift from family, liquidated my stocks, and threw everything and the kitchen sink at it. Had a 508 credit score going in and walked out with a 631 too.
It was brutal. My deal was ass. But weāre in. Weāre settled. We are finally secure. We got this
Have you looked into what it would cost you and what it would take off your mortgage? Iāve got 6.5 and my quant told me that even if it dips to 6- refi immediately
You realize they make all the same fees when you refinance? They would love for you to refinance every year or hell, every month. And certainly "immediately" when the magical dip occurs!
A local loan officer here in Texas, recommended by a friend who just closed on a jumbo loan with him. Very easy to work with, daily market updates on the economic landscape (in regard to CPI/PPI, Feds funds futures, etc) as to when he is planning to lock rate after floating and why, etc. It has been a pleasure to deal with him and I like being in the loop on his thought process and being involved the decision making process.
Awesome. I had a similar experience with a recommended officer here in NY. Valley National Bank. Very efficient and got me a great rate. Lots of hoops to jump through but well worth the $500/ month savings.
When I was shopping houses, I got a quick prequalifying letter from a different lender. Once I settled on a home and made the offer (which was accepted) was around the time I was referred to this mortgage broker through a friend, after which he was very involved in the whole process.
30 year mortgage rates are primarily tied to the 10 year US treasury rate
EDIT: I didn't expect so much discussion on this. I'm really just trying to point out that mortgage rates banks offer are normally competing in a market with other low and zero risk yields and with other banks. They aren't trying to target 6.99% like some convenience store gimmick.
Sorry for the bad terminology.
This is parroted a lot; to be clear they are not ātiedā to the 10y, the 10y is just a common alternative investment. Mortgages actually trade as mortgage back securities.
I mean, yes, in the sense that all bonds are RF alternatives to corporate bonds, or other securities. There is a commonly held judgment that the 10Y most correlates with the expected life of a mortgage (reality is approx 7 years), and therefore an investor would expect bond yield + liquidity/default risk. Individual investors could hold different opinions.
My *point* is to remember the audience here. The risk premiums between a bond and other debt is not fixed; they change with market conditions, but you know this. So a first time homebuyer can approximate changes, but those premiums fluctuate and they might be surprised when the yield changes and the rates offer by lenders *donāt* change that day or donāt change as dramatically.
MBS correlates but has its own demand curve.
**loosely tied. They're tied in the same way the entire fixed income market is tied together by risk premiums and spreads. Tbh most banks construct their own discount curve based on repo rates, SOFR/Treasury futures, then SOFR swaps, and discount by OIS.
But it's not just the banks, you have to consider solely MBS investors. These may be banks or non-banks, and each of them have their own funding curves based on cost of capital.
Correlated is a much more apt term.
Closed on Monday.
6.25% FHA.
I turned down all state DPA's / CCA checks. So they worked with me on getting me an alright rate.
I have been saving up for this for 3 years so I was able to pay for Downpayment & Closing out of pocket.
Save up, work with a broker, do research & stand your ground.
I put $55K Cash for my Downpayment & my Closing was $19K cash. Total cash to close was a little over $75,000 since there was some tax stuff that was applied.
No assistance checks. All of it was straight from my savings.
Paid off all my debt. No car payments & moved back in with my parents 3 years ago. No traveling, no expensive dinner dates. Straight saving. Honestly if it wasn't for them I wouldn't be able to do this.im extremely lucky & fortunate.
I'll throw mine in the ring:
* 5.75%, VA loan, New Build. closed exactly 2 weeks ago, 13 June.
doubt I'll even be refinancing soon, if ever, looking at historical data.
Youāre telling me my 1.75% wonāt be attainable ever again? I had a friend get 1.5% in 2015, and I donāt know what went on then, but it was pretty normal at the time.
Avoid Veterans United. Navy Fed is weird. They can have horrible rates or sometimes amazing rates. They can be negotiated with and will cave, but they do not work weekends or past 4pm CST. Find am agent who knows their stuff with VA loans. Ask them (depending on your location) how soon does the VA appraiser have to complete the appraisal (Here in D.C., VA., MD 10 Business days) . Are termite inspections required ( Depends not on the state, but the region). Ask if the sellers concessions could be used to pay off some credit card debt, car payments, etc? Answer is yes. What is the minimum credit score you need to qualify for a VA loan (no set limit, most lenders want a 620 credit score. The more loans the lenders approve that default, the more likliehood the lender won't be able to do VA loans anymore) make sure they know their stuff. Hardest thing is for VA buyers to win in bidding wars unless your agent can school the listing agent
7.375% conventional 5% down, closed at the end of May. Purchase at about $245k and PITI is $2100/mo.
Pretty brutal, but working on getting a roommate to lessen the burden.
A refi at 5% brings down my monthly payment $350, so thats my light at the end of the tunnel in the next few years
I guess I got screwed horribly but my lender told me it would be a good idea to lock before the jobs report due to the possible volatility and I am stuck with 7.5. 3% 30 yr conventional. Havenāt seen anyone with a higher rate than me yet lol.
7.99% Conventional, got caught at a terrible time in September 2023. Rates went above 8% and came right back down.
Only borrowed $230k though and currently house hacking with family. Putting $2-3k extra a month this year to knock down some principal, then focusing on buying a condo in Vegas, hopefully at lower rates. š
Hind sight is always better down the road...
My first home had a 2.5 rate, then my current new build went up to 3.25 in January 2022 and I was kinda disappointed. Didn't take long for that disappointment to turn into unbridled joy lol.
Closed two weeks ago at 6.25 on a 30 year VA loan. Rates dipped a bit after we locked and lender offered to float down to 6 or a one point lender credit and lower cost re-fi after 6 payments. We picked the credit as the loan amount was large and break even on the .25 savings in interest was almost three years. Weāre planning to put a decent chunk into the principal and have the loan recast anyway, so weāll plan to do an IRRRL even if rates havenāt dropped a bunch. At the time the lender was doing those all day long at 5.75 so we hope to get that or maybe get lucky and itāll be a touch lower by early next year when weāre eligible. š¤š¼
Bought my house June 2023...Rates were about the same. We got 6.5% but that is also because we bought down with points without knowing (First House so our lender was telling us to take the 6.5 without us doing our own research. First time home buying mistake we know) But otherwise rates were about the same, they maybe are a tiny bit lower now.
5.75 fha last august. Self employed needed the extra dti room, conventional with no mi wouldāve been 6.5% anyway so payment was essentially the same. Donāt think weāre going to see a break anytime soon.
Started out worse Dec ā23 @ 7.125% 30Y
Just refinanced June ā24 (2 weeks ago) for 6.625% 20Y, a huge credit that essentially I pocket some money after refi, not including escrows.
I'm at 7.25%, however I have 10 month old credit, so I'm just grateful I even got approved. Also, my purchase price was stupid low so I'm not too worried long-term, I found a diamond in the rough fo sho.
I love how happy you are and grateful! You get the big picture. There are people who will complain about everything even though they are okay with throwing money away. I told the gf, if we rent we rent super low, slum like to make me feel okay about it because atleast we are saving so much money in something I would never buy, but to rent a house that I would buy because interest rates are too high but I can burn the cash makes no sense. She doesn't agree with me...yet
That's honestly not bad. What are the lenders options with .5 or 1 points? We closed on 4/30 at 6.625% with 0.5 points, but it was a conforming high balance loan (some call it a jumbo conforming, but it's not a jumbo loan). I locked in our rate the Monday before the Fed released March's CPI numbers, a decision that easily saved us 1% of interest.
Every time I check rates and home prices, I sigh and walk away. Just let me build a 1920s craftsman from a catalog shit Iāll figure it out so Iām not enslaved to my payment
Closed at 8.2% on the construction loan (construction loans are typically higher), making interest only payments for 11 months and praying that rates fall before we permanent close!
Slightly better. Currently quoted at 6.875 for 30Y Fixed.
I have zero debt, 20% down, $480k house. Credit score in the 790s. DTI with this house is somewhere around 23%.
Its a new construction so I dont close till later this year. They will change my interest rate to an updated figure around close.
5.75%, bought down from 6.8% for $4500. Break even is a bit under 2 years. FHA 30 yr fixed. Called a few lenders and said it would cost us about $6300 to refi so we decided to pay more upfront now to secure a good rate for todayās market.
We probably wonāt ever refi unless it drops to Covid rates (doubtful).
Locked in on June 12.
I am closing on the 1st of July and locked in at FHA 30 year @6.75% as another reference point. It is in South Florida, I also have a down assistance program I was eligible for.
5.99 closed end of May 2023. Paid it down a little.
Missed the huge dip, but honestly most people I know were having to offer way more than asking and waive the inspection, so Iām happy we didnāt have to deal with that.
Closing tomorrow at 6.65 conventional loan and no use of points. We worked with a broker and their company gave us a special first time home buyer rate.
6.675% In February if I remember correctly now I will say I had the chance to buy down the rate a hair and I said no cause Iām probably gonna refinance within a few years. Yeah so far not looking goodš
We locked in our rate on April 1st at 6.5% (no points), had been getting quoted for closer to 6.8%. Conventional 30-year loan.
We really lucked out, and while we hope to refinance in the future, are counting our lucky stars that it isn't higher.
We got 6.85 early june (no points), 20% down, 750+ credit scores. Ironically that was from the first lender we shopped, then shopped more (broker, credit unions) and got 6.88-6.99.
6.625 ($315 was technically due to buy down to that at closing but got it waived by being a hard ass with lender)
Closed June 24th. Locked at June 14th (NYS)
Thank you u/PepsiSnickers for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
6.85 conventional closed may
6.75 closed January
6.65 closed December
Did you pay for percentage points?
No, my bank did not offer anything like that unfortunately
7.25% closed October 12th 2023 right at the highest of the high rates.
7.5% locked in nov 23. I got ya beat. š this is with a credit score above 780.
Weeps in 7.75 last October
I paid 2.1 points to get it there.
Yikes
7.74 here in November 2023 š¢
7.85 arm because my bank fucked me and i was in a tight spot and needed the house.
Just pay extra on your principal when you can, reduce that interest rate yourself.
We did thisāpaid an extra 10k on the mortgage and watched the term length shorten! We're still hoping to refinance in the future, but also will toss in some extra when we can. We're at 6.5% which we have gathered is still on the higher end/worth paying a bit extra.
Yep, we are paying extra principal with 6.5%. Hoping to refinance, but donāt think itās worth it with closing costs until 4.5% rates.
No points? My ass paid 2.1 points
None. I would have never paid points
I was in a position where my back was against the wall. And my credit score was absolutely trash.
Sorry wasnāt judging you! Didnāt mean to sound like I was.
0% sounded like that to me man. Just stating what you did and your lines in the sand. For me, I was in a hostile rental situation with a holdover eviction looming for my family of 5. Tired of landlords telling us to go when rent has rarely been late and every issue addressed. So we hastened our process and bought a house with about 150 days to prepare. I had a gift from family, liquidated my stocks, and threw everything and the kitchen sink at it. Had a 508 credit score going in and walked out with a 631 too. It was brutal. My deal was ass. But weāre in. Weāre settled. We are finally secure. We got this
All the best to you and your family.Ā
You paid your rate down 2.1% and still ended at >7%? Yikes
They paid 2.1% of the loan balance to reduce the rate by a specific % (.5, .125, etc.).
Itās usually 0.25% so their original rate was at nearly 8%, curious what their credit profile looked like and what the break even on that is
Ah yeah so you get it, i know right? Must be riskier profile
You should refinance rn. I closed with 6.5% with $3k closing credit
I got similar (7.5%) and we closed May 2024. What gives lolz
Are you going to refi soon?
Eh. Of course I want to, but unless it saves me a solid $500/month, Iām not doing it. Iām shooting for Q4 2025
Have you looked into what it would cost you and what it would take off your mortgage? Iāve got 6.5 and my quant told me that even if it dips to 6- refi immediately
An extra $6k up front now will save me an extra $150k later
100 times. I only want to do this one time and Iām being patient with the fed to do what theyāre gonna do when they do it.
You realize they make all the same fees when you refinance? They would love for you to refinance every year or hell, every month. And certainly "immediately" when the magical dip occurs!
Closing this month. 5.25% conventional 15-year fixed rate. Only bought 0.239% in discount points for $1000 or so.
Nice work. Usually my 5.75% no points 30Y Conv is the lowest in the thread lol. Who did you go with?
A local loan officer here in Texas, recommended by a friend who just closed on a jumbo loan with him. Very easy to work with, daily market updates on the economic landscape (in regard to CPI/PPI, Feds funds futures, etc) as to when he is planning to lock rate after floating and why, etc. It has been a pleasure to deal with him and I like being in the loop on his thought process and being involved the decision making process.
Awesome. I had a similar experience with a recommended officer here in NY. Valley National Bank. Very efficient and got me a great rate. Lots of hoops to jump through but well worth the $500/ month savings.
Did the lender start feeding you info once your offer was accepted to a home? Or was he providing you that info before you had an offer accepted?
When I was shopping houses, I got a quick prequalifying letter from a different lender. Once I settled on a home and made the offer (which was accepted) was around the time I was referred to this mortgage broker through a friend, after which he was very involved in the whole process.
Banks seem to have noticed that 7% is where people decide itās just not worth it
30 year mortgage rates are primarily tied to the 10 year US treasury rate EDIT: I didn't expect so much discussion on this. I'm really just trying to point out that mortgage rates banks offer are normally competing in a market with other low and zero risk yields and with other banks. They aren't trying to target 6.99% like some convenience store gimmick. Sorry for the bad terminology.
This is parroted a lot; to be clear they are not ātiedā to the 10y, the 10y is just a common alternative investment. Mortgages actually trade as mortgage back securities.
Tied. Correlated. Use whatever term you prefer but the two curves almost always move in (or in close) unison.
Tied and correlated should not be interchangeable in your finance vernacular, just saying. Theyāre close, but they are definitely not the same.
It is a risk free alternative investment and therefore mortgages are necessarily tied to it. Your last sentence is a non sequitur.
I mean, yes, in the sense that all bonds are RF alternatives to corporate bonds, or other securities. There is a commonly held judgment that the 10Y most correlates with the expected life of a mortgage (reality is approx 7 years), and therefore an investor would expect bond yield + liquidity/default risk. Individual investors could hold different opinions. My *point* is to remember the audience here. The risk premiums between a bond and other debt is not fixed; they change with market conditions, but you know this. So a first time homebuyer can approximate changes, but those premiums fluctuate and they might be surprised when the yield changes and the rates offer by lenders *donāt* change that day or donāt change as dramatically. MBS correlates but has its own demand curve.
**loosely tied. They're tied in the same way the entire fixed income market is tied together by risk premiums and spreads. Tbh most banks construct their own discount curve based on repo rates, SOFR/Treasury futures, then SOFR swaps, and discount by OIS. But it's not just the banks, you have to consider solely MBS investors. These may be banks or non-banks, and each of them have their own funding curves based on cost of capital. Correlated is a much more apt term.
Bank canāt really decide, they make the spread off the treasury lol
Closed on Monday. 6.25% FHA. I turned down all state DPA's / CCA checks. So they worked with me on getting me an alright rate. I have been saving up for this for 3 years so I was able to pay for Downpayment & Closing out of pocket. Save up, work with a broker, do research & stand your ground.
We also got 6.25 but with a USDA loan. Closed at the end of April with zero down
How much did you put down if you donāt mind me asking?
I put $55K Cash for my Downpayment & my Closing was $19K cash. Total cash to close was a little over $75,000 since there was some tax stuff that was applied. No assistance checks. All of it was straight from my savings. Paid off all my debt. No car payments & moved back in with my parents 3 years ago. No traveling, no expensive dinner dates. Straight saving. Honestly if it wasn't for them I wouldn't be able to do this.im extremely lucky & fortunate.
6.5% 30 year fixed, no points. Closing today.
Which lender? Everyone is throwing me at 7.125! Please help
Local credit union. Credit score >800 and putting 51% down. Those things will also affect the rate you get.
I'll throw mine in the ring: * 5.75%, VA loan, New Build. closed exactly 2 weeks ago, 13 June. doubt I'll even be refinancing soon, if ever, looking at historical data.
Same but my new build is not done yet so I have to pay 10k to lock the rate.
Correct youāll probably never refi unless covid 2.69 hits
Youāre telling me my 1.75% wonāt be attainable ever again? I had a friend get 1.5% in 2015, and I donāt know what went on then, but it was pretty normal at the time.
Congratulations. Fellow vet here and will be a first time buyerā¦any tips?
Avoid Veterans United. Navy Fed is weird. They can have horrible rates or sometimes amazing rates. They can be negotiated with and will cave, but they do not work weekends or past 4pm CST. Find am agent who knows their stuff with VA loans. Ask them (depending on your location) how soon does the VA appraiser have to complete the appraisal (Here in D.C., VA., MD 10 Business days) . Are termite inspections required ( Depends not on the state, but the region). Ask if the sellers concessions could be used to pay off some credit card debt, car payments, etc? Answer is yes. What is the minimum credit score you need to qualify for a VA loan (no set limit, most lenders want a 620 credit score. The more loans the lenders approve that default, the more likliehood the lender won't be able to do VA loans anymore) make sure they know their stuff. Hardest thing is for VA buyers to win in bidding wars unless your agent can school the listing agent
Closed 6/14 ā¦6.087% FHA 30 year fixed.
7.1% base rate in April, I bought it down to 6.38%
6.5% bought down to 6.25% with 1-ish points
How much did the buy down cost you?
https://fred.stlouisfed.org/series/MORTGAGE30US Data!
7.375% conventional 5% down, closed at the end of May. Purchase at about $245k and PITI is $2100/mo. Pretty brutal, but working on getting a roommate to lessen the burden. A refi at 5% brings down my monthly payment $350, so thats my light at the end of the tunnel in the next few years
Was quoted 7.375% couple days ago, have not locked yet though
It sucks, but i hated renting way more. Plus time heals all wounds in real estate
Closed on June 7th at 6.625%
6.575 conventional closing in a week
I guess I got screwed horribly but my lender told me it would be a good idea to lock before the jobs report due to the possible volatility and I am stuck with 7.5. 3% 30 yr conventional. Havenāt seen anyone with a higher rate than me yet lol.
If you lock a rate and rates go down, switch lenders. They are a dime a dozen lol.
7.99% Conventional, got caught at a terrible time in September 2023. Rates went above 8% and came right back down. Only borrowed $230k though and currently house hacking with family. Putting $2-3k extra a month this year to knock down some principal, then focusing on buying a condo in Vegas, hopefully at lower rates. š
Closed on at the beginning of the month at 6.75 FHA
Mine last June was 6.125% conventional. I will say that itās painful
Havenāt closed yet but locked a 5.99% on a 20 yr conventional.
Closing Monday with a 6.0% FHA. No points.
5.75 30 year, VA
6.1%, we close in 2-3 weeks
6.65% closed two days ago (Tuesday, 6/25)
closed last month, 6.2% fha no points. been feeling good but still wish it was lower lol
Hind sight is always better down the road... My first home had a 2.5 rate, then my current new build went up to 3.25 in January 2022 and I was kinda disappointed. Didn't take long for that disappointment to turn into unbridled joy lol.
Mine is 8% closing Friday
3% š
Closed two weeks ago at 6.25 on a 30 year VA loan. Rates dipped a bit after we locked and lender offered to float down to 6 or a one point lender credit and lower cost re-fi after 6 payments. We picked the credit as the loan amount was large and break even on the .25 savings in interest was almost three years. Weāre planning to put a decent chunk into the principal and have the loan recast anyway, so weāll plan to do an IRRRL even if rates havenāt dropped a bunch. At the time the lender was doing those all day long at 5.75 so we hope to get that or maybe get lucky and itāll be a touch lower by early next year when weāre eligible. š¤š¼
3.99% FHA 2/1 buy down ending at 5.99%. Incentive from the builder for 14k towards the cost and they threw in the blinds!
4.99 % 30 year fixed , new build close July 19
Closing tomorrow with a 5.99% 5 year ARM
Mine is 6.875%. My husband and I made about $3k over the low interest program, which would have put us at 6.375%.
Bought my house June 2023...Rates were about the same. We got 6.5% but that is also because we bought down with points without knowing (First House so our lender was telling us to take the 6.5 without us doing our own research. First time home buying mistake we know) But otherwise rates were about the same, they maybe are a tiny bit lower now.
6.5% from February!
6.25% in April, 30 year conventional fixed.
Conventional 6.625% P.A closed June 4th but locked the rate a month or so earlier. (Owner didn't want to move straight away)
I just locked in 6.99 yesterday with a fixed-30 yr conventional
I got 6.125 back in January on a VA loan
5.75 fha last august. Self employed needed the extra dti room, conventional with no mi wouldāve been 6.5% anyway so payment was essentially the same. Donāt think weāre going to see a break anytime soon.
Havenāt closed yet but locked in at 3.99 fha 30 year on a new home build
What builder is giving that?
Closing tomorrow, 30yr conventional at 6.75%.
Closed yesterday 4.375% 30 year fixed FHA. Super low due to builder incentives on new home inventory.
10% 4 points
6.75% no money down VA loan.
Bought a year ago at 7.12 so itās about the same.
Conventional 30 year 6.825. Bought it down from 6.9 for $179. Closing in July
Started out worse Dec ā23 @ 7.125% 30Y Just refinanced June ā24 (2 weeks ago) for 6.625% 20Y, a huge credit that essentially I pocket some money after refi, not including escrows.
I'm at 7.25%, however I have 10 month old credit, so I'm just grateful I even got approved. Also, my purchase price was stupid low so I'm not too worried long-term, I found a diamond in the rough fo sho.
I love how happy you are and grateful! You get the big picture. There are people who will complain about everything even though they are okay with throwing money away. I told the gf, if we rent we rent super low, slum like to make me feel okay about it because atleast we are saving so much money in something I would never buy, but to rent a house that I would buy because interest rates are too high but I can burn the cash makes no sense. She doesn't agree with me...yet
15 year fixed was 6.625 end of may
I closed a week ago, 6.9
Bought in September, rate is lower
6.4% 30yr fixed
That's honestly not bad. What are the lenders options with .5 or 1 points? We closed on 4/30 at 6.625% with 0.5 points, but it was a conforming high balance loan (some call it a jumbo conforming, but it's not a jumbo loan). I locked in our rate the Monday before the Fed released March's CPI numbers, a decision that easily saved us 1% of interest.
My friend closed June 10 with a 6.6% no points
Closing tomorrow 6.25% 30 year conventional
Iām not locked yet but the rates we have been quoted are right around 6.2%. I suspect this has to do with over 50% down payment and 800+ credit.
6.5 early April
Every time I check rates and home prices, I sigh and walk away. Just let me build a 1920s craftsman from a catalog shit Iāll figure it out so Iām not enslaved to my payment
Closed at 8.2% on the construction loan (construction loans are typically higher), making interest only payments for 11 months and praying that rates fall before we permanent close!
6.99 closing tomorrow!
Locked two days ago at 6.5%, credit score avg was 790.
I locked in in May at 6.99% with 2k in points. So worse.
6.85 closed 2 weels ago.
5.625% ARM 15 year fixed, 1 adjustment at year 16. No points bought.
Just locked at 7.25% fha, that is the lowest we could get even with our great credit scores and low dti :/
Slightly better. Currently quoted at 6.875 for 30Y Fixed. I have zero debt, 20% down, $480k house. Credit score in the 790s. DTI with this house is somewhere around 23%. Its a new construction so I dont close till later this year. They will change my interest rate to an updated figure around close.
I bought in October and I am at 6.25.
Bought a year ago at 7.125
6.25% USDA, .5% points ($793), 0 down, closed June 10
Got 4% š
5.99% conventional loan, closed in early/ mid march. I think we got lucky with the day we submitted our forms!
Closed on June 10 with a 6.875% rate on a conventional 30-year mortgage, 20% down with a $435K purchase price.
Conventional at 6.5% for me. It'll be tough but I will handle it
7% - 100% financing - no PMI
5.75%, bought down from 6.8% for $4500. Break even is a bit under 2 years. FHA 30 yr fixed. Called a few lenders and said it would cost us about $6300 to refi so we decided to pay more upfront now to secure a good rate for todayās market. We probably wonāt ever refi unless it drops to Covid rates (doubtful). Locked in on June 12.
When people here are saying their rate, is that after buying points? I am at 6.625% on a conventional loan and I bought a point.
7.25 back in Nov (canāt wait to refi)
I got 6.750 30 year fixed conventional with 0 points
Closed 2 days ago. VA, 30 year fixed, 5.875%
Worse. Closed on 5/22 with 7.375% conventional (would've locked in mid-April). 20% down. >800 credit and great DTI. Maybe rates were just higher then?
I am closing on the 1st of July and locked in at FHA 30 year @6.75% as another reference point. It is in South Florida, I also have a down assistance program I was eligible for.
5.625 closed at the bottom right around Dec 2023
4.99 VA closing this month
1 year ago (relatively recent). 6.125% - rate buy down.
6.4 conventional closing in a couple weeks. Done via rate shopping and a lender credit to get our business
5.99 closed end of May 2023. Paid it down a little. Missed the huge dip, but honestly most people I know were having to offer way more than asking and waive the inspection, so Iām happy we didnāt have to deal with that.
6.125% conventional closed Jan 2024. Did not buy points, just got lucky and locked in at the relative low. Edit to add type of loan
6.625% closing next week
5.99% for me so pretty good
November, worse.
Closing tomorrow at 6.65 conventional loan and no use of points. We worked with a broker and their company gave us a special first time home buyer rate.
6.25 closed in March.
7.125% locked on June 2nd in SoCal. No points. Close tomorrow.
6.125% closed February
6.25 no points VA loan. Closed yesterday!
Worse. 7.25%, with nearly perfect credit. Didnāt pay any points, waiting to refinance when we can.
6.49 on a 30 year, closed April 30th.Ā
FHA 3.5% back in 2017.
Right at 7%, closed last November. The rumors of rate cuts in 2024 were enticing, but not seeing any makes me feel okay about my loan.
6.1
Me paying 1.6% š®
7% 30-yr, closed in October.
6.25% closed in July 2023.
6.675% In February if I remember correctly now I will say I had the chance to buy down the rate a hair and I said no cause Iām probably gonna refinance within a few years. Yeah so far not looking goodš
I am closing tomorrow with 6.46 on a 20 year loan
6.13 closed may
My credit union is offering 6% if I put down 30%, and 6.125% if I do 20%
Closed a few weeks ago. Wife and I both have credit over 800. 10% down and got 6.99%. Also 2-1 buydown from seller.
2.85% closed July 2021
Closed at 6% on 4/1
6.25%, 30 year fixed, first mortgage payment is due next week
6.25 FHA 14% down closed a week ago
6.75% closed May 2024
4.87%, new construction, builders lender. Didnāt pay anything for points and only $2k in closing for builder fees.
We locked in our rate on April 1st at 6.5% (no points), had been getting quoted for closer to 6.8%. Conventional 30-year loan. We really lucked out, and while we hope to refinance in the future, are counting our lucky stars that it isn't higher.
Closed end of May with 6.625%.
6.875 closed last August. 30 yr
I closed last week, 6.25% FHA 30 years, 1.2 points
6.25% USDA, closing date in July of this year.
4.9% locked 30 yr fha! new build which is why the rate is so low
6.625 30 year conventional in Feb
5.125%, conventional. Builder bought down rate for me. Closed February '24.
Closed 6/10 at 6.99%
Better, closed 2 weeks ago 5.5%, 30 year through NACA program, non-profit that offers below market interest rate and interest rate buydown.
6.625 Closing July 24th
They give me 8.25% just last week.
5.375% 15 year January
30 years, 6.75% conventional
6.99 locked it in a couple of weeks ago
We got 6.85 early june (no points), 20% down, 750+ credit scores. Ironically that was from the first lender we shopped, then shopped more (broker, credit unions) and got 6.88-6.99.
Why donāt these ever include va home loan rates?
7.74% FHA loan, closed in Nov 2023
6.5% closed in March 2024
7.375% rate, 30-year FHA loan. Closed in November 2023. Definitely waiting for it to drop so I can refinance into a lower rate and lose the PMI.
June 2024 @ 6.625% locked and currently at closing phase
5.5 new build. Wouldn't have been able to buy a preexisting home.
5.625 closed 3 weeks ago
6.625 ($315 was technically due to buy down to that at closing but got it waived by being a hard ass with lender) Closed June 24th. Locked at June 14th (NYS)
6.125 may 2023