going much higher

The 89 basis points year over year is what hits my exit. On a $340,000 loan that's about $200 a month more for the buyer taking a Nashville flip off me. They don't come in lower, they just stop calling, and the house sits another three weeks.

i want to talk to my mortgage lender who told me not to buy my rate down too much in 2024 because rates would drop and i could refinance in a couple of years (i did not listen to him)

Anything decent in the Miami area is 1.5M+. Pretty insane. I dunno who's buying these. There are a ton listed. Surprised housing hasn't cracked harder.

So it’s basically at the 50 year average? Got it. Thank you.

Should have major announcement soon to manipulate the market forcing down rates......

The 10 years we gotta watch out for those starting to creep up?

The issue is social spending, driving rates up as the govt competes for funding. Doesn't matter what the Fed declares, this is driving.

New Trump second term high.

It's way higher you have no clue what your talking about. Are you mortgage banker or have finance degree?

I bought my first home in 1986. A 30 year fixed mortgage was 9 1/2%. And my brother bought his three months before mine and his was 10 1/2%. We have all been spoiled for a very long time.

It’s a distinction without a difference. There were no buyers when rates were in the 6’s. They are foolishly thinking they will get to 3% again.

This info is always interesting to read thanks Lance! One suggestion if I may- it would be helpful if you also included the spread last year too. I’m always curious what that looks like too.

At these rates, homeowners should shift their thinking to investing and improving their existing property. Improve the property value during high rate times and enjoy the improvement!

7.5 or 7.0 first?

That 213 spread is painful as hell because it shows how scared lenders are

We just watched the 30-year fixed mortgage print 7.26% versus 6.37% a year ago, with the 10-year at 5.13% and a 213 bp spread. The house tour now comes with a second mortgage for the first one.

7.26% today locks principal and interest on a new loan. It does not lock the tax or the insurance. Same day last year was 6.37%. That gap hits a loan that closes now. A loan from last year keeps last year's rate. The 2.13 point gap over the 5.13% Treasury is already inside the 7.26%. It is not a second bill. Education only · Not mortgage advice · DYOR

💥 pow!

They are still too low