The MND’s survey above are today’s rates with no points, which means that homebuyers who are willing to pay a point or so will be getting a mortgage rate starting with a 2!
While there is certainly a big concern about the coronavirus affecting the world economy – and putting a dent in the down payments – these record-low rates should keep homebuyers engaged!
I started the process Monday with that first market downdraft. By Thursday the interested lenders were begging me to lock in. I said “rates are crashing so hard your sheets can’t keep up. Let’s talk Monday.” They were not happy.
Mortgage rates soon to be in the 1s. 10 yr bond down 13% in a day???
@Rob_Dawg I talked to my mortgage guy Thursday and Friday. We’re waiting until at least Monday. We’re looking for 3.125% or lower for 30-year fixed. Filled out application on Friday. Still negotiating on some fees.
USE Credit union has 3.1 30 yr today. Very low fees
I’ve been with my credit union 10 years, Tom . My mortgage guy offered me 3.25 or 3.125% on 30-year fixed with a credit of $982 to offset some of the closing costs. We built a home in October, 2018. It’s such a hot market here that we don’t need an appraisal. The instant one generated with our address was 17.7% higher than 16 months ago.
We’ve decided we’ll decline this offer. Hoping for 3.0% or lower now. Waiting to see what the Fed does before or at their upcoming meeting. Goldman Sachs sees reductions of 50 basis points by March 18 and 100 basis points by June.
Like Rob_Dawg, we’re waiting. What say you, JtR, have a crystal ball, my favorite realtor? 🙂
Any potential Fed drop will be priced in well in advance.
Today is March 2nd. Fed meeting results will be March 18th. Midpoint is March 10th – good day to lock!