Recent interest rate spike … anyone else freaking out?

posted 3 years ago in Home
Post # 3
Member
10487 posts
Sugar Beekeeper
  • Wedding: January 2011

Can’t you get a rate hold?  We had 120 days with our pre-approval.

Post # 5
Member
1304 posts
Bumble bee
  • Wedding: September 2011

Can you apply with another lender?

We closed in November so are sitting pretty though I hope it doesn’t cause a real estate crash.  Then we will be SOL!

Post # 6
Member
547 posts
Busy bee
  • Wedding: April 2013

There was a spike but I dont think its as bad as the 1980s lol. Our credit union can’t lock us in until we have a signed contract and its only good for 50 days (they estimate closing to take between 50 – 60 days). We got pre approved in early June for 3.125 and our current rate is 3.625 on a 15 year mortgage.  I know our rates for 30 year jumped a little over 1 point too. 

 And just think if lending rates go up so do saving rates

Post # 7
Member
4677 posts
Honey bee
  • Wedding: August 2012

Only if our on-going home purchase falls threw.  (The home owner falked out on us this weekend….) 

My parent’s first home had a mortage of around 13-15%, so if we do get screwed out of this house, I will just try to think of that.  And hope we can still get a loan.  This is what scares me more than the interest rate.  

Post # 8
Member
327 posts
Helper bee
  • Wedding: October 2011

So freaked out that we are starting the process tomorrow even though we really wanted to wait until my husband got a job closer to the location we want.

Post # 9
Member
1710 posts
Bumble bee
  • Wedding: March 2013

@licoricetea3:  exact same situation. We just closed today on new construction. When we first got our interest rate quote it was 3.625, but were unable to lock due to our builder not giving us a close date. So we locked 2 weeks ago at 4.625 and I freaked. It’s an extra $115 per month for us.

 

total. Freaking. Bummer.

Post # 10
Member
11712 posts
Sugar Beekeeper
  • Wedding: November 1999

Rates should actually be going back down – volatility in the geopolitical market (Syria) causes rates to get shaky, and rates always seem to go up on Friday afternoons (my mortgage broker says it’s because all the traders in NY rush to do their dumps before going to the Hamptons for the weekend).

@licoricetea3:  Depending on where you are in Virginia, sequestration will also have a major effect on not only the rates, but the home prices in general.  Since DOD just went into their furlough days with a 20% pay cut, it removes a lot of prospective buyers from the market, or may force some people to sell to stay above water. I’m in NOVA so sequestration as a whole has been a big wildcard during the homebuying process.

Post # 12
Member
255 posts
Helper bee
  • Wedding: May 2014

We are buying a new construction as well. We can’t lock in until the 23rd! I am freaking out because when we got preapproved it was @ 4% now its up to 5.25%! grrrrrrrrrr

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