Viewing a single comment thread. View all comments

RunFarSkiHard t1_ix1evy4 wrote

Currently in the home buying market and the math of interest rates is really the driving factor. For example, the payment on a $600,000 mortgage at 7% interest rate is more or less the same as the payment on a $950,000 mortgage at 3%.

I have friends that are locked in below 2%. At that rate, a $1.1mil mortgage is the same payment as described above.

7

skykitty89 t1_ix1h37a wrote

Same boat as you, what a fun year it's been knowing that I might as well have sprung for my $800k dream home in February because now I'll spend the same on a $550k split level. 🤦‍♀️

14

SynbiosVyse t1_ix1oyyu wrote

You mean locked in below 3%? I've heard of some crazy low rates but I haven't heard anyone UNDER 2%. Maybe if they have something like an ARM or 15 year but even then I haven't seen that.

3

RunFarSkiHard t1_ix1pj68 wrote

Oh yeah. I have one friend locked in at 2.4% and another locked in at 1.8%. It hurts my soul thinking about it

7

SynbiosVyse t1_ix1pr1e wrote

In order to get 1.8% APR 30 year fixed they would have needed to pay points. The lowest it ever hit was 2.5%. Again, unless they have a balloon payment, ARM, or something weird, but definitely not standard 30 year fix. Or they're lying/misinformed.

6

bbqturtle t1_ix3avxv wrote

I got 2.25 with a jumbo - not sure about below 2 ha

3

zipykido t1_ix2j5sr wrote

Jumbo rates are different from confirming loan rates.

2

RunFarSkiHard t1_ix6i9c5 wrote

I know it's fixed and I do believe them. Maybe they bought points though, I never asked that. I just heard 1.8 and was too sad to continue the conversation haha

1