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I'd move fast if I were you. The Federal Reserve is expected to deliver two back-to-back half-point interest rate hikes in May and June to tackle runaway inflation, according to economists polled by Reuters who also say the probability of a recession next year is 40%. Interest rates are heading for 7% at least by the end of the year.
I'd move fast if I were you. The Federal Reserve is expected to deliver two back-to-back half-point interest rate hikes in May and June to tackle runaway inflation, according to economists polled by Reuters who also say the probability of a recession next year is 40%. Interest rates are heading for 7% at least by the end of the year.
That's not good news for sure. I am trying my best to get things set up by shopping lenders for the best terms. I already have one that has something called Lock Shop and Go. I can get a lock on the interest rate for 90 days and look for a house. Hopefully, we can find a house we like.
I'd move fast if I were you. The Federal Reserve is expected to deliver two back-to-back half-point interest rate hikes in May and June to tackle runaway inflation, according to economists polled by Reuters who also say the probability of a recession next year is 40%. Interest rates are heading for 7% at least by the end of the year.
Keep in mind that mortgage rates are not set by the Federal Reserve. They are based on a lot of factors including supply and demand. They are more closely tied to the 10 year treasury rates. Many lenders have been rolling out programs like the Lock Shop and Go program you mentioned. They typically do every time rates start rising since if they don't, you will be the one "shopping and going" if you were offered a lower rate somewhere else. Also, keep in mind that in Boise, many builders are not listing their homes until they are about 30 days from completion due to price increases and supply chain issues. Many seller's are also shopping for a home but afraid to list theirs in case it sells and they can't find a suitable replacement. Make sure that you select a Realtor that understands these things and doesn't just rely on the MLS. Best of luck!
I'd move fast if I were you. The Federal Reserve is expected to deliver two back-to-back half-point interest rate hikes in May and June to tackle runaway inflation, according to economists polled by Reuters who also say the probability of a recession next year is 40%. Interest rates are heading for 7% at least by the end of the year.
Yes, if you find something that works for you and is within your budget you need to act fast. But that's been true here for at least 5+ years. We had all of ~12 hrs to consider our current house before putting in an offer sight-unseen. We were one of about 10 offers and weren't even the highest bid. And this was before the pandemic migration madness.
On the other hand, I also wouldn't rush into overpaying, overextending your finances, or buying a place that doesn't really work for you. If we have a recession and/or rates go to 7% this will put a lot of downward pressure on prices. Higher rates hit everyone financing with a mortgage, and the prices this group can afford drops as rates increase and more of the monthly payment goes to interest. All-cash buyers are generally doing so by cashing out in more expensive markets (often with buyers with mortgages) and/or selling off highly appreciated stocks/options... rising rates and a recession will largely stop this pipeline of cash. I just wouldn't be pressured into taking a bad deal and would consider renting (I know, this is also a difficult market here) for a time if necessary.
Keep in mind that mortgage rates are not set by the Federal Reserve. They are based on a lot of factors including supply and demand. They are more closely tied to the 10 year treasury rates. Many lenders have been rolling out programs like the Lock Shop and Go program you mentioned. They typically do every time rates start rising since if they don't, you will be the one "shopping and going" if you were offered a lower rate somewhere else. Also, keep in mind that in Boise, many builders are not listing their homes until they are about 30 days from completion due to price increases and supply chain issues. Many seller's are also shopping for a home but afraid to list theirs in case it sells and they can't find a suitable replacement. Make sure that you select a Realtor that understands these things and doesn't just rely on the MLS. Best of luck!
I don't know but I keep hearing about this Federal Reserve increasing rates.
I was going to do a refinance and cash out but now?
Hearing about the latest increase and future ones coming from Federal Reserve
I don't know now if it is worth it.
I am at a current 3.75% conventional 30 year mortgage. I believe the current rate is much higher now than it was one year ago which was around 2%+
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