Interest Rates — Rich just locked a $600K loan at 6.625%. He sees more chance of a 7 in front of rates than a 5 in the near term. Concrete data + buyer warning.
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Full Transcript
Yeah rates pretty much status quo right now we’re 65 to 675 range I locked a loan yesterday and a large down payment 800 plus credit but it was a higher loan amount It was 600 000 loan amount on a 900 000 975 purchase The rate I had to lock out was 6 625 Had that same formula been a lower loan amount maybe 150 000 or something like that it probably would have been six and a half Then if they had a little bit negative credit we would be six seven six eight We’re right in that range That’s where we’ve been for a long time really We did have some pressure pushing us up for a while The 10 year treasury was in the high 460s at one point We’re in the mid 440s now We seem to stabilize a little bit That’s where we’re rolling at this point For people that are waiting around I would say I do not see a five in front of these rates anytime in the near future but I see series of events that could happen to put a seven in front of it There’s no need to wait If you need to act I would say do it now For the most part we’re just staying status quo.