The Fed: "Rates will go up by the end of the year."

[pianoman9701]

78% of homeowners haven't refinanced since the pandemic started, even with historically-low interest rates that could save them as much as $250-300/month. The biggest reason? They don't even know their current rate. Check your mortgage statement now.

The Fed announced yesterday that they will be raising rates before the end of the year. I don't have a crystal ball but I wouldn't be surprised to see at least a point rise. The current rate to lenders is about 0% now.

It's important you check into what I can save you. Here's a very interesting article on this subject.

https://www.bankrate.com/mortgages/mortgage-rate-refinancing-survey-august-2021/

[Stalker]

What impact do you see the potential Chinese crash having on our market?

[pianoman9701]

I have no idea. I just know that the Fed says that a rise in rates is coming.

[raydog]

I sent ya a PM

[trophyhunt]

We refi'd about 4 years ago with a 3.2% rate, went with a 15 year loan.  Down to 124,000 with an equity loan for 46,000.  Even if I lost 1% on my rate, I just don't think it would be worth it.  But if I was to refi, I'd be asking you John!  Hope your business is doing well, it was nice to talk to you.

[pianoman9701]

I sent ya a PM

I responded @raydog. Your voicemail is full!

[h2ofowlr]

Don't think your link is working.  What is the current rate on a 15 year?  1.75%  We did a refi last year and locked in at 2.75% down from 4.8%.

[pianoman9701]

It seems to work for me. The article is on bank rates website, but is the result of a pool of people who have mortgages.

[kselkhunter]

Another reference article on pianoman's point.  We are likely at the end of the sub-3% mortgage rate era, for awhile.  If you're going to refinance, definitely think about doing it this year.

https://www.marketwatch.com/story/the-era-of-sub-3-mortgage-rates-may-be-behind-us-the-feds-policy-shift-could-have-major-repercussions-for-home-buyers-11632345480?mod=home-page

[knighttime25]

PM sent 

[pianoman9701]

I noticed on the advertising I posted for bankrate ( ), they're quoting 1.75-1.85%. These rates either have to be Adjustable Rate Mortgages (ARM; probably not a great time to do those unless you plan to sell in 3-5 years), or have insane closing costs to buy down the rate more than a point.

Rates are already starting to climb a little from speculation. This will have a couple of benefits for buyers. First, it'll naturally slow the sales market and could eventually affect home values downward (just a prediction based on nothing). Secondly, it'll get you guys off your butts to refi now instead of having to stay with a higher interest rate later. 

It may also help relieve the low housing inventory/high demand. I expect some relief will show up in the form of evictions and foreclosures, beginning in about 75 days.