Quote:
Originally Posted by CoachKandSportsguy
people are starting to get quoted mortgage rates in the 4s %, that will kick start the housing market!
Just in time for the chilly snow creatures to start thinking about a FL house!
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One could hope? But, actually rates went up today, the cuts were already factored in before the announcement by most lenders. 5.49% is the best offering , but the national average is 6.21%.
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Banks got burned lending at low rates during COVID, they won’t do it again. Underwater lending was a huge error as many now maintain mortgage loans at 2.3% while paying twice that on their CDs to the same customers. I doubt you will see much movement in interest rates for the customer for quite some time. Builders are doing some deals, but it all comes out in the wash later. Rates will likely stay solid in the mid 5s to 6% area at the very least till years end.