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mortgage rates lowest in a year

12,225 Views | 61 Replies | Last: 7 days ago by jja79
SteveBott
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11:27a, 8/2/24
AG
We have had a nice slide of rates the last 7-10 days. Most on speculation of the Fed lowering their rates even though they have not yet. It is expected to do so in September. Our recent high was 7.10 so a solid half a point drop. Still high but going the right direction.
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Shooter McGavin
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11:21a, 8/3/24
AG
Rates are dropping and no one shopping
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SteveBott
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In reply to Shooter McGavin • 11:29a, 8/3/24
AG
It a tough market with interest rates, home values and insurance as high as they have been in decades. Especially tough on first time homebuyers.
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leighann
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2:18p, 8/3/24
AG
Plus all the economic uncertainty sidelines some buyers, I think.
We casually look online for a bigger house, but nothing seems worth it when you look at how much our housing expenses would increase with higher taxes, insurance, mortgage rate, etc.
So, we'll stay put and continue to save, for now at least.
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MookieBlaylock
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5:41p, 8/3/24
AG
doesnt help that the market crashed the same day
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p_bubel
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7:36p, 8/3/24
Wow, a whole 12 months…
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Average Joe
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8:27p, 8/10/24
AG
Looks like it didn't take long to jump back up. Was hoping it would continue to drop.
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SteveBott
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8:29p, 8/10/24
AG
Tough week until Friday and had a decent drop. 6.5ish now so better then recent highs
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Absolute
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9:14a, 8/11/24
AG
Anecdotal, but usually a little slow this time of year with kids going back to or getting ready to go back to school and college. Throw in the Olympics to distract as well and the uncertainty of the election year mess and it is not that surprising. People are distracted and nervous.
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Tex117
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11:47a, 8/12/24
AG
Because even lower rates or coming.

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Aggiehunter34
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11:55a, 8/12/24
S
Property tax and home insurance prices are killing a lot of deals right now for my lending business. Home insurance is absolutely brutal and the homestead increase has only increased the value the county has assessed the value at.
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ElephantRider
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8:29p, 8/12/24
AG
My insurance just came up for renewal, and holy **** it's ridiculous.
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SteveBott
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4:01p, 8/28/24
AG
We finally dipped below my OP and at 6.37
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Average Joe
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4:49p, 8/28/24
AG
I need it to keep dropping. We had to settle for a 7.125% rate. If I can knock off 2% in the next month or two I'll definitely be celebrating.
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SteveBott
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4:57p, 8/28/24
AG
Friday could be a big day. The PCE is published which is the most watched inflation data by the FED. It could be the difference from .25 to .5 drop in the Fed rate. I think a .25 drop has been baked into current rates, not sure .5 has though.
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ElephantRider
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12:55p, 8/29/24
AG
I'm sitting on 2.75% with my current mortgage. I'm going to die in this house
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Diggity
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In reply to ElephantRider • 2:02p, 8/29/24
AG
ha...my wife is resigned to the same fate

Our "5 year home" has seemingly become our forever home.

Could be worse....could be on the outside looking in
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Heineken-Ashi
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2:48p, 8/29/24
You can smell the desperation through the computer screen when you read posts from mortgage originators telling people now is a great time to buy the home. They should be forced to add the caveat "I haven't made a commission in 6 months".

Edit: Realized this sounded like I was criticizing the ones here. Not so. Mostly the ones on facebook who blast out "its a great time to buy a home" once a month. Many of them in the industry less than two years.
"H-A: In return for the flattery, can you reduce the size of your signature? It's the only part of your posts that don't add value. In its' place, just put "I'm an investing savant, and make no apologies for it", as oldarmy1 would do."
- I Bleed Maroon (distracted easily by signatures)
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jja79
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In reply to Heineken-Ashi • 5:23p, 8/29/24
AG
I'm retired so doesn't affect me but I doubt this applies to any of the mortgage guys posting here.
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jpd301
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In reply to ElephantRider • 5:35p, 8/29/24
AG
ElephantRider said:
My insurance just came up for renewal, and holy **** it's ridiculous.
Me too. Mine came in at a 56% increase from my renewal in Sept 2023 and looking back it has more than doubled since 2022 and tripled since 2020. Ugh
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Absolute
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In reply to ElephantRider • 5:43p, 8/29/24
AG
Us too probably....mixed feelings on that.
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ElephantRider
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In reply to Diggity • 9:07p, 8/29/24
AG
Diggity said:
ha...my wife is resigned to the same fate

Our "5 year home" has seemingly become our forever home.

Could be worse....could be on the outside looking in


Could definitely be worse…we were just also on a 5ish year plan and would actually be ahead of schedule as far as upgrading. Could sure use some more space.
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Yesterday
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10:21a, 8/30/24
AG
Our current 2.37% rate home will never get paid off early. Our forever home will most likely be purchased with cash and we'll rent this one out in perpetuity. Yes I understand the bank can recall the note if they find out and want to.
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Diggity
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In reply to Yesterday • 10:27a, 8/30/24
AG
Why would the bank recall your note?

Sounds like a 15 year anyway. Rookie!
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Yesterday
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In reply to Diggity • 10:34a, 8/30/24
AG
Diggity said:
Why would the bank recall your note?

Sounds like a 15 year anyway. Rookie!


They would be within their right to do so if they chose. Why would they? Don't know. And it's a 30 year note.
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Diggity
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10:56a, 8/30/24
AG
Come on man, nobody wants to hear abiut the rate you bought down. That's cheating.
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jja79
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In reply to Yesterday • 12:02p, 8/30/24
AG
How would they call your loan?
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Yesterday
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In reply to Diggity • 12:32p, 8/30/24
AG
Diggity said:
Come on man, nobody wants to hear abiut the rate you bought down. That's cheating.


Did not buy it down. Bought in September 2020
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carl spacklers hat
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3:09p, 8/30/24
It is interesting how the Fed's manipulation of rates has created two contrasting players in the housing industry - would-be buyers and super-low interest rate owners. The prior is in the market and wants to buy but inventory is tight, partly (or mostly?) due to the latter. Who owning a house with a 3% or less interest rate is going to sell their home just to turn around and pay more than double the interest rate on a new mortgage? In my case, any new mortgage would be at or close to triple my current rate.
People think I'm an idiot or something, because all I do is cut lawns for a living.
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Diggity
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In reply to Yesterday • 3:10p, 8/30/24
AG
damn....serious mortgage envy
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SteveBott
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3:21p, 8/30/24
AG
PCE came in as expected at 2.5%. Monthly was .2 so they rounded up. Market did not move on expected results

https://www.bea.gov/data/personal-consumption-expenditures-price-index
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Yesterday
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In reply to Diggity • 4:54p, 8/30/24
AG
Diggity said:
damn....serious mortgage envy


Really just blind luck. There was zero skill involved.
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Heineken-Ashi
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In reply to carl spacklers hat • 5:09p, 8/30/24
carl spacklers hat said:
It is interesting how the Fed's manipulation of rates has created two contrasting players in the housing industry - would-be buyers and super-low interest rate owners. The prior is in the market and wants to buy but inventory is tight, partly (or mostly?) due to the latter. Who owning a house with a 3% or less interest rate is going to sell their home just to turn around and pay more than double the interest rate on a new mortgage? In my case, any new mortgage would be at or close to triple my current rate.
The person who has to pay taxes on unrealized gains each year.
"H-A: In return for the flattery, can you reduce the size of your signature? It's the only part of your posts that don't add value. In its' place, just put "I'm an investing savant, and make no apologies for it", as oldarmy1 would do."
- I Bleed Maroon (distracted easily by signatures)
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TokinAg
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5:15p, 8/30/24
AG
Ah yes, all of us 100 millionaires who lurk on TexAgs.
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Diggity
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In reply to TokinAg • 5:22p, 8/30/24
AG
Those guys on the Business Board scrimp and save their way to 9 figures on the regular.
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