What are the gurus seeing ?

Just got a slab down so with luck in 9 months I’ll still be qualified for our home build.

Wait until next week but the first number being a 7 is going to become common.

Did you hear the one where the big scary home builder built the brand new house, backed out of the contract (because they wrote that in the contract) and sold the house to a different family for more money?

Saw the entire thing on the local news. The interest rate at the time was different than it is now. Builder had a clause in the contract that was written in their favor. House was worth more in the end versus when construction began and they told the couple no dice. Pretty lousy thing to do. Don’t remember the name of the builder, but the station did name them.

My brother is using a popular builder in Caddo Mills. It's going absolutely awful. Builder has not used the materials in his build package sheet (instead choosing cheaper and lower-performing products). Builder said the materials in his agreed-upon package (that he and my brother signed) were too expensive and he could no longer do it. He said 11 months to complete, which means he'd be finishing this month, but he's not even dried in yet (can you imagine being nearly 12 months in without even having brick on the outside???). Brother could have locked in 4.9% for 60 days a month ago and been in decent shape. Now looks like it's going to be 6.5%+ and he's going to be paying $1500/month more than expected and he'll be paying it for a house that's not built to the agreed-upon contract.

I'm not sure if or how much my brother is planning on pushing the issue, but I hope he takes the builer to court and gets a bunch of $ out of him. What he's done is so incredibly wrong. Nothing but lies, [censored] quality, lack of customer service, breach of contract, and unnecessary delays that will end up costing my brother hundreds of thousands of dollars.

Was 3.75% when we signed, city took almost 3 months to get permits done.

We could buy a 12 month lock once we had slab, at this point the city has cost us an unknown amount.


Not saying builder is perfect but they had slab done 3 weeks after permits approved


It is what it is , hopefully they peak and dip some if it gets back into 5’s we will lock

I believe the fed was talking about 2 more rate hikes, just what I heard on the radio the other day. I would not count on a dip, only a rise. At least according to the “expert” on the radio.

The Fed has clearly stated that they want inflation below 3% and will raise rates until we get there. The inflation problem is made worse by more government spending on climate change and student debt relief. May be a long time before mortgage rates start to decline.

Yeah we aren’t dipping anytime soon. Maybe 5-10 years out

Think you will sell much at that ?

I can lock a 15 year under 6 rt now , guess I should consider that.

They will continue to rise through 2023.
.after we take the House and Senate in November,we should begin to see change to the good!

This would be a good time to 7 year ARM. Refi later.

Probably so, and hopefully refinance if rates come back down

My first house going rate was 10% back in 87

Yep, I heard they are gonna bump it a whole point next week. That is a big move.

The Fed is expected to increase the rate 0.75% (81% probability) bringing the high range to 3.25%. I wouldn't expect them to raise it a full point. Mortgages have priced this in the 0.75% increase, if we get a full point then rates will jump up and we are looking at 7% mortgage rates and I'll have to find another job.
Most sellers are offering long term rates locks, some up to a year.