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

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

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.

I'm curious what business your in? Can you elaborate?

I'm curious what business your in? Can you elaborate?

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.

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.

Checking back in with mortgage gurus. Brother is looking to lock this week (probably a 90-day lock). Did they do about what was expected and stay similar or improve a bit after the .75% rate hike?

I'd be looking to get out of that contract right now. It sounds like the builder is probably in breach, or at the very least not complying with the building standards outlined. Your brother should be able to get all his money back and walk.

If you wait until after the home is built, even if you win a lawsuit the builder just files Ch 11 and your brother is left with a low quality house for which he overpaid.

Love to give you a quote for the mortgage....