Home Forums Hunting & Shooting Hunter's Campfire Thinking of a mortgage refi. Are rates bottomed out yet?

Thanks for the pointers guys. Much appreciated

More demand than supply in our area already. No homes to buy and purchasers lining up. Escalation clauses/bidding wars are the norm on anything under $250,000 that's even halfway desirable. Bet I've turned down 6 houses to build in the last 3 weeks. After 8 years of Obama stagnation, kissing asses and taking anything that came along, it's nice to have riles reversed. I can't tell you how many [bleep] grinned and told me "you better sharpen your pencil, got 10 other guys bidding this job" them acted like they were doing me a favor letting me build their house for 5% .

I think we'll see a raft of foreclosures in the upscale housing. A lot of folks over-bought in this heated economy, thinking the bulls were immortal. Market related income has gone away all of a sudden and won't be back sufficiently for a while. There'll be a lot of friction fires...payment books rubbing against bank accounts.

That said, buy real estate carefully at these low rates. Find bargains! Don't jump at purchases, just because interest is low. Re-Fi right now is a good opportunity for substantial savings.

In our market, for the foreseeable future, it's a seller's market. This ain't 2008. Temporary blip unless that bucktoothed old mummy Biden somehow wins in Nov. At that point, I'll be going into full defensive, rice in 50 gal. drums, water purifier, bulk ammo, SHTF, EOTWAWKI mode.

As we're often the fastest growing state here in NV, we see these housing booms often. It's like an inchworm motoring along. It's up. It's flat. It's up. it's flat.

This has pretty much been the history of the industry here since the mid-60s. 2007-2008 were disasters.

We got a 15 year 3% re-fi in Jan 2013, paid it off last week.

Congrats!!!

We’re at 3.875%. Should have this sucker paid off in the next 5 years. Looked at a refi, but the mortgage fees/appraisal make the total cost of a new loan higher than my current one. We’ll just keep on trucking and keep the current loan.

That has to feel good! congrats.

Look at the total cost. Fees, inspections, appraisals... It often takes two-three years to realize a net savings. If you are absolutely going to stay, it might not matter as much as if you are planning a move any time soon.

Hard to believe people were standing in line in 1981 to get 15% , hoping it would not go higher. (which it did!)

Our first, in 1997 (?) Was around 7% for $75,000 and everyone was telling us how lucky we were to get such a low rate.