4% 30 Year Mortgage

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Submitted by trex on March 18, 2022 - 6:56pm

Submitted by sdrealtor on March 23, 2022 - 5:45pm.

FWIW after spiking last week rates have fallen back the last 2 days

Submitted by spdrun on March 23, 2022 - 6:12pm.

Average 30-yr was below 3% about 6 months ago. Now, it's what, 4.25%? And the hikes are just beginning.

Submitted by scaredyclassic on March 23, 2022 - 8:40pm.

sdrealtor wrote:
scaredyclassic wrote:
sdrealtor wrote:
Planning to drink massive amounts of wine and bourbon I’ve collected the last 30 years, play golf and watch assets appreciate untouched before my death exit to a standing ovation! Enjoy me while I’m here!!!

Not bad, but there is a certain king lear beauty to becoming utterly penniless but also shafting creditors.

Having spent a lot of time, effort and foregone much income the last 30 years in the name of living a life of integrity thats not something Im willing to give up in death

Some religions believe lending with interest is immoral and lacks integrity. It is illegal, but arguments could be made it's not immoral.

Submitted by sdrealtor on March 23, 2022 - 10:33pm.

deadzone wrote:
spdrun wrote:
Average 30-yr was below 3% about 6 months ago. Now, it's what, 4.25%? And the hikes are just beginning.

Actually 4.68% today. But who's counting? Apparently interest rates don't impact the local housing market according to the "Professionals" on this board.

Clients closed at 3.875 yesterday. Another locked at 4% today. Still waiting for you to accept that bet, I’ve got the deed to my house ready to put up to your $1000. You continue making ignorant claims while I bring verified data making you look the fool.

Operators are standing by. Call to get yours too!

https://www.aimloan.com/home/84d5f76bbfa...

Submitted by sdrealtor on March 23, 2022 - 10:34pm.

scaredyclassic wrote:
sdrealtor wrote:
scaredyclassic wrote:
sdrealtor wrote:
Planning to drink massive amounts of wine and bourbon I’ve collected the last 30 years, play golf and watch assets appreciate untouched before my death exit to a standing ovation! Enjoy me while I’m here!!!

Not bad, but there is a certain king lear beauty to becoming utterly penniless but also shafting creditors.

Having spent a lot of time, effort and foregone much income the last 30 years in the name of living a life of integrity thats not something Im willing to give up in death

Some religions believe lending with interest is immoral and lacks integrity. It is illegal, but arguments could be made it's not immoral.

I don’t lend money. I say no or I gift it

Submitted by scaredyclassic on March 23, 2022 - 10:44pm.

sdrealtor wrote:
scaredyclassic wrote:
sdrealtor wrote:
scaredyclassic wrote:
sdrealtor wrote:
Planning to drink massive amounts of wine and bourbon I’ve collected the last 30 years, play golf and watch assets appreciate untouched before my death exit to a standing ovation! Enjoy me while I’m here!!!

Not bad, but there is a certain king lear beauty to becoming utterly penniless but also shafting creditors.

Having spent a lot of time, effort and foregone much income the last 30 years in the name of living a life of integrity thats not something Im willing to give up in death

Some religions believe lending with interest is immoral and lacks integrity. It is illegal, but arguments could be made it's not immoral.

I don’t lend money. I say no or I gift it

I meant the whole usurious system might be immoral. If so, borrowing and not repaying might be no more immoral than the whole foundation of our economy, at least if youre anti usury

Submitted by JPJones on March 23, 2022 - 11:08pm.

deadzone wrote:
spdrun wrote:
Average 30-yr was below 3% about 6 months ago. Now, it's what, 4.25%? And the hikes are just beginning.

Actually 4.68% today. But who's counting? Apparently interest rates don't impact the local housing market according to the "Professionals" on this board.

What are your credentials? What is your source on that 4.68% number?

Submitted by sdrealtor on March 23, 2022 - 11:45pm.

deadzone wrote:
sdrealtor wrote:
real estate is for pros

Hah, funniest thing I've heard in a while. Any high school dropout can be a RE agent or mortgage broker, hardly a complex career field.

And those rates you quoted were BS. Show me evidence of an actual loan in SD that closed today with that rate? I dare you. Not happening.

Rates are currently 4.72% for 30year fixed. You can get this on any number of financial websites.

Operators standing by…

Submitted by sdrealtor on March 23, 2022 - 11:49pm.

scaredyclassic wrote:
sdrealtor wrote:
scaredyclassic wrote:
sdrealtor wrote:
scaredyclassic wrote:
sdrealtor wrote:
Planning to drink massive amounts of wine and bourbon I’ve collected the last 30 years, play golf and watch assets appreciate untouched before my death exit to a standing ovation! Enjoy me while I’m here!!!

Not bad, but there is a certain king lear beauty to becoming utterly penniless but also shafting creditors.

Having spent a lot of time, effort and foregone much income the last 30 years in the name of living a life of integrity thats not something Im willing to give up in death

Some religions believe lending with interest is immoral and lacks integrity. It is illegal, but arguments could be made it's not immoral.

I don’t lend money. I say no or I gift it

I meant the whole usurious system might be immoral. If so, borrowing and not repaying might be no more immoral than the whole foundation of our economy, at least if youre anti usury

The key is pay now, consume later. Friends ask me how can I justify drinking a bottle of wine that is now worth so much. My answer is I bought it years ago and don’t remember paying for it. Tonight we are drinking it, tonight it’s free

Submitted by sdrealtor on March 23, 2022 - 11:51pm.

JPJones wrote:
deadzone wrote:
spdrun wrote:
Average 30-yr was below 3% about 6 months ago. Now, it's what, 4.25%? And the hikes are just beginning.

Actually 4.68% today. But who's counting? Apparently interest rates don't impact the local housing market according to the "Professionals" on this board.

What are your credentials? What is your source on that 4.68% number?

The answer is when he enters his financial credentials he gets rates for sub prime loans

Submitted by XBoxBoy on March 24, 2022 - 7:24am.

JPJones wrote:
deadzone wrote:
spdrun wrote:
Average 30-yr was below 3% about 6 months ago. Now, it's what, 4.25%? And the hikes are just beginning.

Actually 4.68% today. But who's counting? Apparently interest rates don't impact the local housing market according to the "Professionals" on this board.

What are your credentials? What is your source on that 4.68% number?

I suspect that deadzone is quoting the rate listed on Mortgage News Daily. https://www.mortgagenewsdaily.com/

3/23/2020 the stated rate is 4.68%. Keep in mind that is an average for loans available yesterday. When sdrealtor quotes that a client just closed at such and such, that loan was started a month or more ago when rates were lower. And with points you can always lower your rate.

From my experience Mortgage news daily is well worth following if you want to see what rates are doing. The question/issue isn't what rates are today, the question is how will these increased rates impact real estate. So far inventory numbers tell me the answer is not so much. Of course, maybe it's too soon to tell.

Submitted by an on March 24, 2022 - 7:46am.

XBoxBoy wrote:

I suspect that deadzone is quoting the rate listed on Mortgage News Daily. https://www.mortgagenewsdaily.com/

3/23/2020 the stated rate is 4.68%. Keep in mind that is an average for loans available yesterday. When sdrealtor quotes that a client just closed at such and such, that loan was started a month or more ago when rates were lower. And with points you can always lower your rate.

From my experience Mortgage news daily is well worth following if you want to see what rates are doing. The question/issue isn't what rates are today, the question is how will these increased rates impact real estate. So far inventory numbers tell me the answer is not so much. Of course, maybe it's too soon to tell.


It's not just points that can change the rate, loan amount and credit score play a huge role as well. I just checked 30 years fixed if I would refi today and I'm seeing rates @ 4% with 0 point.
Go here and check for yourself: https://www.zillow.com/mortgage-rates/

Just like in real estate, you don't buy an average house, you buy a house. Same goes for loan, you don't get an average loan, you get a loan (based on your condition).

Submitted by Coronita on March 24, 2022 - 7:58am.

I think the other angle is people just simply move into a different loan product for example 10/1 arms. This might seem like a bad product but is it? For example I took out a 30 year loan originally refinanced 30-year a few times and then refinance to a 15 year at the end of it I paid off my loan in 10 years. 10/1 probably would have been okay for me, might have been better

Submitted by sdrealtor on March 24, 2022 - 8:29am.

XBoxBoy wrote:
JPJones wrote:
deadzone wrote:
spdrun wrote:
Average 30-yr was below 3% about 6 months ago. Now, it's what, 4.25%? And the hikes are just beginning.

Actually 4.68% today. But who's counting? Apparently interest rates don't impact the local housing market according to the "Professionals" on this board.

What are your credentials? What is your source on that 4.68% number?

I suspect that deadzone is quoting the rate listed on Mortgage News Daily. https://www.mortgagenewsdaily.com/

3/23/2020 the stated rate is 4.68%. Keep in mind that is an average for loans available yesterday. When sdrealtor quotes that a client just closed at such and such, that loan was started a month or more ago when rates were lower. And with points you can always lower your rate.

From my experience Mortgage news daily is well worth following if you want to see what rates are doing. The question/issue isn't what rates are today, the question is how will these increased rates impact real estate. So far inventory numbers tell me the answer is not so much. Of course, maybe it's too soon to tell.

You are correct and of course I knew that and was just working over deadzone because it’s yet another example of how he does not understand in the slightest how real estate works. For that matter no one buys an average house or takes out an average mortgage. Average rates quoted on a site like that are for the country not here. The quality of borrower here is generally substantially higher than most places. The loans are also much bigger While still in the conventional range so the rates /fees are lower.

Submitted by Coronita on March 24, 2022 - 8:38am.

San Diego County:

Conforming loans – up to $647,200.
Super Conforming loans – between $647,201 and $879,750.
Jumbo loans – Over $879,750

For the rest of CA:

Quote:

Some of the high-cost areas of California include:

Alameda – $970,800
Contra Costa – $970,800
El Dorado – $675,050
Los Angeles – $970,800
Marin – $970,800
Monterey – $854,450
Napa – $897,000
Orange – $970,800
Placer – $675,050
Sacramento – $675,050
San Benito – $970,800
San Diego – $879,750
San Francisco – $970,800
San Luis Obispo – $805,000
San Mateo – $970,800
Santa Barbara – $783,150
Santa Clara – $970,800
Santa Cruz – $970,800
Solano – $647,200
Sonoma – $764,750
Ventura – $851,000
Yolo – $675,050

https://homeloanartist.com/california-fh...

Riverside is $647k

Submitted by scaredyclassic on March 24, 2022 - 8:38am.

Someone somewhere
Leads an average life
In the average house
With the average wife.

Drinks an average beer
Eats average food
Watches average shows
With his average brood.

But there's only 1 of him.

Compare:

The Lake Wobegon effect
The characterization that "all the women are strong, all the men are good-looking, and all the children are above average" has been used to describe a real and pervasive human tendency to overestimate one's achievements and capabilities in relation to others.

Submitted by Coronita on March 24, 2022 - 8:41am.

scaredyclassic wrote:
Someone somewhere
Leads an average life
In the average house
With the average wife.

Drinks an average beer
Eats average food
Watches average shows
With his average brood.

But there's only 1 of him.

Not me man.

I live in a way below average home in 92130 in the "Slums of Carmel Valley"

I can no longer afford Beverly Mira Mesa in today's prices. Those pesky tech workers with much deeper pockets.

Submitted by sdrealtor on March 24, 2022 - 8:50am.

And while National is important in the end all real estate is local. Driven by supply which is as low as anywhere here and demand which is as high as anywhere. You can follow inventory trends nationally on calculated risk among others who break it down by market. We are in the tightest market in the country.

So someday when things turn south as they inevitably will nationally and deadzone will try to claim victory from his rented hovel we will chuckle from our comfortable homes knowing we are both safely ensconced exactly where we’ve been all along. Just watching a market that is not reflective of the National market

Submitted by scaredyclassic on March 24, 2022 - 8:46am.

I am the mean.
You are the median.
Let us average out our differences.
A new mode.

Submitted by sdrealtor on March 24, 2022 - 8:47am.

Coronita wrote:
scaredyclassic wrote:
Someone somewhere
Leads an average life
In the average house
With the average wife.

Drinks an average beer
Eats average food
Watches average shows
With his average brood.

But there's only 1 of him.

Not me man.

I live in a way below average home in 92130 in the "Slums of Carmel Valley"

I can no longer afford Beverly Mira Mesa in today's prices. Those pesky tech workers with much deeper pockets.

I’d be happy with an average tee time in the next few days. All these average WFH guys that moved here are making it tougher than ever to get one

Submitted by Coronita on March 24, 2022 - 9:00am.

scaredyclassic wrote:
I am the mean.
You are the median.
Let us average out our differences.
A new mode.

Real estate cost in San Diego is so brutal, I'm living 2 standard deviations above my means.

Submitted by an on March 24, 2022 - 9:11am.

deadzone wrote:
sdrealtor wrote:

You are correct and of course I knew that and was just working over deadzone because it’s yet another example of how he does not understand in the slightest how real estate works. For that matter no one buys an average house or takes out an average mortgage. Average rates quoted on a site like that are for the country not here. The quality of borrower here is generally substantially higher than most places. The loans are also much bigger While still in the conventional range so the rates /fees are lower.

Ok got it, so interest rates aren't going up in San Diego?


Reading comprehension is tough

Submitted by an on March 24, 2022 - 9:21am.

deadzone wrote:
For you apparently. Like SDR perhaps math isn't your strong suit. Do you also dispute that interest rates are going up? Who cares if SD rates are slightly lower or higher than the national average, that is irrelevant. They are going up everywhere at roughly the same rate. SDR thinks SD is isolated in some type of a utopian economic bubble. Sorry it doesn't work that way. Everything is connected to the Fed.

Nope, just you. No one ever said rates in San Diego is lower. You obviously have no idea what goes into getting a particular rate.

Submitted by sdrealtor on March 24, 2022 - 9:23am.

an wrote:
deadzone wrote:
sdrealtor wrote:

You are correct and of course I knew that and was just working over deadzone because it’s yet another example of how he does not understand in the slightest how real estate works. For that matter no one buys an average house or takes out an average mortgage. Average rates quoted on a site like that are for the country not here. The quality of borrower here is generally substantially higher than most places. The loans are also much bigger While still in the conventional range so the rates /fees are lower.

Ok got it, so interest rates aren't going up in San Diego?


Reading comprehension is tough

He lives in a dark hole unaware all real estate is local. Some places it was flat during the bubble while others doubled. Some places are up a little during the pandemic expansion some are up a lot. No place is average except scardey’s kitchen but even that is underconstruction and being remodeled! Gooal!

Submitted by evolusd on March 24, 2022 - 10:41am.

Selling my mom's townhome up in LA. Buyer's loan has a rate of 4.875%. Ouch.

Submitted by sdrealtor on March 24, 2022 - 11:14am.

evolusd wrote:
Selling my mom's townhome up in LA. Buyer's loan has a rate of 4.875%. Ouch.

Yup condo rates are higher and must not have great credit or good down. Thats about 0.5% above current market for good buyers

Submitted by sdrealtor on March 24, 2022 - 10:47am.

deadzone wrote:
an wrote:
deadzone wrote:
For you apparently. Like SDR perhaps math isn't your strong suit. Do you also dispute that interest rates are going up? Who cares if SD rates are slightly lower or higher than the national average, that is irrelevant. They are going up everywhere at roughly the same rate. SDR thinks SD is isolated in some type of a utopian economic bubble. Sorry it doesn't work that way. Everything is connected to the Fed.

Nope, just you. No one ever said rates in San Diego is lower. You obviously have no idea what goes into getting a particular rate.

Rates are UP across the board, and only going higher. There is no example for any type of loan, for any city, that rates have not gone up substantially in the last few months.

Actually I think 10/1 has not. A few months ago they barely existed and pricing was awful as no reason to take one. Now coming back with sharper pricing. Not saying they are down but definitely not up substantially. It doesn’t work how you think it works

Submitted by sdrealtor on March 24, 2022 - 11:12am.

House in Encinitas just closed for $6M which is $300K above asking so a bidding war on it. It closed in 7 days! Wow those lenders are fast these days and congrats for locking in while rates are still low!

Submitted by an on March 24, 2022 - 11:15am.

deadzone wrote:
Rates are UP across the board, and only going higher. There is no example for any type of loan, for any city, that rates have not gone up substantially in the last few months.

Strawman

Submitted by XBoxBoy on March 24, 2022 - 11:45am.

scaredyclassic wrote:

The Lake Wobegon effect
The characterization that "all the women are strong, all the men are good-looking, and all the children are above average"

It's fascinating to me that the characterization starts with, "all the women are strong" instead of something like "all the women are pretty" or some other stereotype of women. I'm not really sure what it says about gender stereotypes that the women are defined as strong and the men are good-looking, but I like it.

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