Will we see a housing market crash in 2020?

[bjl584]

Probably no crash anytime soon. Interest rates are low and probably going lower if the Fed acts. Supply is limited. The market is probably going to start climbing again as the warm weather breaks and new coronavirus cases start to slow.

[ua_guy]

I sure as hell hope not. More than likely we'll have a house that's not even a year old, trying to unload it here in the Twin Cities later this year. That was a real concern when we were buying last summer--will the market hold or will we be holding the bag on something in a place we don't really want to be, long term.

Housing here is still going full rip. We've kept in contact with our realtor and he says we'll do just fine.

[corn18]

Well, we talked to our realtor and the market is very hot and the inventory is very low. The realtor said it looks like our high price is $805k and low is $775k. That's awesome. I have $736k in the budget. We need to hit $771k to break even (relator fee, closing costs and move costs), so this is good news indeed. So we rented a 1BR apartment about 3 miles away and the house goes on the market in 2 weeks (have to get us moved out and some repairs done).

[Jluke]

At this point I am keeping a close eye on mortgage rates (again).

we will see what happens between now and the mid-March meeting for the feds.

15 year is 2.75 now with 3.5k closing costs with my lender of choice.

[kork13]

At this point I am keeping a close eye on mortgage rates (again).

we will see what happens between now and the mid-March meeting for the feds.

15 year is 2.75 now with 3.5k closing costs with my lender of choice.

Yeah, I'm definitely interested as well... we're buying in May-ish timeframe, so a further drop in rates would certainly be appreciated. I'll admit that I'm a little sad that I'll be losing the 2.375% interest rate we somehow got on our current home back in 2016.

[LivingAlmostLarge]

How do you guys find good mortgage rates? Broker? How do you find a mortgage broker?

[kork13]

How do you guys find good mortgage rates? Broker? How do you find a mortgage broker?

I've personally never messed with a broker. I've only ever used one of the few banks/CUs I have a relationship with. PenFed CU in particular has consistently done very well for me, and likely using them again in Apr/May -- low costs, and the rates have always been exceptional. My mortgage from Sep 2016 was 2.375% with no points... I couldn't even believe it as I was signing the paperwork at closing. In fact, our title officer was shocked as well.

[~bs]

^ Yeah, you lucked into the previous low. There's a chance that rates might break through those previous lows, so who knows by this time may..

im finding rates are super variable among brokers/lenders, so you'll have to shop around. it's tough because the rates are always moving. One's quoting me 2.6% with 0.5 points, another is quoting 2.1% with 2 points paid, etc.

[LivingAlmostLarge]

I've personally never messed with a broker. I've only ever used one of the few banks/CUs I have a relationship with. PenFed CU in particular has consistently done very well for me, and likely using them again in Apr/May -- low costs, and the rates have always been exceptional. My mortgage from Sep 2016 was 2.375% with no points... I couldn't even believe it as I was signing the paperwork at closing. In fact, our title officer was shocked as well.

I checked penfed was that for 15 year at 2.375%.

[kork13]

I checked penfed was that for 15 year at 2.375%.

At that time, yes it was. Last I saw, they're currently offering 2.675%.