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Mortgage Rates at Decade Highs

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  • Mortgage Rates at Decade Highs


    Saw this on Twitter this morning - thought it made sense to post. Evidently mortgage rates are nearing 5%. This is the highest in a decade and suggests markets are responding to anticipated interest rate increases by the Federal reserve.

    Source: Liz Ann Sonders Twitter feed.

    Why this matter? If your mortgage rate is under 5%, not may not be a great time to refinance.

  • #2
    Our mortgage was about 9% when we bought our house. The world will survive.

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.


    • #3
      Maybe we will finally return to normal where the 10 year treasury is 4-5% and a mortgage is 6-7%. I wouldn’t count on anything normal for the next few years as the Fed sells off its $11T it is carrying on the balance sheet.


      • #4
        My first mortgage was 5.25% on a 15 yr.

        My current one is around 4.49%



        • #5
          I've got some close friends in banking and was talking earlier this week. 15 Year fixed are now pricing at about 4.75% and 30 year fixed 5.25%, they expect to be up around 6% before too long.
          As cheap as loans have been 2-3%, most banks didn't even retain any of those loans in their portfolio, they immediately sold them off and took fees for doing the deal and managing the account. Wasn't enough money there to make it worth their effort to hold the loan.
          Maybe at the higher rates they will be able to retain a few more loans in house.

          Going through and purging a bunch of old paperwork several weeks ago and found our mortgage from 1989, it was 9.9% fixed, 15 year.


          • #6
            2002 I got a fixed 30 year for 6.375% and was TOLD by EVERYONE it was a killer deal. I never had one again until 9/2020 when chase offered me 2.875% fixed no cost just a relock on our current loan. Very weird. i currently have a 2% 7/6 arm from 6/2021
            LivingAlmostLarge Blog


            • #7
              Also now the real estate is considerably more expensive. I got my mortgage ten years ago, and the prices on real estate back then were considerably lower. I can't imagine getting a property nowadays with all these new prices. But having to pay for a mortgage is not so bad. For example, by paying a mortgage, you can profit from reverse mortgages. For example, I have used the services of, so I was able to get money for reconditioning my house and preparing it for my retirement.
              Last edited by AlexanderColeman; 05-20-2022, 12:43 AM.