High mortage rates since election week?

[2b2rich]

I'm so grateful that I locked in at 3.5 before the election!  I have so little experience with mortgage loans and had no idea the election would have an effect on the rate, but should have known.  It was offered to me last month by my existing lender and I grabbed it because my old mortgage was a little over 4. The new loan funded yesterday.

[StartingOver10]

Congrats on getting a good rate.

[2b2rich]

Thanks!  My stars rarely align this well very often! 😄

[jamevfan]

congrats on your new loan!!!! and great rate!!!

[Anonymous]

Indeed! We are seeing rates approximately 1/2%-3/4% higher than they were a month ago for all loan products.

[Calidreaming]

We were aiming to close on a house next year around May.  We had considered moving that up due to rising interest rates but it looks like we might as well just take our chances on rates moving back down a bit. 

[wmweeza]

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@Calidreaming wrote:

We were aiming to close on a house next year around May.  We had considered moving that up due to rising interest rates but it looks like we might as well just take our chances on rates moving back down a bit. 

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That's what I'm hoping too, we start house hunting in late April or in May

[Anonymous]

Rates are still in the low 4's for conventional. If the payment is comfortable for the size/type home you want, then I'd strongly consider not gambling on rates going back down. Just my two cents.

[Calidreaming]

Dpeezy,

The rates are doable for us now as long as they don't spike another 1% or something.  We already have a house we want to buy that is not listed.  We've been in contact with the owners and they want to sell, but they are not in a hurry.   My realtor doesn't seem to be in a hurry either.  We also have to find someone to assume our lease on the house we're renting, so waiting until May would be best for us logistically too. 

It sounds like rates are likely to trend higher over the long run but in the short term are very much in flux.  Or should we really be pressing to close earlier due to possible interest rate spikes? 

[Anonymous]

If it is affordable based on current rates, I would move on it ASAP.