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The quick rise in mortgage rates

Started by ctent
about 13 years ago
Posts: 26
Member since: Dec 2010
Discussion about
Just wondering. Has the quick rise in mortgage rates dampened sales? or caused buyers to renegotiate offers or contracts? What about buyers who received good faith estimates. There is a limit in the GFE in how much the rate can rise. Say if the GFE cap was 3.75 and rates are now at 4.0, do banks actually honor the GFE 3.75? Any input from brokers, sellers or buyers effected? thanks
Response by stevenlee21
about 13 years ago
Posts: 88
Member since: Mar 2013

buyer here. will consider 10 yr arm instead of 30 fixed as a remedy.

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Response by Riversider
about 13 years ago
Posts: 13573
Member since: Apr 2009

The rise in mortgage rates is mostly being felt in the refinance market. If you were going buy a month ago a 25 to 50 bps rise in all likelihood won't stop the purchase, it might even speed it up(that is if one were afraid the era of ultra-cheap borrowing was in its last innings(which it probably is)

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