U.S. mortgage interest rates jump to 7.16%, highest since 2001

Re:U.S. mortgage interest rates jump to 7.16%, highest since... by post_break on Wednesday October 26, 2022 @11:15AM (#33344999)

Refinancing at 2.5% is the closest I have ever been to winning the lottery. I can't imagine trying to buy a house or finance a car right now, especially with dealers charging crazy ADMs. Something is going to have to give.

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Re:U.S. mortgage interest rates jump to 7.16%, highest since... by avgDev on Wednesday October 26, 2022 @11:31AM (#33345260)

A credit union I used for my house which had competitive rates has very good rate for new auto loans. It is about 4.09% for 4-5 years.

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Re:U.S. mortgage interest rates jump to 7.16%, highest since... by post_break on Wednesday October 26, 2022 @11:36AM (#33345333)

I'm sorry are you saying 4.09% is a good rate? Anything 2% or lower is a good rate, my house was 4% back in 2019.

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Re:U.S. mortgage interest rates jump to 7.16%, highest since... by avgDev on Wednesday October 26, 2022 @11:40AM (#33345389)

Yes, I think 4% is still relatively low and a good rate. I would probably take out the loan to have that money invested in the market or bonds.

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Re:U.S. mortgage interest rates jump to 7.16%, highest since... by rocket_surgeron on Wednesday October 26, 2022 @11:53AM (#33345567)

In the context of banking and financing for the entirety of human history, 4.09% is fantastic, outstanding, amazing.

In the context of the last four years it is not. It is "merely" good.

I do not consider the last four years to be the foundation on which to start building assumptions.

Even in the context of the last four years, for auto loans 4.09% is only above average for about six of the last 48 months (Sept 2021 - Feb 2022).

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Re:U.S. mortgage interest rates jump to 7.16%, highest since... by test6554 on Wednesday October 26, 2022 @11:20AM (#33345071)

I wish there was a p2p lending program where I could make some cash and people with good credit could borrow for better rates than banks offer.

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Re:U.S. mortgage interest rates jump to 7.16%, highest since... by njarboe on Wednesday October 26, 2022 @11:38AM (#33345369)

Lots of companies doing this for awhile. I'm not sure about the rates, but you can find them by googling "best ptp loans for investors" or something like that. https://www.prosper.com/ is one, for example.

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Re:U.S. mortgage interest rates jump to 7.16%, highest since... by lotsofpulp on Wednesday October 26, 2022 @11:27AM (#33345178)

There is, just put a sign outside your door or post an ad on Craigslist/Facebook/etc.

Although, I hope you have a good reason to think you are better at predicting probabilities of default than professional lenders with teams who do it day in and day out.

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Re:U.S. mortgage interest rates jump to 7.16%, highest since... by PubliusMI on Wednesday October 26, 2022 @01:38PM (#33346902)

Many professional lenders face regulatory challenges that a small private lender might not face.

For example, a professional lender is likely to face greater scrutiny under the Civil Rights Act.

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Re:U.S. mortgage interest rates jump to 7.16%, highest since... by supertrope on Wednesday October 26, 2022 @12:54PM (#33346390)

It's called a credit union.

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Re:U.S. mortgage interest rates jump to 7.16%, highest since... by fundad on Wednesday October 26, 2022 @03:10PM (#33347984)

Credit Union?

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