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Forum
-> Household Management
-> Finances
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amother
OP
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 Mon, Mar 23 2020, 11:28 am
I was trying to refinance since rates were low and Today my mortgage broker told me that rates jumped so high it’s not worth it
What happened what’s going on
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amother
Mistyrose
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Mon, Mar 23 2020, 11:44 am
| amother [ OP ] wrote: | I was trying to refinance since rates were low and Today my mortgage broker told me that rates jumped so high it’s not worth it
What happened what’s going on |
Im not in the business. But from what I’ve read banks can’t afford to give the rates
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amother
Oak
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Mon, Mar 23 2020, 11:53 am
| amother [ OP ] wrote: | I was trying to refinance since rates were low and Today my mortgage broker told me that rates jumped so high it’s not worth it
What happened what’s going on |
They didn't jump "so high".
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amother
Firebrick
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Thu, Mar 26 2020, 3:04 am
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So they did jump very high for a day but then seemed to go back down, keep checking
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small bean
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Thu, Mar 26 2020, 7:27 am
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When the market is volatile banks lend at much higher rates. So the interest rate a couple months ago was in the low 3s, then it dipped again and now it is back up and will remain higher until the msrket settles. Which which likely only happen once everything opens again.
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amother
Indigo
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Thu, Mar 26 2020, 8:43 am
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I am in the business. Rates did jump much higher than they were. They are still not totally there. Lots of people wanted to refinance and when it came down to it it was not worth it. Rates were low for a few days, but at the end of those days, the investors bumped back a lot of locks so a lot of people were not able to refinance that wanted to. Hopefully the rates will come down again.
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