So we may have an offer on our current house. I say may because it is Rob, and the offer is to "buy" then house but pay rent to us until the buyers current house is sold. However, Rob assured me that he would ask for enough earnest money to pay his fee... We will see how this all works out, Rob said he would get together with them today and get back to us.
We have been meeting with another Realtor, and through his analysis he feels we should list the house at $209k. That is a pretty depressing number, since the buyers would still probably ask for a reduction, as well as something towards closing. It is that kind of market. Which leads me to want to rent, but Jen has valid points concerning why that is a bad idea. So hopefully this sale can work out (we would both kinda get what we want).
But as for the title of the post. I called our mortgage broker to see what the rate on the house is going to do in June (it is a 3 year ARM that is 5 years old now). And she told me it will go down to about 3.5%. So I have to say that ARMs are awesome, when the economy is in the tank. (ARM is 2.275 plus 1yr treasury, which is at .68 right now).
3 comments:
Wow, nice rate. You locked in a pretty low rate on the new place too, right? I'm thinking of doing a refi and I'm wondering if I should lock in now. I think I should take advantage of what I can get now, but I was just wondering how low things could go. What were you at? I'm looking at 4.625% now for 30 year fixed. Things are looking good.
The rate on the new house is 4.75% Our broker took a hit when she locked it for us, cause I don't remember it ever getting down that low at the time. There is talk that they will go down to 4%, but that is just crazy talk... I think.
Guess that wasn't crazy talk! We re-financed back into an ARM at 2.75% a couple years later.
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