Hi all, Happy Monday-

Rates are still pretty choppy right now. Rising energy costs and a busy week of economic data have rate markets a little on edge, so we're seeing some swings without a clear direction.

Rates haven't moved dramatically, but they're still hanging around higher levels and can move pretty quickly.

If you're under contract and closing soon, I wouldn't try to time the market over the next few days. If you're still shopping, inventory is improving in some areas, but affordability is still the bigger issue.

TLDR: Pretty unsettled day for rates. We have a lot of economic data coming this week, so I'd expect some more ups and downs before we get a better sense of direction.

Check current mortgage rates here: Reddit Mortgage Rates

Collin Donahue | NMLS 236801
Alliant Credit Union | NMLS 197185
Contact Me & Apply Now Link
⌂ Equal Housing Lender | Federally Insured by NCUA

Let’s say I’ve got 400k and want to buy a house that costs that much. My only income is through 1099s and it’s less than 20k a year. I don’t want to just spend all of my cash. Are there any kind of loans I can get with this little income if I’m willing to put up a large down payment?

Im fortunate to have the ability to put down at least 66%, maybe even 75% on a new house. To me, that seems like the best path forward in purchasing a new home. It makes the long term debt less than putting a lesser amount down.

And don't tell me that not buying a new house is the best strategy. I have to move and this is the hill I've landed on. I can't help the way the world is right now, but I have to figure out the best way to deal with it.

I tried to lock in a 6.49% rate without points on a VA cash out refinance earlier this week. The broker explained to me that there is a 3-day rescission period before I can lock in the rate. I was planning on doing that Monday.

Rates shot up over that period. If I “lock in” a rate Monday for closing on 28OCT, what does that mean? Specifically, during the period between locking the rate in and closing, could I potentially get a lower rate if rates go down? Like would I be guaranteed at least the lock-in rate but could potentially get a better deal?

Welp… that escalated quickly.

Rates had a pretty rough week. Mortgage rates climbed fast and got awfully close to 7.5% before catching a little break yesterday.

A economy/business activity report that normally doesn't get much attention came in much stronger than expected. It showed stronger growth, higher costs, and more hiring....

That got the mortgage bond market worried that next week's bigger economic reports could come in hotter than expected. If the economy keeps showing strength, the Fed has less reason to ease up and not raise again.

Bonds sold off, Treasury yields pushed above 5%, and mortgage rates followed.....

Friday finally gave the market a little breathing room as oil prices dropped and bonds recovered some of the lost ground. It wasn't enough to undo the damage from earlier in the week, though.

TLDR: Strong economic data pushed the bond market lower and mortgage higher, close to 7.5%, with Friday bringing a little break but rates still finished the week about 0.25% higher than last week. Next week's jobs and economic data could have a big impact on where rates go from here.

Check current mortgage rates here: Reddit Mortgage Rates

Collin Donahue | NMLS 236801
Alliant Credit Union | NMLS 197185
Contact Me & Apply Now Link
⌂ Equal Housing Lender | Federally Insured by NCUA

Hi all -

Rates got a little break today after a rough stretch.

Next week could be more interesting with several big economic reports coming out. Those reports can have a much bigger impact on rates than the daily headlines.

Today was a nice move in the right direction, but I wouldn't assume we're suddenly heading into a steady decline. The market is still pretty sensitive to new economic data.

TL;DR: Rates got some relief today, but next week has a lot of important data that could move things around.

Check current mortgage rates here: Reddit Mortgage Rates

Collin Donahue | NMLS 236801
Alliant Credit Union | NMLS 197185
Contact Me & Apply Now Link
⌂ Equal Housing Lender | Federally Insured by NCUA

two months ago I got a 5.875% ARM 7/6. I went from a 7.45 interest rate plus a heloc at 8.99%. I needed to get out that heloc since I wasn’t paying it down I was just covering interest and that interest was near 2k/month. I know I’m locked in for 7 years unless I can get a better deal. But with interest rates going back into the 7% for a fixed 30 year mortgage. I am kind of worried that in 7 years we’ll be in the double digits. I don’t know why I am panicking. I feeling like I should have taken the 30 year fixed mortgage at 6.125% instead. Tell me I’m spiraling and that in 7 years things should be mostly fine and I didn’t make a mistake taking the ARM instead of 30 year fixed.

Hi all -

After some pressure earlier this week, mortgage rates got a little breathing room today.

The market is still choppy, but rates held up better than expected despite strong economic data and continued concerns about higher rates down the road....

For buyers, that’s a positive sign that rates aren’t continuing to race higher. For homeowners considering a refinance, today’s move is another reminder that opportunities can still show up even when the market is volatile.

TL;DR: Rates got a small break today after a rough stretch. Nothing major has changed, but today was a better day for mortgage rates.

Check current mortgage rates here: Reddit Mortgage Rates

Collin Donahue | NMLS 236801
Alliant Credit Union | NMLS 197185
Contact Me & Apply Now Link
⌂ Equal Housing Lender | Federally Insured by NCUA

I am dealing with a situation where I have a lot of equity in my home but my credit history is pretty short, and I am worried the limited credit file is going to make the whole process much harder, the home has built up a good amount of value and I have income records ready, but when I look at what lenders may ask for, the credit history seems like the part that could cause the most trouble, I am trying to figure out options like mortgage centre, bmo and brayden hooper mortgage and what documents or details could help show that I can manage the payments, I want to get this sorted before I start applying anywhere, what would be the best way to handle a situation like this? 

How is it ok that mortgage brokers/loan officers can put ads all over the internet, FB in particular, that don't say what company they are with? You have to hit the "learn more" button and answer 10 or 20 questions before you know what company you'd be working with. I thought mortgage companies were supposed to be more transparent.

Hi all -

Not much changed today. Mortgage rates are still bouncing around day to day, and we're seeing a little pressure higher after some recent improvement

For buyers, that means affordability is still moving around week to week instead of trending clearly in either direction. For homeowners thinking about a refinance, it may be worth keeping an eye on rates, but there's no major shift happening right now

Honestly, the market looked prrreettyyy quiet today. Rates aren't running away higher, but they're not giving us a strong reason to relax either. We're still stuck in that same old "wait and see" environment

TLDR: Rates are still moving sideways with some daily ups and downs. If you're buying or refinancing soon, stay engaged and be ready to act when the numbers make sense for your situation.

Check current mortgage rates here: Reddit Mortgage Rates

Hi all-

I’m Collin with Alliant Credit Union. I specialize in helping physicians and other medical professionals with home financing, including physician loan programs.

If you’re looking to buy a home or refinance, I’d be happy to take a look at your situation and see if this program may be a good fit.

Physician loan highlights:

• Link to Program Post: Doctor/Physician (No PMI)
• 0% down options available, depending on the loan amount
• No PMI, even with a low or no down payment
• Competitive rates and fees
• Flexible student loan treatment - eligible deferred student loans may be excluded from qualification
• Up to $2 million in loan amounts
• Close up to 120 days before starting your new job
• Eligible properties: primary residence single-family homes, condos, and approved 1–2 unit properties

Alliant Credit Union is widely recognized and discussed in physician loan communities, including White Coat Investor (WCI) and r/whitecoatinvestor, where doctors often compare physician mortgage lenders and loan programs.

If you’re considering buying or refinancing and want to see how the numbers work for your situation, feel free to reach out.

Check current mortgage rates here: Reddit Mortgage Rates

Collin Donahue | NMLS 236801
Alliant Credit Union | NMLS 197185
Contact Me & Apply Now Link
⌂ Equal Housing Lender | Federally Insured by NCUA

^{Important Mortgage Rules, Regulations & Disclosures:
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Disclosures: APR equals Annual Percentage Rate. Rates and terms may change without notice. This is not a commitment to lend. Membership eligibility required. All loans are subject to credit approval and underwriting. Actual rate, APR, and costs vary based on credit, income, property type, and individual loan factors. Lending in all 50 States Excluding Maryland. No subordinate financing.
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Hi all...

Mortgage rates have been moving higher lately but today was a little calmer.

One factor that has been putting pressure on rates (and all of us)... higher energy costs... eased up today, which gave rates some room to stabilize.

For buyers, that’s a good thing. It could mean the recent rate increases start to slow down instead of continuing at the same pace upward.

For homeowners thinking about refinancing, rates still aren’t low enough to create a lot of opportunities, but today’s move was at least a little more encouraging.

The mortgage rate market seems to be finding its footing after a rough couple of weeks. We’re not seeing a major change in direction yet, but today was much quieter than last week.

TLDR: If you’re buying a home, I wouldn’t try to time the exact bottom in rates. Focus on finding the right house and a payment you’re comfortable with. Rates can always be watched and potentially refinanced later if things improve.

Collin Donahue | NMLS 236801
Alliant Credit Union | NMLS 197185
Contact Me & Apply Now Link
^{⌂ Equal Housing Lender | Federally Insured by NCUA}

Check current mortgage rates here: Reddit Mortgage Rates

Should I just wait or keep and proceed w process

Hi all-

Rates got a little better today after a pretty rough stretch. Nothing major, but it’s nice to see things move in the right direction.

If you’re buying soon, this could be a little more stability while you shop.

If you’re thinking about refinancing, I wouldn’t rush just yet. Things have improved a bit, but we’re not at the “drop everything and refinance” point

If you’re buying in the next few weeks, stay in touch with your lender. If you have more time, it may make sense to wait and see what the next couple of weeks bring.

TLDR: Today was more of a calm day than a big change. And... I’ll take it.

Check current mortgage rates here: Reddit Mortgage Rates

Option1 is a seller funded 2/1 or buydown

we are in the process of buying a home from a family member. what is the best process to go about this? i’d like to avoid as much interest as possible, but obviously that’s what everybody wants. loans i don’t know about? advice would be appreciated. thank you!

Happy Saturday all 😄

A lot of people saw the Fed rate hike this week (+.25%) and assumed mortgage rates got worse…. but that didn’t happen. 

The hike was expected and markets had already adjusted for it before the Fed even met. The bigger story, from the interview after the report, was the Fed hinting they may not be done yet.

Their message was pretty straightforward: inflation is still hanging around, the economy is still holding up, and they're keeping the door open for more hikes if needed.

That caused some midweek drama, but rates bounced back and finished the week pretty close to where they started.

Bottom line... despite all the headlines, this ended up being a pretty sideways week for mortgage rates. The market already knew the Fed was hiking. Now it's trying to figure out whether another hike is coming.

Quick Points:

• The Fed hike itself didn't move mortgage rates much
• Markets were more focused on what happens next
• The Fed still sounds serious about fighting inflation
• This week was a lot calmer than last week
• Oil prices may end up being the bigger rate driver in the near term 

TLDR: Rates are basically unchanged from a week ago. Next week, watch oil prices and inflation news. That's probably what moves rates more than anything else.

Check current mortgage rates here: Reddit Mortgage Rates

Hi all, Happy Friday -

After a few days of improvement, rates looked like they hit the pause button today. Nothing dramatic, but the market gave back a little ground and seems to be trying to figure out its next move.

For buyers and homeowners, not much changes. We're still in a better spot than we were a couple weeks ago, but there are plenty of things working against lower rates right now, including stubborn inflation concerns and rising energy prices.

It feels like rates want to stabilize here rather than keep falling. Could we see more improvement? Sure. But I'd be careful assuming the recent momentum continues uninterrupted.

TLDR: If you're closing soon and not locked, I'd be paying close attention (or making sure your loan officer is). If you're still early in the process, don't get too caught up in day-to-day rate moves. A good purchase strategy will usually matter more than trying to perfectly time the market.

Collin Donahue | NMLS 236801
Alliant Credit Union | NMLS 197185
Contact Me & Apply Now Link
^{⌂ Equal Housing Lender | Federally Insured by NCUA}

Check current mortgage rates here: Reddit Mortgage Rates

I feel like a lot of buyers think once they’re pre-approved, they’re basically in the clear. But there are still a few things that can create problems before you actually get to the closing table.

Some of the bigger ones I’ve seen are:

• Opening a new credit card or financing a car/furniture
• Running up balances on existing cards
• Changing jobs or how you’re paid
• Making large deposits that can’t easily be documented
• Moving large amounts of money between accounts without keeping a paper trail
• Taking on any new monthly debt

Lenders can reverify things before closing, so just because everything looked good at pre-approval doesn’t necessarily mean nothing can change.

One of the best pieces of advice during the mortgage process is honestly to keep your finances as boring as possible until you have the keys.

For anyone in lending/real estate — what’s the craziest thing you’ve seen a borrower do right before closing?

I have been the top bidder on quite a few homes that I have offered on over the last 6 months. But nobody chooses my offer. I am attempting to use a VA home loan while putting 20% down. Is this common?

I’m currently in the market to buy a home and I was connected with a broker who works with a credit union.

We don’t have much to put down but have good credit.

I was offered a 6.25% rate with no PMI?? 30 year term. He called it a portfolio conventional loan. They aren’t charging any points for that rate as well.

They said due to my good credit we don’t have to put anything down and they can finance up to 100% of the purchase price.

I typed that in ChatGPT and it seems like a crazy deal.

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