BIG Drop in Mortgage Rates: Should You Refinance?

[@JasonWalter1]

Apply to a mortgage loan here (Jim Black is licensed in CA, TX & OR and Jason Walter is licensed in CA only): revesthomes.my1003app.com/2566691/register Or, schedule a free mortgage loan consultation with Jim Black and Jason Walter here: calendly.com/d/cmmc-xv2-xx9/jason-and-jim-real-estate-review

[@Ja56780]

If you can’t wait one year for interest rates to lower numerous times you really must be hurting for a lower payment.

[@jonathantaylor6926]

I wouldn't be so sure.. FED cuts and mortgages rates will not go down 1:1.. if the FED cuts 100 basis points mortgage rates will not go down by 100 basis points. FED easing is already priced into the bond market. The 10 year UST already down 130 basis points off its October highs. The 10 year will retreat somewhat on FED cuts but not by much.

[@Ja56780]

@@jonathantaylor6926 I’m in agreement with you, but others are so confident that rates will lower more and yet they want to refi now.

[@meetjimblack]

Long Term rates will not plummet like they did during Covid, they will slowing go down and borrowers need to make the choice which is right for them. For example I had several clients miss the lower rates in March of 2022 because they believed they would go back down from 4.75% to 3.0%. Fast forward 6 months, rates were over 6.75%. So everyone needs to make their own decision and evaluate what the value is to their goals. There is no one size fits all decision , which is why I love being a Loan Officer. Thanks for sharing

[@iishyxvietxboyii1]

@@jonathantaylor6926That’s funny because when they hike rates, it sure went up like crazy.

[@irvinsanta]

Hi there that's me. It's a struggle at 7.625

[@978babygirl]

I just bought a house in May of this year and my mortgage rate was 7.32%. Would you recommend refinancing by the end of this year or continue to wait and refinance next year? Thoughts?

[@gabyamato3755]

you’d be dumb not to refinance

[@Jasper118]

Why not refi now and again in a year?

[@Steverz32]

Good morning Jason & Jim!😊

[@JasonWalter1]

Good morning!!

[@Gadfly2025]

They lowered rates in 2008 too 😅

[@KAZHE63]

Exactly!!

[@iishyxvietxboyii1]

@@Gadfly2025 2008 had over inventory. 2024 has low inventory.

[@Gadfly2025]

@@iishyxvietxboyii1 let’s see , could change too

[@eddiedelrosario9946]

Thanks Jason and Jim!!

[@JasonWalter1]

You bet Eddie!

[@jamesgaffney7591]

No. Hold off. Wait till at least 2025 and revisit

[@TakeBackTheMoralOrder]

Bro: "I'm an expert in this field" Also Bro: "Over-the-counter rates"

[@danwebb755]

This assumes you have equity. Many homes are worth less than when purchased; add a new vehicle loan, and you're S*** out of luck.

[@JasonWalter1]

Nationally speaking, equity is close to a record high. Based on a report from Corelogic for Q1 (most recent report), negative equity represented only 1.8% of all mortgaged properties. "Negative equity peaked at 26% of mortgaged residential properties in the fourth quarter of 2009, based on the CoreLogic equity data analysis which began in the third quarter of 2009." Also, "CoreLogic analysis shows U.S. homeowners with mortgages (roughly 62% of all properties*) have seen their equity increase by a total of $1.5 trillion since the first quarter of 2023, a gain of 9.6% year over year."

[@PelicanIslandLabs]

Wait 9-12 months and the rates will be ~1 percent lower than the 'current' (Sep 8, 24) rate.

[@JasonWalter1]

Thanks for your comment. Why do you think this? In my opinion, future rates are going to depend on incoming data on inflation and jobs market. If the jobs market slows more than expected and/or inflation rate winds down more than projected, then we should see mortgage rates come down. In contrast, if more jobs are added than what's expected, mortgage rates could increase. Big picture: no one knows what will happen so no sense in trying to time the market.

[@iishyxvietxboyii1]

@@PelicanIslandLabs we’ll be lucky to see 4 percent.

[@raffihernandez532]

Expectations for future is higher property tax,insurance and cost of living. Yup!! We are golden🤦🏽‍♂️🤦🏽‍♂️🤣🤣🤣🤣🤣come on people buy! Buy buy….

[@robertjones2282]

Hurry ! Hurry ! Don't miss out ! 😀

[@House_hacker_619]

You guys remind me of people I knew from San Diego who didn’t buy in 2016😂. The same complaint “prices are too high it must crash”. Those houses that were priced at 500k in 2016 are at least 1.2M now. I’m like I told y’all it’s going to look like a bargain price 5 yrs later😂

[@House_hacker_619]

Should’ve, would’ve could’ve 😂

[@KorthyV2]

@@House_hacker_6191.2 in San Diego? You must really live in a total p.o. S. Sorry.

[@raffihernandez532]

@@House_hacker_619 the only reason houses are $1 billion is because the feds injected money into the system if they would’ve let everything fall the way they should’ve we would’ve already gone through the recession and we would’ve been golden by now, but all they did is kick the can down the road and put us all in debt. This is all fake and the truth is that reality is going to hit us all in the face when this comes crashing down.we are (table topped) right now just like an 08 before it wentdown. Best luck to everybody out there, but I am not a sheep all the real estate. I am going to buy on the bargain is not for me. It’s for my kids so I could wait no problem.

[@bisdakcalifornia1080]

Hi Jason, im planning to refinance my mortgage. I have 6.5 rate and believe i have good equity now and try to get some money to pay my credit card debt. let me know what advice you can give me. is Jim Black I personally to contact?

[@JasonWalter1]

Thank you for your question. The best thing to do would be to schedule a free consultation with Jim Black here (I’ll try to be there too. The call is only 10min max long): calendly.com/meetjimblack

[@raffihernandez532]

Yes !!yes!! ATM’S are open again 🤦🏽‍♂️🤦🏽‍♂️🤦🏽‍♂️🤦🏽‍♂️people are going to get wrecked 🤷🏾‍♂️👎🏽🤦🏽‍♂️

[@robertjones2282]

But but !! The consumer and economy have never been this strong ! Um....Umm..Oh yeah !! If You don't buy now You will never be able to afford a home again !! "Says every financially stressed realtor/investor". 😀

[@meetjimblack]

@@robertjones2282 this is a funny one. Yes, those Financially stressed realtor/investors are pretty easy to see and avoid. Always make a choice for YOU and YOUR GOALS, no one else matters. Banks want to make money for their best interests, they are not necessarily focusing on your best interest. Work with trusted local professionals is a great way to make sure you are getting real information and data to make a great decision.

[@Steverz32]

1😊

[@JasonWalter1]

Good morning Steve!

[@lockup6104]

🤙🏽