If all goes as is (expected cuts) I expect 5 year fixed rates in the 3s in 2025 with some shopping around. So maybe 1% to 1.5% higher then they are now and many--even most can likely deal with that. I think 2025/26 renewal people dodged the worst of it.
Maybe…my parents mortgage (<300k) increased $400/month. That’s low.
I don't think there's a single forecast predicting fixed rates that low from legit lenders and without crazy penalty clauses. Most seem to be predicting fairly flat numbers, maybe a drop at most by a half percent from the low- to mid-4's available now. Add to that, the expected corporate tax cuts in the US (which the inevitable Conservative government here will likely try to match) will lead to running significant deficits, which will raise bond yields and stop fixed rates from going too low.
I agree. I don’t expect rates to drop down for fixed 5 year below 3% unless things really **** the bed.
AI models have serious constraints on new information. Their database is historic. More recent versions require paying. Afaik, none are remotely real-time. Part of its answer should have included the date it was considering but that would make it look less magically useful and hurt valuations.
A thousand dollars is bout $60 hours on minimum wage per month. You won't have any free weekends but you'll keep the house. Of course taxes will affect the numbers unless there is a mercy clause somewhere in the CRA. Haha.
When we bought our present house the rates were 13% but soared to 22% but came down to 12.5% at renewal.
Me too. Agents have a way to burn history now. You can see something happened but the price, listing and status all get purged. I haven't figured out how or why this happens. An agent may have two houses close to each other and purges one but leaves the data up for the other.
Some odd stuff from Google maps street view. The lot appears to be half of the 40 footer. The driveway may be shared with the other half. The satellite view shows a better split but the front brick count (3 bricks = 2 feet) says 10 feet. That is scary small when you lose a foot + to walls.
Listing that I see has 'As Is' tacked on to the end of the description. Major red flag, definitely something for a realtor to check into.
If you look back in Google that new front door was in fact a window, back in Feb 2021 it was a window. I was thinking the same thing that this was a detached house that somehow got split into a semi. That split would be an issue for the lawyer to check into.
Around us it is common as boomers are aging out. The house is in good shape and very well maintained but many of the mechanicals are way out of date, plus old-timey/original kitchen and bathrooms. K&T, galvanized and maybe lead plumbing, old boiler, likely some tasty asbestos--they mostly need to be addressed, not all day one, but the upgrade cost can be much less than the as-is where-is discount for the right buyer. Seller (or estate) does not want any of the hassle.
The physical issues can be resolved but the legalities could become a battle of attrition. I’d be very interested in the status of the other half.
Sadly, they took what was probably a nice well laid out house and divided it into turds. One turd on the left and two turds on the right.
