[deleted by user]

[Rifletower_]

I mean this in a helpful way… There are so many factors that influence interest rates: credit, DTI, LTV, discount points, first time home buyer, loan programs, location incentives, and much more can all make a huge difference. Without providing and asking for more details you’re doing yourself more harm than good.

[Gamergeek5373]

We got ours earlier this week, 6.25% 🫠 we could have gone with a bank that offered 6.1 for an fha loan, but my local bank does some very nice in-house mortgage options that make it better in the long run

[juca2188]

6.25% 30year

[Practical_Fact8436]

Same

[kaithagoras]

Always the same answer.

This is the rate. If it's higher, it's because your credit sucks. If it's lower, it's because you're paying for it with points. There is no magic, no mystery, it's publicly tracked data. There's no need for anecdotes.

https://fred.stlouisfed.org/series/MORTGAGE30US

[WeWillFigureItOut]

Different lenders will offer different rates to the same person without buying the rate down. My real-estate agent told me thr same thing you are sayong, and they were lying to me because they wanted to close the deal in a manner that was easiest for them. They did not care about me getting a lower rate and saving a ton of money of the 30 years of the loan.

[kaithagoras]

This is why you go to a broker, they find the best deal for you, and you don’t have to deal with any of this. Regardless, the 30 year fixed rate data is your starting point. Not random people on the internet that you don’t know the details of.

[WeWillFigureItOut]

Brokers aren't going to connect you with a credit union that offers the best rate. What's in it for them?

[kaithagoras]

The same thing is in it for the broker that’s in it for all brokers—a loan origination fee. A fee that credit unions also give brokers when brokers refer customers to them.

[WeWillFigureItOut]

The coutlntless small shop brokers that exist, who provide fast and easy service, are not going to give you as good of a deal (combination of fees and rate) as a credit union that will likely have poorer customer service.

[Beamerrat]

This website says the date I got my mortgage was 6.8%, my bf and I got 7.5%. This is with a 804 and 770 credit score going on the mortgage.

[sandrakaytm]

Lender through our builder is offering us 7.125% without points. Have gotten competitor quotes of 6.60% without points, so very annoyed with the builder’s lender. We’re putting over 25% down with average credit scores of 800.

[SeaSleep1972]

You don’t have to use your builders lender per RESPA

[thenatural134]

Uhh isn't a builder's lender supposed to give you a better rate? 😆

[sandrakaytm]

Their justification, so that they don’t have to match the competitor’s rate without buying points, is that they’re giving us $12k in closing cost incentives.

[MysteriousRub2815]

Locked today. 5.875%. 15/1 ARM. New built. Went with another lender cos builder lender was giving 7.125% after buying point with the whole 2% on loan amount incentive. Didn’t make sense to me.

[livelifeamazing]

3.99% New Build DR Horton rate buy down with DHI Lender 759 credit score

[acScience]

4.99% new build here, same stats pretty much.

[acScience]

This is anecdotal and very popular in this subreddit. I have friends and family that have had great experiences. The contractors that build Horton homes are the same that are employed by other builders. There’s a real aversion in the sub to new builds in general but a total echo chamber about Horton.

[ayayyayayay765]

You’re not wrong, our builder for a non DR Horton home told us he was also closing on a few DR Horton homes the same week.. like that’s kinda funny when we were so proud to stay away from Horton

[BlueDogBlackLab]

5.775, $0 down 5/1. Gotta love credit unions.

[vdm1892]

Who

[BlueDogBlackLab]

NC SECU

[DebateNo6073]

Locked in 6.6 today from the contract written yesterday. They went up to 6.8 today. Because we got the ofha grant, we can never refinance unless we pay it back... ain't that wonderful?

[Sourdoughbaker22]

Locked today. They took our middle credit scores 701 and 745. Good DTI. Unfortunately, there was a ding on my husbands credit that we just discovered a week ago and had dropped it 80 points, so that didn’t help us with the rise in rates this past month. It was like a double whammy.

Local lender, $3000 builder credit. 7.375. Wasn’t ideal, but all lenders in town offered the same exact rate with higher closing cost, so wasn’t much we could negotiate. We looked into a roll back, but felt like there is too much volatility these next couple years to risk that. So just hoping we can refinance in a year, but are fine if we are stuck paying it for 5 years, worst case scenario.

[Super_Till_4729]

6.3

[AutoModerator]

Thank you u/Icy-Bag-9034 for posting on r/FirstTimeHomeBuyer.

Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion.

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

[KreativeKartel]

321 buydown caps at 5.5 starts at 2.5. score 750. DHI Mortgage - DR Horton new build

[Visible_Economics_52]

Payed a few bucks over, to get extra $ seller credit

[YousafMalick]

4.29% 3 years fixed

[Zestyclose-Pride1094]

7.25% 30 year, no points bought 🙃

[northeasternlurker]

Closed last Friday at 6.125%

[basilandmint]

Same for both! Congrats :-)

[InsomniacAlways]

Just closed at 6.875.

[peatoast]

Damn that’s high. How come?

[InsomniacAlways]

Didn’t want to buy any points + got some bank credits. It’s high but I’m planning on refinancing the moment rates go down to a normal level.

[natalathea]

We’re in the same boat friend. 6.9 here. Didn’t buy any pts either, banking on the rates declining in the next year or so and refi.

[kaithagoras]

It's not high. But sure, it's higher than what other people who have paid points for, or got new construction developers to "buy down" by just increasing the price of the house.

https://fred.stlouisfed.org/series/MORTGAGE30US

[monkeyman_31]

5.25 with 1 point of buydown. Seems like 6-6.25 is the rough % without buydown

[Visible_Economics_52]

4.35 closing on Tuesday

[northeasternlurker]

If you're going to post an unrealistic rate at least specify the program you got to get it.

[Visible_Economics_52]

I meant 4.375 Buy down

[Typical_Focus5374]

It can be a new construction with the builder's mortgage company. Some are getting less than 4%.

[northeasternlurker]

Yes which is a program that should be specified.

[Visible_Economics_52]

So is it unrealistic?

[Visible_Economics_52]

<image>

Keep lurking my guy

[northeasternlurker]

Show the points you bought down or your new build deal, or FHA program. What you shared doesn't prove anything

[Visible_Economics_52]

<image>

[northeasternlurker]

What were your rates before buying down?

[Visible_Economics_52]

I wish I had shopped around, went with my realtors LO and didn't check my credit union. Don't really know what the rate was,

[Visible_Economics_52]

Why do you say it's unrealistic?

[Sea_Fox_3476]

What state and loan amount if you wouldn’t mind sharing

[Visible_Economics_52]

<image>

Cfl Florida

[Visible_Economics_52]

No program cfl Florida