March 10, 2020 at 6:21 am #66126kjenkins79Participant
Does anyone know what the true rates are currently?March 10, 2020 at 7:50 am #66128NelsontMember
Bank of America employees and the naca propriety software that tells the MC what to say.March 10, 2020 at 8:07 am #66130ibuyhomeParticipant
I’m beginning to think this is no longer a technical error. Can @ttrumble confirm?March 10, 2020 at 9:01 am #66131
I called the mortgage dept. and my local office. Everyone is saying it’s 3.625%.
This really changed what I could afford in a competitive market in the bidding war i’m currently in.
If someone could really help identify if this is correct. I’ll have to wing my offer here by noon.March 10, 2020 at 9:06 am #66133
Hi everyone, I am quite concerned about what is happening with the interest rate. As previous people have said, the DMV area is a high cost area and when we got qualified the interest rate was at 3.125. Today it is listed at 3.625 which makes a sizable difference in my monthly payments.
We have already submitted our P&S to the MC and she wants to submit the file, but I want to wait for the rate to be adjusted. Anyone have any advice? And @TTrumble, any word on the update for the rate change? BOA has their rate listed at 3.5. Naca is supposed to be lower than the average rate (at least that is what I thought).
Thanks for your responses.March 10, 2020 at 11:31 am #66137
Rate has gone up – 3.875% APRMarch 10, 2020 at 11:43 am #66139
I see it went up to 3.8. Anyone know whats going on? BOA website says average rate is 3.5 right now.March 10, 2020 at 11:59 am #66143purdynerdyParticipant
Wow. I guess I’ll have to put a pause on home searching and reassess. I live in the DMV and this drastically changes what I can afford now.
Just last week it was 3%. I know NACA is still the best option considering no PMI.
March 10, 2020 at 12:05 pm #66145surpriseninjaMember
- This reply was modified 7 months, 2 weeks ago by purdynerdy.
Still a glitch as I understand it. The problem is we seem to be the only people aware of this glitch. I’m in the same boat @dware08 . My MC says it’s 3.8 so anything i want to put an offer on is way above my monthly payment now.March 10, 2020 at 12:14 pm #66146kjenkins79Participant
Wow I guess I will be putting my search on hold as well. This new rate will limit me tremendouslyMarch 10, 2020 at 12:19 pm #66147Al92Member
3.875 seems a game-changer for a lot of members. I was planning to put an offer today. I just can’t decide to move forward or hold on for now.March 10, 2020 at 12:25 pm #66148purdynerdyParticipant
So not only are we now limited in purchasing power by the interest rate, but housing prices (at least in DMV) will continue to rise due to buyers flooding the market with lower interest rate mortgages.
I’m so discouraged.March 10, 2020 at 12:30 pm #66149
So I know I was concerned and freaking out as well, but yes it’s a technical error. The website code and the data connection back to BOA was unable to handle the current fluctuations. It will be .375 lower than the stated BOA rates.
Any submissions can use that as an estimate and any P&S can be submitted and retroactively will be adjusted.
Good luck everyone!March 10, 2020 at 12:39 pm #66150
Thanks for the info @vrundmc. How did you come across this information. I want to make sure I am not locked into a higher rate that I can not afford.
ThanksMarch 10, 2020 at 12:49 pm #66151
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