Youre pretty lucky, lots of places you have to bid over to get a shot, im refinancing my place again to take advantage of the low rates before the fed is forced to raise them to try and stave off inflation.
i waited for the market to settle down before i started looking. in the summer people were rabid, paying 50k over for houses that aren’t even really that nice. once school starts families leave the marketplace, and no one wants to move in the middle of winter.
i think at least in the city proper there was a lot of panic buying which was exacerbated by extremely low rates. seems like all of the dumb buyers have either already bought for stupid prices or simply don’t want to buy during the fall/winter
to comment on the overall macro picture, i imagine rates will stay low for some time, maybe upwards of another year or two. not buying the inflation narrative that seems to be spewed out ad nauseum by the major business news outlets. if i had to guess, it’s more a combination of a.) catch up inflation from the deflationary period at the beginning of the panic and b.) temporary supply chain disruptions caused by virus restrictions.
the fed won’t do anything drastic without signaling so well ahead of time. i mean, look at how long it took them start tapering bond purchases. and we’re only talking 15 billion less than 100 billion+ they’ve been buying each month to backstop lenders.
either way, definitely better to refi sooner rather than later if you have the cash for closing costs. could save you 30-50k over the life of the loan if your previous rate was in the 4-5 range like most were prior to the pandemic. i just locked in 3.2 on a west side double. prolly not ever going to get anything better than that
