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Comment by jeffbee | Hacker News Reader

Is that in Canada? In the USA, Freddie Mac says 30-year fixed rates are typically 4.42% It took a year to get there from 2.75%, and it never hit 2.5%.

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I locked in 2.49% rate on a 30yr fixed two months ago in the US basically betting that rates were about to skyrocket and I wouldn’t be able to buy again for a long time at a rate this good. To get a rate that low you have to pay it down in points. Otherwise it would have been closer to 3%.

I don’t expect Bay Area nimbys to get any better, but there is a risk people just leave the bay (most of my friends have left). You can get way nicer housing in austin, Denver, Miami, dc, LA, San Diego, etc. for cheaper. Socal has even better weather and with remote work is super nice.

Florida is also way nicer for taxes. I forgot Seattle too.

And here I am, relieved to have locked in 3.75% a couple of weeks ago instead of 4.75%

A good rate is anything that let's you sleep a night.

I know it's mostly platitude but I don't have the time or the depth of knowledge to time mortgage rates or the market so I mostly ask myself if I can afford it.

Still a good rate imo - loans are a decent hedge against inflation. Plus you have a place to live without worrying about rent shifts (main risk is if you’re forced to sell for some reason at a bad time).

I’m happy we decided to do it.

Just poking around online it seems 5% isn't uncommon, some higher, some lower and it has happen relatively quickly. I'm not surprised if people who have a locked in rate are just eating the cost of outbidding to win.

Bankrate says this though:

On Sunday, March 27, 2022, the national average 30-year fixed mortgage APR is 4.570%.

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