Being offered 4.875% for a 7/6 ARM for a Jumbo loan in SoCal. No Points. Is this market right now or is it worth shopping around a bit more?
Now is absolutely not the time to buy. Its absolutely a buyer’s market at the moment, but things are not going to get better from this point on, so unless its necessary you’re going to be much better off holding out until the market falters.
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That’s a nonsensical answer unless you know where the poster lives.
Things have been getting better for me for the past year or so. I just refinanced this year and then the recent increase in SALT limit helped with the property taxes.
ARMs are good when fixed rates are high.
You can refi before the reset and lower rates eat down the principal faster.
7 years seems like enough time for rates to go down or to build equity to sell out.
But I’m not a a realtor or a mortgage broker so grain of salt.
Can you afford your payment and can you stay for at least 5 (if not 10) years?