I’d either take the hit and move or just suck it up and make the current space work
You have to decide if the juice is worth the squeeze. Is it worth the higher rate and payment for the bigger house or is it more valuable to have more extra money for other bills/ fun stuff.
Is there an option to add additional space to where you currently live? Give us some more options because I would hate to have to move with that interest rate.
Well if you are waiting for the 2s to come back, that is never going to be a thing again in your lifetime. With this being a election year, I suspect rates will improve. But somewhere in the 5s is probably the best you are going to do for a long time.
I wouldn't advise paying off more on a house when he has an mortgage rate of 2.15%
That’s quite a statement. No one has any clue what rates will be like in 5 years, much less 20.
Your age and that of your home are two big factors, IMO. If the "more room" is needed due to your family growing I would suggest that would be the top priority going forward. Or add some of that room onto your existing casa if Home Association and/or lot size allows?
This is where I am leaning also. If you can build on then that would be my suggestion.
Well, I agree with your thought, if he wasn't saying that he wants to get into a bigger house.
But yes that interest rate gives him plenty of options with his money, if he decides he can sit tight in his current house.
This. *Need* is a strong word. Sharing rooms builds character.
There is no historical data to show that an election has any material impact on housing interest rates, if anything the uncertainty in markets would raise rates
That is true, but how many times in history has rates been below 3% for a 30 year mortgage? I have only seen it one time in 41 years so I would make the bet that I won't see it again.
Same. Refinanced in 2020 to a 2.5 on a 15-year. Smaller house (compared to friends/peers) but a $2k mortgage each month and the house will be paid off as my youngest leaves college.
Agree. A 2.15% mortgage rate is like free money.
Correct. If you look at the Fed Dot Plot, which is the Fed's own prediction on where Fed Funds is going, you will see it's been wildly inaccurate. And that's only looking out a few years.
Yeah I would never sell this house. Mortgage too good. I could get a good chunk for rent but the problem with renting is I would lose my masters rental, which is nice.
If you want an honest answer, you will have to disclose more. Otherwise, you’ll get answers like this:
