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(MD) How the hell is everyone managing these interest rates?

Seriously. A 60bps increase in a month? Wtf?

We were right in the middle of getting a pre-approval and it's completely flipped our math and assumptions upside down. Affordability wise, it's basically knocked us out of competition for the price/tier of home we had been targeting.

On lender we spoke with recommended a type of convertible ARM that could be converted to a conventional loan at some time in the future. I'm going to look more into it but I hate the idea of an adjustable rate mortgage.

Whatever the case, I have to imagine other prospective buyers are in the same boat. Is anyone else having to find a way to manage through this?

submitted by /u/Shakawakahn
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source https://www.reddit.com/r/RealEstate/comments/1s6cihi/md_how_the_hell_is_everyone_managing_these/
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