The Rates Are Rising?!

[Ericka G.]

Hey all,

Put an offer on a triplex near the airport today and got a nasty surprise when I called to get my pre-qualification letter. I've been focused on cash only purchases the past 2 years so I had no idea how much rates had gone up! I was quoted 5.375 on a 30-year fixed rental property loan (3-4 unit). They also said I'd need to put 25-35% down to avoid PMI.

This will be the first time I've used leverage since 2014, so I'm curious about two things:

-Anyone else running into rate sticker shock lately? We've been spoiled the past 10 years but is the end of low rates finally upon us?

-Are there any local banks/credit unions that are giving better rates for MF/investment properties specifically?

Thanks!