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I have one chance to float down a 30 year fixed, locked now at 6.25% before closing at the end of the month. Anyone know how low rates might go? I think now 5.75 is not out of the question. I see some say rates will continue to slowly improve for the buyer. I see others saying this bailout is just slapping a bandaid on the problem and soon investors will remember that. Any help?
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5.75% is a good rate without know any particulars. They could go lower, they could go higher.
Floating down to 5.75% aint too shabby.
Keep in mind that when you started you were probably happy with the 6.25%.
If any one of us could give you that answer, we wouldn't be here!
As far as your float down. If you can save 0.500% now. That's pretty good in my books. Why wait? (Sorry for all the stuttering!)
i think 5.25 or even 5 could happen
MM311 - If you are happy with a rate of 5.75% lock. If they go lower, you still have a great rate and should be happy. Which would upset you more, If you lock at 5.75% and rates continue to go down, or if you try and wait, miss the float down and are stuck at 6.25%? In my experience many people who try and pick the bottom or chase the best rate end up floating when rates are low, hoping for better and then end up locking when rates go up because they can't stand to see their rate keep rising. Take the float down and be done with it. Even if rates go lower it is the right decision.
I would run an amortization table of your future payments. You might be surprised that paying down your principle a little more each year could have a significant impact on your total mortgage, even offsetting the difference if your interest rate.Also if anyone on this site can predict the i-rate for the future they wouldn’t be sitting on a yacht and not writing on Zillow!
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re: "Anyone know how low rates might go?"
Great question .... truth is no one knows. So did you lock or float an extra day? Just curious.
.......... submitted from my yacht ..... I just found the internet! :)
The current trend is downward on rates. I recommend that those floating watch the TNX index, when they find the MACD lines have crossed, this signals a trend change and would lock at that point. http://stockcharts.com/h-sc/ui?s=$tnx is a chart of the index. Note the bottom chart. When the two lines converge, the trend has changed.
Great Screen Name Rob!
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