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Been watching the rates, decided to lock today at 5.5. Good decision?

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June 05 2009 - Marshfield
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This was a brutal week.  I was able to lock several loans on Wednesday that I had on floats and then came Armageddon in a hurry.  Rates are still at historic lows but finding something in the 4's now takes some work.  I have one lender with ARMS in the high 3's and low 4's but the only way you can recommend those in this environment is if someone is going to sell or payoff the house within the next several years.  I think it is next Thursday that the Feds have another big bond issuing going down.  That will likely push rates even higher.  If I have anything else ready to lock I'll be looking to do it Tuesday or Wednesday after the weekend's "defensive rates" have been repriced and before Thursdays bond auction.
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June 05 2009
Profile picture for aoleszko
Not sure if you're replying to the original poster or to my response...but anyways, I'm very happy to listen to your $.02
Mortgage amt approximately 240,000.  Appraised value 253,000.
FHA 30 yr loan.  Credit score approx 795.
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June 05 2009
Can you give specifics?  FHA or Conv.  What is the loan amount?  Is your credit score good?  What is the LTV?  If you will let me know specifics I will be glad to give my "2 cents worth!"  :)
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June 05 2009
Profile picture for aoleszko
I'm contemplating whether or not to do this.  I'm similarly offered 5.5% for 0.625 points on a 30 year FHA new home purchase.  Need to lock before June 15th.  Any hope on the horizon for a drop in the next week?  I'm trying to not agonize over it too much...all in all these are still very low rates.
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June 05 2009
I've seen it change as many as 8 times in one day. Sometimes even reversing couse; going down, then up, then down again.
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June 05 2009
Try making a living dealing with these fluctuations....
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June 05 2009
Profile picture for Katahar
I would think so. I spoke to someone at BOA this morning at 10AM EST.  They quoted us 5.5 with no points for 30 year 20% down.  I just called back after we received notice that our contract is fully executed.  BOA is now quoting 5.75 for the same loan!?!?!   This is ridiculous.  A quarter point jump in less than 4 hours. 
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June 05 2009
 
Related Questions
Been watching the rates, decided to lock today at 5.5. Good decision?
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Latest answer by Dale Doughty
June 05 2009 | 7 answers
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