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Replies (11)
- Doug Hutchins, "90 day rate locks"
- Contributions:721
Neo,
What is the rate that your lender is offering today? And can that rate be locked thru your closing date? What are the lender fees?
- Andrew Adams, "203K Specialist"
- Contributions:9349
Your lrnder is going out on a limb few would go out on. It could happen but I would not be advising anyone to wait for it
- David Nezri, "Direct Lender"
- Contributions:265
It all depends what rate are you locked in?
No one knows what can happen. Don't take risks in today's market.
No one knows what can happen. Don't take risks in today's market.
- Rob Robertson, "Mortgage Broker"
- Contributions:169
It's all about Risk vs. Reward...
Someone is guessing. And ultimately, you end up paying for it.
If you can lock a good rate today, lock it in. Be happy that you got a good rate. You'll be able to think about other, perhaps more important things, than worrying about what rates may or may not be doing over the next two or three weeks.
If rates go up, and you float, over the next couple of weeks, you will still be able to get that good rate, it will just cost you a little more to get it.
If you lock and rates go down a little, then that same rate will be a little cheaper.
Bottom line: It's a personal choice. If you think you will lose sleep at night by floating, lock your rate. Your lender does not have a crystal ball.
Good luck!
Someone is guessing. And ultimately, you end up paying for it.
If you can lock a good rate today, lock it in. Be happy that you got a good rate. You'll be able to think about other, perhaps more important things, than worrying about what rates may or may not be doing over the next two or three weeks.
If rates go up, and you float, over the next couple of weeks, you will still be able to get that good rate, it will just cost you a little more to get it.
If you lock and rates go down a little, then that same rate will be a little cheaper.
Bottom line: It's a personal choice. If you think you will lose sleep at night by floating, lock your rate. Your lender does not have a crystal ball.
Good luck!
- neosaro
- Contributions:3
I got 4.75 with 1 point, locked it and hoping I made a good decision.
- George DeVine, "George DeVine"
- Contributions:857
You made a great decision.
- Andrew Adams, "203K Specialist"
- Contributions:9349
If you are happy with the rate..I agree with George.
- krnewman
- Contributions:4
4.75 with one point locked is great. Relax, you did good. It's a waste of time even thinking about it.
- Robert Leo, "robleo"
- Contributions:102
NO rates arent going down unless US Tbills rally big time. THis is unlikely...unless there some REALLY bad news to hit the market.. unless hes personally in the know on some billions that are about to buy the 10 year Treasury in massive bulk.. LOCK YOU RATE now.. there great and .1 or .2% makes no real difference on the payment. Peace of mind is worth much more than some Vegas gamble.
If you were working with me (or another broker that does this) I would have locked you in at 30 days with one lender.. then float the rate with 2 other lenders.. at about 2 weeks to close if rates are better id switch you to another lender and give the better rate. This a premium service some brokers provide to thier best customers. Note though if a broker does this to much he will loose some of his lenders.. so he has to be careful with his "pull through" with each lender to maintain his broker agreements.
If you were working with me (or another broker that does this) I would have locked you in at 30 days with one lender.. then float the rate with 2 other lenders.. at about 2 weeks to close if rates are better id switch you to another lender and give the better rate. This a premium service some brokers provide to thier best customers. Note though if a broker does this to much he will loose some of his lenders.. so he has to be careful with his "pull through" with each lender to maintain his broker agreements.
- Robert Leo, "robleo"
- Contributions:102
i see now you locked. good choise and good rate. enjoy.
- Bob Carzon, "heritagemortgage"
- Contributions:78
Rates are not going to fall much further. Anyone waiting for the magic 4% rate is going to wait a long, long, time.
The Fed is buying 500b ( yes billion ) of Fannie and Freddie securities at 5%....not 4.75%, or 4.5%......so that is where we will be for the next several months, trading in a narrow range around 5%.
Any opportunity to get a 30 year fixed rate loan under 5% with reasonable costs is making a good decision right now.
20 years ago....10 years ago....even 5 years ago... who would have ever thought we could see mortgage rates at 5% ?
The Fed is buying 500b ( yes billion ) of Fannie and Freddie securities at 5%....not 4.75%, or 4.5%......so that is where we will be for the next several months, trading in a narrow range around 5%.
Any opportunity to get a 30 year fixed rate loan under 5% with reasonable costs is making a good decision right now.
20 years ago....10 years ago....even 5 years ago... who would have ever thought we could see mortgage rates at 5% ?
Is the rate going to be falling further in the next couple of weeks ?
If I am closing a house in the next 30 days, should I float my rate or lock it in ?
cheers!
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