Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
What are people getting for interest rates now?
We locked in around June 20 for 4.625%, and thought that was great. Now that the DOW has tanked, I'm curious what people are hearing for interest rates now. (I'm guessing I probably don't *really* want to know.)
It's so funny how quickly things change. Two weeks ago, we were thanking our lucky stars we locked in when the debt ceiling crap was going on. Now, we're two days away from closing and we're thinking, DAMN, we shouldn't have locked in! 
Re: What are people getting for interest rates now?
We locked at 4.25% on June 10, closed July 21.
Edit: 30-year fixed.
geeeeeeeze.
i did a happy dance when we locked at 4.875 a few months ago.
being able to lock at 4.2 would have been a game changer for us!!
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You should see if your LO can re-negotiate your rate. My DH's side job is as a mortgage broker and I know he has successfully had a rate lowered after lock and within days of closing.
We have an amazing rate on our 30 yr fixed loan (3.875 that was locked in September of 2010) but we're considering refinancing into a 15 year because the rates are dropping to 3% and under. It's crazy!
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Interesting. I will at least e-mail her to ask.
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ditto
4.375, 30y fixed, locked a couple of weeks ago, close in September.
If it comes down to a situation where I can get it for 4.125, I'm asking my broker to renegotiate it.
Same for us.
We got 4.0 on a 15 year fixed in July, but since S&P lowered the US's credit rating last week, ironically, rates are dropping. The reason is that in a bad economy people flock to US treasuries as a "riskless" investment. The average investor is still seeing a T-bill as a safe bet, even though S&P may not agree, so people have been selling their investments in stocks, and buying them up. Morgage rates are based on treasury rates. This is probably a good week to lock in since once the market stabilizes I think it is likely that rates will be slightly higher than they have been.
This definitely seems high. My credit is still not stellar (I stupidly closed my first credit card about three years ago, which dropped my average account age to below five years), so it was my middle score of 690 that was used to determine our rate on an FHA loan. Actually, our loan officer said that as long as we were over 640, we'd get that 4.25% rate. Again, this was in earlyish June (locked June 10th). Ours was a 45-day lock, though; maybe the higher rate is due to your 60-day lock.
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I'm at 4.25% 15-yr now (refinanced in January), but in the very ideal case - excellent credit score; house, not a condo; short 15 day lock; no cash-out, primary residence, conforming loan (below 417k), 20% down, enough income, full doc and such, - I can get a 3.5% 15 year fixed right now, and the net fees will be below $200... It's incredible - US downgrade caused interest rates to go down.
In any case we aren't comparing apples-to-apples here. Some people have condos; some have less than 20% down or not-excellent credit, or non-conforming loan, or had long 45-60 day lock; some paid 3 points to get the rock-bottom rate, and some did a zero-cost finance, not to mention every day the rates are jumping up and down in a crazy dance...
Anyway, you can see the rates pretty much real-time these days - check out RefiDay.com or a billion other sites where you can play with numbers and get an instant quote.
I think you did right when you locked your rate, though. You never know where interest rates will be a week from now. And (as long as you don't pay a lot of points) you can refinance into lower rate soon without significant loss.