Whats Your Rate?

MGM81 · July 2012

(I know this depends on your credit/eligibility etc.)

We are trying to buy per-construction town home in NOVA. We are not going to closing till November if everything goes according to plan. When we 1st started this process the rate we were given was 3.75% FHA

What is rates going for now in July - what if rates are lower in November?

How many days can we lock in before closing? I am sure it's disclosed in our loan application just wanted to hear some other experiences. Thanks!

islandmonkey8 · July 2012

On 6/17 I locked in 3.5% fixed 30 year FHA loan for 60 days. I know it can be extended to 90 but with FHA things can be a little trickier.

SCBride2007 · July 2012

We locked in a 4% with no points back in March-- because of the moron of a Loan Officer we had (Story here: http://www.lotsofsteps.com/2012/04/home-buying-frustrations.html if you want to read it), we had to extend it from 60 days to 90 days. Normally there is a fee of a quarter point to extend, but because he was a complete idiot, they didn't charge us the fee.

It's a tough situation, because rates could very well go up, but unless you want to pay to keep extending, then I don't think you can lock anytime prior to 60 days.

Quiksilver620 · July 2012

we paid for 2 points, but locked in at 3.5% for a 30yr fixed

sarah2280 · July 2012

Our loan officer told us that rates would stay very low until November since it's an election year. She said in November they would very likely start to come back up as that's what she's seen over and over again for years with presidential election years.

MGM81 · July 2012

Thanks all!

I am interested to see what happens this fall with rates due to the election. Hope we go to closing before!

Summer2011Bride · July 2012

On 6/28, we locked in at 3.625% with a 30 year fixed conventional loan (5% down).

getaclue44 · July 2012

we are locked in at 3.625, but we have had to extend because it is a short sale and the mortgages of the sellers didn't clear in time. Thankfully, we were able to get the seller's bank to cover the extension fee. It was either that or we were going to unlock and then relock. We had written into our contract that if we had to unlock and relock that if the new rate was higher we could walk away. Once the sellers found out that was our plan, they panicked and through some money at us.

Whats Your Rate?

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