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Frustrated with mortgage rates :( When to lock?
We were advised not to do a 90 day lock in May and June because we were still negotiating repairs... and now here we are, end of July, contract complete the rates are terrible!
H & I have no idea what is a "good" rate to lock in at... the broker said 4.75 is his magic number, but I'm hopeful it will go a lower, so we did NOT lock in at 4.75 yesterday and then today we get a paniced email from him saying "well, you missed 4.75, I strongly urge you to lock in today at 4.875."
We are suppose to settle on Aug 30th, so we still have some time -- but he's pushing us to lock in TODAY and now my husband is in a panic.
Maybe I'm being too relaxed with this? Should we just lock in and suck it up? I think the longer we wait the better chance we have of the rates going down. I think in general housing sales slow down at the end of summer due to school starting and maybe that will help us?
What do I know?!?!? Help. Please.
Re: Frustrated with mortgage rates :( When to lock?
My husband and I put in an offer on May 4th, accepted May 11th, and locked in our rate on May 15th @ 3.5%. We were told that it was on it's way up and locked in at 90 days. We close on August 1st and had until August 8th. Watch the rates, but I would suggest locking in soon because from what I hear they are only going to go up....
But in the end it's entirely up to you two and no one can tell you what to do. You have to be comfortable with your decisions. Good Luck!!!
On a daily basis there will be some changes in the rates up and down, but over the near future, the rates are increasing overall as a PP said.
I would also do the best you can and lock in.
I personally don't think we are returning to the days of mortgage rates in the 3% range (and even if we do, who knows? You may be waiting and waiting for something that never comes and meanwhile you get stuck with a higher rate).
If you can lock in the low 4% range, I'd call that good.
Lock it in asap... The market an rates are definately on an up swing. My husband an i have been looking at houses since January and when we finally got an accepted offer in June the rates had sky rocketed to 5.5% so I say anything below 5 an your lucky. Its been amazing to see how quickly the market & rates have turned during the last few months in our area an i dont see them going down so we locked.
Also depending on your loan type even if you lock you may be able to change it if rates go down, our broker explained it as you are locking from going higher but you can still lower if they drop.
You also may not have as much time as you think, we are also closing Aug 30 an we have to have a committment letter by 8/16.
this.
H & I just ran into a friend of ours who is a mortgage guy for Chase and even he was saying that the rates are on an upswing and won't be going back down anytime soon....the sooner you lock in that rate, the better off you'll be....
We decided to wait until we are under 30 days to lock, our lender will shave off a few points that way. So, anytime after Thursday we can lock in. Our ideal rate is the low 4, but 4.5 would even be good -- compared to last week, anyway.
Thanks