Mortgage rates.. (1 Viewer)

[Jay H]

Think I should lock in rates now on 20 year fixed mortgage?

Looks like the rates are slightly going up, perhaps to coincide with a slight easing of the real estate market..

My mortgage broker called, saying the rates have inched up... I don't close on a new place to early december but it seems the rates are slowly rising...

Jay

 

[Philip Hamm]

Nobody can predict the future. I would lock but that doesn't necessarily mean you should.

 

[SethH]

I agree with Philip. I would lock. However, I doubt rates will go up too much between now and December. I'm glad to hear that you're getting a fixed mortgage though, I'd be a little concerned if you were going with an ARM.

 

[Shane Martin]

I would lock. I was listening to Clark Howard the other night while on the way home and he mentioned that he would lock and mostly because the interest rates are headed up to 7.5 or 8% soon.

 

[Jon_Gregory]

I would try to lock in now with a one time step down option if they offer it. That is what Wells Fargo did with me. I was able to lock my rate up to 6 months in advance with the option to step down one time if the rates went lower. The only thing was if the rates went even lower than when you step down, your out of luck. I got lucky and the rates went down durring my lock period and I caught it at the all time low and locked my 30 year mortgage at 4.75%. I couldn't have been happier.

 

[Jay H]

Done... although it is up from 5.5% from when I first secured the mortgage, I locked with a 60 day period for 5.875% on a 20 yr fixed. It's my first mortgage (and my first house too, anyway).

Waaahhhh, there goes my disposable income. :frowning: Scary isn't it?

Jay

 

[Eric_L]

I don't think you should lock.


heh.

.

 

[BrianW]