Should I lock in 30 yr mortgage interest rate now/ wait. They have risen to the highest this wk.Closing 03/30
Should I lock in mortgage interest rate now or wait. My husband and I have decided on a house to buy and looking to get our mortgage loan approved. The house is a new construction that will be ready on 1st April. We are looking at a 30 yr fixed loan. This week has had the highest rates since start of the year.Please advise if you think interest rates will go higher or will reduce in the coming weeks.We do not know whether to lock rate now or float and see what happens in the next weeks.
Bree2008-02-27T10:48:52Z
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Lock into the fixed rate now. Although interest rates are a little higher than they have been, they're still relatively low. If you can get a rate in the low 6's, you're doing well. Even if the rates go down, it won't be any more than a quarter or a half-percent. Lock in for the lowest rate you can get now.
Whatever you do, don't get an ARM. It will kill you financially.
To be completely truthful, 2.seventy 5 factors is extreme for that fee. there are various aspects that be sure your interest fee, yet a time-honored 30 3 hundred and sixty 5 days mounted fee with 20% down, stable credit, prevalent place of living, and finished earnings documentation is at the instant priced at 6% costing a million.375% on a 40 5 day lock. you may desire to be waiting to get 5.875% or so while you're paying that plenty. as much as now as locking is going, the marketplace is rather risky proper now - i might advise locking; yet there is not any thank you to tell for particular what the marketplace will do.
whoever said wait for the fed doesn't know what he/she is talking about. fed cutting rates has nothing to do with 30 yrs fixed. what is currently ur rate?
i would lock in the rate now and get a float down. spring and summer are just right around the corners and banks know there would be more buyers and thus charge a higher rate.
Wait until the fed meets on the 18th of March. The 10 year is going to fall with the news of increases in the limits for Fannie Mae and Freddie Mac loans.
hi, i thought they had just gone down and may be goin down next year too, but if u can afford the repayments on a fixed rate and r happy with them , why take a risk that they could rise?? we are looking for 100% mortgage but have been told today that most lenders are pulling these now. but found that a tracker was cheaper.