Should I lock in my 30-year fixed mortgage interest rate today?

When you wait for rates to drop you are gambling that they will not go up.

The feds lowered the rate today,so if it was me, and it is your money I am gambling with, I would wait. The lenders will feel the drop soon, therefore passing it on to you.

Thanks for allowing me to gamble with your money, it felt so good.

I would be interested to know how this came out please let me now via e-mail.

I hope this has been of some use to you, good luck.

'FIGHT ON"

To be totally honest, 2.75 points is high for that rate. There are a lot of factors that determine your interest rate, but a standard 30 year fixed rate with 20% down, good credit, primary residence, and full income documentation is currently priced at 6% costing 1.375% on a 45 day lock. You should be able to get 5.875% or so if you're paying that much. As far as locking goes, the market is extremely volatile right now - I would recommend locking; but there's no way to tell for sure what the market will do.

Do you have a floating rate option? If so, lock in the lower rate now and follow with the bank everyday. If it goes down to 6% make that your final rate.

I would lock it in. 6.5% is not that bad, and even if you are lucky it might get back to 6.0%. If you are happy with 6.5% which is what I locked in I would do it. It is easy to look back in 1-5 years to know what you should have done, but I think you would be safe @ 6.5%.

The Fed dropping the short term interest rate has no effect on your mortgage rate, those are tied to the LIBOR rate.

You want to wait - I work with mortgages and modifications.

6.500 -1.742 -1.492 -1.367 -1.117

6.375 -1.679 -1.429 -1.304 -1.054

6.250 -1.568 -1.318 -1.193 -0.943

6.125 -1.341 -1.091 -0.966 -0.716

6.000 -1.063 -0.813 -0.688 -0.438

5.875 -0.675 -0.425 -0.300 -0.050

5.750 -0.345 -0.095 0.030 0.280

5.625 0.034 0.284 0.409 0.659

FHA 30yr fixed rate pricing at 6.5% - shows your broker making 1.742% of your loan amount in YSP. Hopefully there is no loan origination fee. You should tell your broker you want to buy down the interest rate.

I he argues with you, check out interest rates on bankrate.com

I'm planning on refinancing as well, the rates I believe are going to drop lower, until the presidential election. This cycle happens every four years - it's funny how people forget.........

Just like every October the gas prices come down..............

See if you still can lock it in a 30-year. We were told that you can only lock in a 5 year because of the economy. That is a standard. The loan officer can tell you one thing. But if you didn't lock it in last week you may be screwed.

a tolerable rate is not what you seek; a good rate is what you seek.

I do not know your circumstances but it is it essential that you close

escrow by a certain date or lose an earnest money deposit

or down payment?

if no loss, wait.........rates will go down lower.

I would wait, I think they are going to bring rates lower to attract more buyers.