Anyone lock-in on a mortgage rate recently?

Anyone lock-in on a mortgage rate recently?

We are closing in less than 60 days!!! RAHHHHH!! My mortgage broker called me today and told me I could lock-in @ 6.25% - 30 yrs. - fixed w/ Citimortgage. Pretty darn good considering rates were between 7 - 7.25% when we went into contract in April!

Anyway, just curious what rates any of you have recently been quoted and who the lender is for comparison.

Thanks!!

Re: Anyone lock-in on a mortgage rate recently?

We refinanced our mortgage in April to a 15 year mortgage, and we got 6.2% too. I wish I waited a little longer, I know Teachers Federal Credit Union has 5.5%
I think you got a great rate Kathi, yes it has been high, but I think its starting to come down a little.
Good Luck with the closing
Oh, we went through our mortage company, whic is Washington Mutual.

Re: Anyone lock-in on a mortgage rate recently?

We are refinancing and are still waiting to lock-in. The last offer our mortgage company made was 6 and an eighth %, which we felt was not low enough yet.

Re: Anyone lock-in on a mortgage rate recently?

We are looking for a mortgage. What is the difference between a bank and a mortgage broker? I don't know what to do. Some people are telling me to stay away from a broker and then others are saying to go with one and not the bank. Please help me, I don't understand any of this. We have excellent credit by the way, so we don't need to have to beg for a mortgage, if that helps in your advice. Thanks so much!.

Re: Anyone lock-in on a mortgage rate recently?

Kathi,

With this market, who knows what's going to happen next. We had been on the fence about refinancing late last year, and I remember being told from a refinance rep at Washington Mutual that they didn't know how much longer the rates would stay down where they were .. and now look at how much lower they have come!!! Heck, we finally went through with the refinance in July and got in at 6 7/8 after locking in at 7 1/8 just a couple weeks prior. Now look at the quotes you're getting!!

You should ask about getting a 'float' ... that's what we got .. and that's how we were able to go down after locking in. The way it was explained to me was that after you lock in, they give you the chance to change to a lower rate, if they come down .. but it was a one time deal .. so when we called to check in on the rates, and were told of the lower rate, we had to decide if this was a good enough drop, or if we wanted to roll the dice hoping for another drop. Not being too keen on gambling with major money we took that lower rate.

Good Luck!!

Re: Anyone lock-in on a mortgage rate recently?

We just refinanced with my friend who works for Manhattan Mortgage and we got a rate of 6%. We just did it this past Wednesday. We were paying 8.25%....

Re: Anyone lock-in on a mortgage rate recently?

Thanks, everyone!! We didn't lock-in yesterday and now it's up to 6.375% So we'll sit tight for the next few days and hope they go back to 6.25% (or better! ).

Kel, we have been *floating* our rate for months now! We're closing mid-Nov. so we want to lock-in soon since we're w/in 60 days!! I can't believe it's finally here!!!

Re: Anyone lock-in on a mortgage rate recently?

Hmm .. maybe different companies are different in terms of a float. When we were going through our refinance process, we did the normal lock-in .. with a condition of being allowed to request a new lock-in if the rate dropped. So, we were locked in at a good rate, but were permitted, one time only during the processing of the refinance, to have the rate dropped. So, let's say you lock in today .. and the rate drops sharply tomorrow morning .. you'd be allowed to call and say give me that new rate. I thought that was a great condition to have when we signed the initial paperwork .. it only works to your benefit .. no worries about the rate going back up .. and the benefit if the rates drop to take advantage of it.

I'm so excited for you!! How's your packing coming along?? When we moved from our apartment, I totally under-estimated how long it would take to put everything together! What a mess!

Re: Anyone lock-in on a mortgage rate recently?

Re: Anyone lock-in on a mortgage rate recently?

I locked w/citibank about a week ago at 6.0 % 30 year fixed....

Re: Anyone lock-in on a mortgage rate recently?

Heard the rates have dropped below 6% for a 30-year mortgage .. and are around 5.4% for a 15-year mortgage! Gotta love those rates!! Maybe it's time for us to refinance again!

Sha...

When did you lock w/ Citibank?? I've been watching their rates and didn't see them drop below 6.25%!

I'm locked at 6.25 and VERY happy about it, but, 6% would have been nicer!! Who's your broker??

Re: Sha...