A few days ago we got 5.875 as the rate, today it's 6.00. Should we lock in? Is it going to go up or down with the war?? I need to call my rep by 4PM.
dgtlsunshine
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Re: MORTGAGE RATE HELP!!! (repost from NWR)
You know I don't understand how mortgage rates are not standard all over. I mean we are in VA and we got a 5.875 quote about a month ago when others were getting 6.00. Now I see you are saying you got 5.875 now and just yesterday I saw that the rates were 5.5.
This is all without points.
I am contemplating when to lock as well.
Kel
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Re: MORTGAGE RATE HELP!!! (repost from NWR)
It's such a dicey call trying to decide when the right time is to lock in on a rate .. especially in these uncertain times. When we did a refinance last summer .. we were given a 'one-time float.' We initially locked in, but had the opportunity to use this 'float' one time .. so when the rates dropped about a week or so later, we chose at that time to get our rate dropped to the new low by exercising our 'one-time float' option.
Kel
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Re: MORTGAGE RATE HELP!!! (repost from NWR)
Originally posted by dgtlsunshine You know I don't understand how mortgage rates are not standard all over. *****************************************
For the same reasons credit cards have all different offers and rates, and banks have all different offers and rates. Mortgages are a business .. that's why it's important to shop around .. you want to get the best deal for your money.
Misty
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Re: MORTGAGE RATE HELP!!! (repost from NWR)
We were at a real estate attorney's office on Monday night, and yes you should lock it in. He mentioned how much they jumped on Monday.....get it now if you can.
NIHA
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Re: MORTGAGE RATE HELP!!! (repost from NWR)
I locked in at 6, they said that there's a slight chance that I can renegotiate if it goes lower, but they can't guarantee it. Otherwise, the monthly payment is $9 more at 6% vs. 5.875%, so I don't feel so bad.
Whew, we re-fi'd a week ago and got 5.5%, no points. We also went from a 30-year to a 20-year and are saving quite a few bucks per month!!
christine1221
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Re: MORTGAGE RATE HELP!!! (repost from NWR)
5.5 .... that's terrific!
Mortgage rates are definitely not going down, so lock in ASAP!
Marnles
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Re: MORTGAGE RATE HELP!!! (repost from NWR)
Nina, I know it's too late now, but DH and I locked in at 5.875, and it wound up dropping. At that point we didn't care (although we were glued to the radio/TV everyday waiting to hear the rate), because we knew it was still a GREAT rate, although our friends wound up getting 5.5. Hey, my parents bought back in 1986 at 11%, so I'm not complaining!!!!! I WOULD have advised to lock in...
