Are Mortgage Rates Going up?

sept20yay Posted: Jun 24, 2004 08:52 PM

Are Mortgage Rates Going up?

I heard something about an announcement being made next week to raise prime and rates would go up 1/2 a percent or something... Anyone hear differently? We locked tonight at an excellent rate, but if the lock falls through a high raise would kill me.

Valentinegirl Posted: Jun 24, 2004 09:15 PM

Re: Are Mortgage Rates Going up?

I'm not sure. Did you get a good rate? Its like 6.4 now?

Ang&Rich Posted: Jun 25, 2004 09:04 AM

Re: Are Mortgage Rates Going up?

I heard not too long ago that on June 30th Greenspan will be announcing that interest rates will be increasing and so yes that will result in mortgage rates increasing. It's good that you lockeed in now but be sure to stay on their backsides to keep within the time frame. Make them move.

DjPiLL Posted: Jun 25, 2004 09:08 PM

Re: Are Mortgage Rates Going up?

Posted by sept20yay

I heard something about an announcement being made next week to raise prime and rates would go up 1/2 a percent or something... Anyone hear differently? We locked tonight at an excellent rate, but if the lock falls through a high raise would kill me.

If the bank is the one causing the delays in the process... you can have your lawyer fight them and have them extend the lock at their expense. Look into it.

Valentinegirl Posted: Jun 25, 2004 09:10 PM

Re: Are Mortgage Rates Going up?

BTW, our seller is paying for our rate extension. Its up to $930 for a 3 week extension!

DjPiLL Posted: Jun 25, 2004 09:39 PM

Re: Are Mortgage Rates Going up?

Posted by Valentinegirl

BTW, our seller is paying for our rate extension. Its up to $930 for a 3 week extension!

Good job! Now THATS what I am talking about.

I am glad all my 'winded' home talk ain't falling on deaf ears.

Jenn524 Posted: Jun 25, 2004 10:44 PM

Re: Are Mortgage Rates Going up?

Rates are going up so anyone who hasn't locked in yet should do so ASAP.

DjPiLL Posted: Jun 26, 2004 12:16 PM

Re: Are Mortgage Rates Going up?

Posted by Jenn524

Rates are going up so anyone who hasn't locked in yet should do so ASAP.

I don't necessarily agree with this. Look at this link.

BankRate 3 Month Chart

Over the last month... the rates have actually gone DOWN. They dropped .2% points in the last week. With the war in Iraq not getting any better... I really don't see the rates skyrocketing anytime soon.

A rate lock is not necessary I think. If you want to lock in... great. But you can float and you never know, the rates may go down some more by the time u are ready to close.

But if you like to play it 'safe'... lock in. But the rates haven't gone up in over a month now.

Jenn524 Posted: Jun 26, 2004 10:12 PM

Re: Are Mortgage Rates Going up?

Yeah but Greenspan is suppose to announce that the prime is going up which would cause the rates to go up. I work in a mortgage department and we're being told rates are going up...

Valentinegirl Posted: Jun 28, 2004 12:37 PM

Re: Are Mortgage Rates Going up?

sept20yay Posted: Jun 28, 2004 12:42 PM

Re: Are Mortgage Rates Going up?

WOW! I am sooo happy I locked. Now I really need to move this along.

Valentinegirl Posted: Jun 28, 2004 01:01 PM

Re: Are Mortgage Rates Going up?

Our rate was locked in at 5.8% til 6/18. We have paid $1000 already to extend it for 3 weeks cause we didn't close yet. If we don't close by July 9th, we loose the rate and have to take the current one.

Bride2B93 Posted: Jun 28, 2004 01:05 PM

Re: Are Mortgage Rates Going up?

UGH..I am so worried about this!! Our closing date is not until August 1st and our broker told us that we can't lock until it is within 30 days and to be careful because we don't know if we will even be able to close on the 1st or not!!

Wow, we can't afford 7% I think it was close to 5% when we signed our contract!!

sept20yay Posted: Jun 28, 2004 01:08 PM

Re: Are Mortgage Rates Going up?

That is crazy!!! Why cant you do a 60 or 90 day lock! The chances are higher of losing the rate with the 30 day lock. If you lock in with a 90 day mortgage, you leave yourself some leg room. With the ways the rates should rise, you should definitely lock in. I am surprised the broker told you that.

Bride2B93 Posted: Jun 28, 2004 01:10 PM

Re: Are Mortgage Rates Going up?

Posted by sept20yay

That is crazy!!! Why cant you do a 60 or 90 day lock! The chances are higher of losing the rate with the 30 day lock. If you lock in with a 90 day mortgage, you leave yourself some leg room. With the ways the rates should rise, you should definitely lock in. I am surprised the broker told you that.

I know.. I'm so confused!!!

DjPiLL Posted: Jun 28, 2004 01:11 PM

Re: Are Mortgage Rates Going up?

Posted by Valentinegirl

The rate went up today almost 1/2 a point to 6.9%.

Where are you seeing this? I just went on BankRate's site which is updated daily and its still sitting at 5.86%.

BankRate

DjPiLL Posted: Jun 28, 2004 01:16 PM

Re: Are Mortgage Rates Going up?

Posted by sept20yay

That is crazy!!! Why cant you do a 60 or 90 day lock! The chances are higher of losing the rate with the 30 day lock. If you lock in with a 90 day mortgage, you leave yourself some leg room. With the ways the rates should rise, you should definitely lock in. I am surprised the broker told you that.

You are probably being scammed. Either get them to do a 60 day lock or find a new broker.

palebride Posted: Jun 28, 2004 01:30 PM

Re: Are Mortgage Rates Going up?

that's terrible!!!
those rates are so high!
we got a 4.25% loan in March.....I am so relieved we bought when we did!!!

Valentinegirl Posted: Jun 28, 2004 01:38 PM

Re: Are Mortgage Rates Going up?

Its the MSN daily rate. It say 6.3%. It has been 6.3% for the last month on there. I locked in at 5.8% 2 months ago for 75 days. It has been going up since so I don't think it is still 5.8% now. Its definitely 6 point something as far as I know.