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
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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.
We locked in 5.8% in April for 75 days. It was good only until June 18th. This is when we signed the contract (April). We have had problems w/ the sellers and closing so we havn't closed yet.
DjPiLL
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Re: Are Mortgage Rates Going up?
Posted by Valentinegirl
Its the MSN daily rate. It say 6.86%. 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.
Do you have a link for this? I am curious to see this for myself.
I just went on mortgage101 and its listed at 5.94% as of 10:45AM this morning.
My broker said that there were costs associated with extended locks. Is that true?
Definitely. A lot of lenders don't even allow a rate lock extension. Usually its a daily cost if they do allow it. How much they want for a rate lock extension?
DjPiLL
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Re: Are Mortgage Rates Going up?
Whooops... I mis-read what you said. Your broker says its an additional cost to get a 60day lock? How much?
I think thats bizarre though. Did you get a copy of your Good Faith Estimate? Did you shop around for a mortgage and compare these costs to other brokers out there?
Valentinegirl
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Re: Are Mortgage Rates Going up?
I don't know how to do links. Go to www.msn.com Buy a house Loans and financing Mortgage 30 yr fixed loan Sorry, I'm link illiterate....
Thats the same link I saw. Now I understand. You can't go by the 'high'. Thats usually the rates people with the piss-poor credit ratings get.
From my experience... I have found bankrate.com to be one of the best sources of where the rates are currently sitting at.
alina
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Re: Are Mortgage Rates Going up?
Rates are expected to go up about a 0.25% either tomorrow or wednesday, but a lot of the rate increase has already occured in the anticipation of the rate hike, so they may not necessarily be a just, but perhaps a slight increase.
The rate that you have will depend on the type of loan you're getting, whether or not you're paying points upfront to get a lower rate, and what kind of property you're buying (house, vs. condo vs. coop). Also, for anyone borrowing above 333,700, you'll pay about 0.25% more than for loans below this figure simply b/c your loan is too large and can't be bought by the fannie mae's of the world.
Bride2B93
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Re: Are Mortgage Rates Going up?
Do you think that I should call my broker and try to lock now even though our closing date isn't until Aug 1st?
Bride2B93
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Re: Are Mortgage Rates Going up?
Posted by DjPiLL
Whooops... I mis-read what you said. Your broker says its an additional cost to get a 60day lock? How much?
I think thats bizarre though. Did you get a copy of your Good Faith Estimate? Did you shop around for a mortgage and compare these costs to other brokers out there?
No, we got his name from a bunch of people who have used him before...I didn't know that we should have done that!!
sept20yay
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Re: Are Mortgage Rates Going up?
Yes. most banks offer 30, 60 and 90 locks. the rate will be slightly higher for the 90 day locks and the 30 days will be lower. But, if they are charging you for longer locks as an upfront cost, that is a little weird. Very few people do 30 day locks. Brokers use them to lure clients in at a low rate. It is very tough to get a closing together in 30 days and you may lose the lock. Is he going to pay if you cant close within 30 days of the lock?
DjPiLL
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Re: Are Mortgage Rates Going up?
Posted by Jenn524
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...
I just want to bring up an old thread. I just went on Bankrate's site... and the rates have dropped some more.
30yr fixed national average is now sitting at 5.71%... where two weeks ago before the Fed announcement they were at 5.86%.
Just a little FYI if anyone is looking for a mortgage now. Don't let a broker tell you the rates are higher now because of what the fed said... cause they aren't. They are actually lower now.
I just want to bring up an old thread. I just went on Bankrate's site... and the rates have dropped some more.
30yr fixed national average is now sitting at 5.71%... where two weeks ago before the Fed announcement they were at 5.86%.
Just a little FYI if anyone is looking for a mortgage now. Don't let a broker tell you the rates are higher now because of what the fed said... cause they aren't. They are actually lower now.
