OMG!!!!!!

Original post by Mici n KC

Mar 18, 2008 01:50 PM

We got our interest rate locked in at 5.625%!!!!!!!!!

futuremrsfab Posted: Mar 18, 2008 02:15 PM

Re: OMG!!!!!!

thats a fabulous rate- i think i heard this morning that the fed is planning to cut the interest rate by 1% shortly- so keep an eye out!

FutureMrsPD Posted: Mar 18, 2008 02:15 PM

Re: OMG!!!!!!

Posted by JnD110808

Posted by FutureMrsPD

we are going through the same thing right now! I'm so happy the feds decided to lower the rates and the mortgage rates went down. We locked in today at a lower rate then we originally locked in at. I just hope they keep goin down!!!

if I'm not mistaken when the FED lowers interest rates it doesn't really affect the mortgage rates. The bond market is what you want to watch.

Yeah but it does affect the mortgage rates...every other time the FED lowered them, the mortgage rates went up, this time they went down. Its like a game of roulette...thank god it went in our favor though!

Lucky0510 Posted: Mar 18, 2008 02:16 PM

Re: OMG!!!!!!

wow thats an awesome rate! congrats!!

Lacey08 Posted: Mar 18, 2008 02:17 PM

Re: OMG!!!!!!

Congrats! That is great!

Mici n KC Posted: Mar 18, 2008 02:17 PM

Re: OMG!!!!!!

Posted by JnD110808

Posted by FutureMrsPD

we are going through the same thing right now! I'm so happy the feds decided to lower the rates and the mortgage rates went down. We locked in today at a lower rate then we originally locked in at. I just hope they keep goin down!!!

if I'm not mistaken when the FED lowers interest rates it doesn't really affect the mortgage rates. The bond market is what you want to watch.

The did lower them a .25 point, but we got even lower!

Mici n KC Posted: Mar 18, 2008 02:18 PM

Re: OMG!!!!!!

Posted by FutureMrsPD

Posted by JnD110808

Posted by FutureMrsPD

we are going through the same thing right now! I'm so happy the feds decided to lower the rates and the mortgage rates went down. We locked in today at a lower rate then we originally locked in at. I just hope they keep goin down!!!

if I'm not mistaken when the FED lowers interest rates it doesn't really affect the mortgage rates. The bond market is what you want to watch.

Yeah but it does affect the mortgage rates...every other time the FED lowered them, the mortgage rates went up, this time they went down. Its like a game of roulette...thank god it went in our favor though!

I know, I couldn't believe it! Congrats to you too!

wifetobe Posted: Mar 18, 2008 02:22 PM

Re: OMG!!!!!!

Posted by Mici n KC

We got our interest rate locked in at 5.625%!!!!!!!!!

That;s the rate we got!!! We close tomorrow.. Supposed to have closed Monday but.....Tomorrow is the day!!!!

bluekat16 Posted: Mar 18, 2008 02:27 PM

Re: OMG!!!!!!

Posted by FutureMrsPD

Posted by JnD110808

Posted by FutureMrsPD

we are going through the same thing right now! I'm so happy the feds decided to lower the rates and the mortgage rates went down. We locked in today at a lower rate then we originally locked in at. I just hope they keep goin down!!!

if I'm not mistaken when the FED lowers interest rates it doesn't really affect the mortgage rates. The bond market is what you want to watch.

Yeah but it does affect the mortgage rates...every other time the FED lowered them, the mortgage rates went up, this time they went down. Its like a game of roulette...thank god it went in our favor though!

I agree it does affect whether or not banks will pass on the rate cut in the form of mortgage rates to the consumer. Even though the fed had passed some rate cuts recently the rates were still in the 6% range. Mostly it was do to the whole lending crisis...they want to make sure that they make $$ when they give out the loans, the higher they can keep the interest rate the more they make.

Mici n KC Posted: Mar 18, 2008 02:35 PM

Re: OMG!!!!!!

Posted by wifetobe

Posted by Mici n KC

We got our interest rate locked in at 5.625%!!!!!!!!!

That;s the rate we got!!! We close tomorrow.. Supposed to have closed Monday but.....Tomorrow is the day!!!!

Congrats!!!!!!

TrueLoveIn2008 Posted: Mar 18, 2008 02:39 PM

Re: OMG!!!!!!

Congrats! Awesome rate.

I just wish interest rates on CDs and bank accounts didn't have to go down every time mortgage rates do I WAS in a high-yield account at ING .. not really 'high-yield' anymore!!!!

lkdrnw Posted: Mar 18, 2008 02:58 PM

Re: OMG!!!!!!

Congrats--that is an excellent rate!!

redjasper32 Posted: Mar 18, 2008 02:59 PM

Re: OMG!!!!!!

Thats great!!!

klovess14 Posted: Mar 18, 2008 03:25 PM

Re: OMG!!!!!!

That's wonderful... Do you have to have a perfect credit score to get a rate that low??? FHand I are going to get pre-qualified in May so I'm a little nervous

Tori9299 Posted: Mar 18, 2008 03:27 PM

Re: OMG!!!!!!

Great

Mrs. V 2008 Posted: Mar 18, 2008 03:33 PM

Re: OMG!!!!!!

woah!! thats awesome!!!!!! good for you! we locked in at 5.75..but you got a better deal!

Mici n KC Posted: Mar 18, 2008 04:56 PM

Re: OMG!!!!!!

Posted by klovess14

That's wonderful... Do you have to have a perfect credit score to get a rate that low??? FHand I are going to get pre-qualified in May so I'm a little nervous

We got prequalified in January. Our credit scores were excellent, not perfect.