RATES DROPPED!!!!!!!! down to 5.375% with 0 points... HELP? RELOCKING?.

butterfly20 Posted: Aug 06, 2004 05:20 PM

RATES DROPPED!!!!!!!! down to 5.375% with 0 points... HELP? RELOCKING?.

we locked in at 5.625%..... now its down to %5.375%..... is there any way to relock with the same company???????

sept20yay Posted: Aug 06, 2004 06:31 PM

Re: RATES DROPPED!!!!!!!! down to 5.375% with 0 points... HELP? RELOCKING?.

I have the same question!!!! Please help.

Bride2B93 Posted: Aug 06, 2004 06:34 PM

Re: RATES DROPPED!!!!!!!! down to 5.375% with 0 points... HELP? RELOCKING?.

When did they drop? I guess it is to late to call today.

butterfly20 Posted: Aug 06, 2004 06:39 PM

Re: RATES DROPPED!!!!!!!! down to 5.375% with 0 points... HELP? RELOCKING?.

i asked my fh and he doesnt think we can....

DjPiLL Posted: Aug 06, 2004 07:22 PM

Re: RATES DROPPED!!!!!!!! down to 5.375% with 0 points... HELP? RELOCKING?.

I highly doubt they will let you re-lock to a lower rate.

Think about it... what benefit would your bank have on charging you LESS for your mortgage. None.

You could change lenders... but the bank also knows that this is a royal pain in the arse to do which is why they usually don't sweat things like this.

Now if the drop was significant... like a whole percentage point... then you could probably negotiate with the bank.

DjPiLL Posted: Aug 06, 2004 07:24 PM

Re: RATES DROPPED!!!!!!!! down to 5.375% with 0 points... HELP? RELOCKING?.

I'll tell you... if the rates are this low by this time next year... i'll definitely be looking for a new house.

My two year capital gains limit ends in August of next year. If the rates are under 6% by then... i'll push to get a new home.

If the rates are sitting in the mid to upper 6's... i'll stick to my 2br co-op until serious family/baby issues call.

And unless unemployment really makes a turn for the better... the rates aren't going anywhere. Its like... I hope Bush gets re-elected for just this reason alone.

itsbouttime Posted: Aug 11, 2004 04:32 PM

Re: RATES DROPPED!!!!!!!! down to 5.375% with 0 points... HELP? RELOCKING?.

we re-locked yesterday so the banks can do it. maybe it depends on who you are using but our bank did re-lock for yesterday b/c the rate was lower.

AmyKay Posted: Aug 11, 2004 04:57 PM

Re: RATES DROPPED!!!!!!!! down to 5.375% with 0 points... HELP? RELOCKING?.

We locked into a rate and about 2 weeks before closing the rates dropped, so we went with a different bank and got the better rate

DjPiLL Posted: Aug 11, 2004 05:49 PM

Re: RATES DROPPED!!!!!!!! down to 5.375% with 0 points... HELP? RELOCKING?.

Posted by itsbouttime

we re-locked yesterday so the banks can do it. maybe it depends on who you are using but our bank did re-lock for yesterday b/c the rate was lower.

Heheheh... because the banks KNOW that its almost worth it now to switch banks to get a better rate. The rates have really tanked this week.

sept20yay Posted: Aug 11, 2004 05:59 PM

Re: RATES DROPPED!!!!!!!! down to 5.375% with 0 points... HELP? RELOCKING?.

We relocked too. We got .12 lower than last month and got a great rate! I am so happy. We are closing next Monday and I am juiced!

jessnjoey Posted: Aug 11, 2004 08:52 PM

Re: RATES DROPPED!!!!!!!! down to 5.375% with 0 points... HELP? RELOCKING?.

SO weird!!!!
I spoke to my bank today and they told me the rate was 6.625% as of today...

what is that about????

DjPiLL Posted: Aug 12, 2004 11:56 AM

Re: RATES DROPPED!!!!!!!! down to 5.375% with 0 points... HELP? RELOCKING?.

Posted by jessnjoey

SO weird!!!!
I spoke to my bank today and they told me the rate was 6.625% as of today...

what is that about????

Its a load of BS that your bank is trying to feed you. Show them this article.

Linky

That article even says rates are around 5.91% when the national average is currently sitting at 5.51%.

EDIT: I even checked citimortgage (who I find to have higher rates than the average bank)... and their current rate is 5.875 with only .375 points. A good rate IMO, way better than the 6.625%.

DjPiLL Posted: Aug 12, 2004 12:01 PM

Re: RATES DROPPED!!!!!!!! down to 5.375% with 0 points... HELP? RELOCKING?.

LOL... Here is an idea. Why not just call your bank up... act like a NEW customer and see what rate they quote you at. I betcha you will be surprised.

butterfly20 Posted: Aug 12, 2004 06:07 PM

Re: RATES DROPPED!!!!!!!! down to 5.375% with 0 points... HELP? RELOCKING?.

i think we couldnt relock because we already gave them the contract on the home & they were in the middle of processing it...we did have the option to pick a higher rate with a float down but didnt do it.... i just checked the rates the other day and they were upto 5.5%.... today they are upto 5.875% with 0 points