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kosheba · Joined: 15 Oct 2008 Posts: 1 1.32 Dollars($)

I have until Nov.1 to lock in my 30yr fixed mortgage rate. Currently the rate is 6.5%.

Should I wait?

jameshogg · Posted: Wed Oct 15, 2008 9:18 pm Post subject:

Hi kosheba!

You can lock the 6.5% rate now because there are chances that the rates may rise to 7%. This week the mortgage rates are going around 6.28% and 6.6%. Keeping in mind the present market situation, I feel that the rates may rise and if it rises, you will have get the mortgage at a little higher rate. So it is better to lock the rates now.

Thanks.

jerry · Posted: Fri Oct 17, 2008 3:37 am Post subject:

Hi kosheba!

It is better to lock rates now as you never when the interest rates may rise. I agree with James Hogg that prices will rise to 7% in few days. So go for the 6.5% rate.

Thanks,

Jerry

danarong · Joined: 17 Oct 2008 Posts: 2 1.87 Dollars($)

That's a tricky one. It really depends on your circumstances. The base rate should continue to fall but if you can't afford the risk of a potentially worse rate then maybe you should take whats on offer.

The best advice is to speak to a good independent Mortgage broker and see what else is out there. They should be able to help you decide what the best move is.

[Link removed as per forum rules. Thanks.]

gmakerley · Posted: Mon Oct 20, 2008 8:17 am Post subject:

rates are subject to fluctuation continously. the basic rule of thumb is that once you've found a rate that you can live with, you ought to grab it. trying to wait out the rate scenarios is risky. if you think you can stand the risk, so be it.

by all means, do not ask someone's expectations of what rates will do. none of us has a crystal ball, and those who claim to know the markets that intimately are frauds. after all, who knew that the stock market would explode in both directions on different days - hey, who knew it would explode in both directions on the same day?!

if you're comfortable with today's rate, by all means lock it. if you're not comfortable and based on your analysis, you'll do better by waiting, then wait.

it is thoroughly your own decision as to how to handle locking a rate.

brian1 · Posted: Mon Oct 20, 2008 11:50 am Post subject:

Rates are down a bit today I would look at locking when it gets to a level you are comfortable with - Brian

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I have until Nov 1 to lock in my mortgage rate. Should I wait?