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maryelizabethbush · Joined: 10 Mar 2008 Posts: 1 1.32 Dollars($)

DO you think mortgage rates will drop in the next week or should we lock in now?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi maryelizabethbush,

Welcome to the forum.

Actually no one can say whether the rates are going to be up or down in the coming week, tomorrow or even in two hours later.

But I think the rates may come down lower in the last week of this month but as I have said before that no one can foretell about the ever changing market. I think whenever you are offered an affordable rate and term and if you are happy with it you should the rate.

Feel free to ask if you have any further questions.

Best of luck,
Larry

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

I would lock in now especially if you can lock with a lender or broker that offers a free float down on the rate.

greg1 · Posted: Tue Mar 11, 2008 9:31 am Post subject:

Good point Lisa. Mary Elizabeth if your lender offers this then you can lock now and if the rates are better next week you can float down to the better rate.

But, this opens up a whole new door that you should be made aware of.

Some lenders claim to offer a free float down. You could in theory go to a lender and ask them for the program up front. They then could quote you an interest rate with a loan that has this option. Some mortgage lending institutions have this available for a fee. This fee is typically paid by the loan officer charging you a higher interest rate that includes loan margin to cover the cost of the float down option.

So, beware. The best thing you could do is get a quote on your loan without mentioning the word float down. Then when you get the quote ask about a float down option or if the loan they quoted you has one.

Caron · Posted: Wed Mar 12, 2008 12:50 am Post subject: RE: float down rate option

Good suggestion Grey, one shouldn't speak of a float down first. Indeed if options like that are available, one need not worry except when he gets a higher rate of interest. Smile

Mary, with a float down option, you can ask for a lower rate when the market rates decline before you close on the loan. So, there's no need to walk out of the loan and search for a new one with a better rate if you think you can't go with the current rate lock. The float down option allows you to avail the low rate if the market rates turn out to be so.

Good luck

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

With the way things are going these days, I would say that what ever you choose to do, you should lock in a fixed rate that you can afford, too many people are losing their homes when the rates go up on the flexible terms. goodluck with your decision.

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