are rates going up should i lock my rates or wait?

gennext01 · Joined: 11 Dec 2007 Posts: 1 1.39 Dollars($)

are rates going up should i lock?

rick · Posted: Tue Dec 11, 2007 11:31 am Post subject:

Great question. Anyone who knows that for sure should be in Vegas playing the crap tables. You can ask 20 experts, and get a variety of opinions. It sounds like you're right in the middle of a loan process, so you might first want to explore this with your existing mortgage professional.

But, IMHO, rates have come down a pretty good amount in the past few weeks, and have shot up about .375 of a point over the past week or so, but remain at very good historical levels.

I guess if it were me, I'd wait a while, if you can afford to - but it really depends if you can afford the risk that entails,i.e., you don't want to lose the loan you already have been approved for, assuming that you have.

Good luck.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi gennext,

Welcome to this forum.

I agree with Rick that in the past few weeks, rates have been coming down. So if you think that you have been offered an affordable rate you can take it. No one knows, the rates may go up again!

Thanks,
Larry

0.10 Dollars($)

waiting on a closing atm, and need to lock in before the closing date next month, I guess i will roll the dice and see what i come up with. Thx

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi,

Yes! hope you will get the best rate available in the market and wish you best of luck.

Thanks,
Larry

sara · Posted: Wed Dec 12, 2007 12:30 pm Post subject: the right time to lock in rates

Hi Gennext,

Mortgage rates are on a slowdown since the past few weeks. Fixed rates have dropped down to lowest levels from it had been in September 2005. The average 30-year fixed rate mortgages (FRM) have dropped down by 17 basis points. Currently fixed rates are around 6%, so if yours is an FRM, why not lock in the rate now. Who knows what the market will be likely after a few days.

Take Care

evolovik26 · Posted: Thu Dec 13, 2007 7:57 am Post subject:

Here is what I tell all my clients if you within 30 days of your closing date and the rate that you are being offered is good enough for you - take it. There will always be 1/8 of 1% better somwhere, sometime but take what you know you can afford.

gmakerley · Posted: Thu Dec 13, 2007 10:52 am Post subject:

Eugene makes a great deal of sense...since mortgage rates are volatile and subject to change daily (in both directions), it is usually best to decide for yourself that, for instance, today's rate is "good enough" for you.

Sometimes, we wait until the next day only to see rates go up. At other times, we lock in today only to see rates go down. This is not a science, unfortunately.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Well said George! No one knows what the market will be likely tomorrow! So ultimately it is the individual who have to decide what the best rate is for him. So the bottom line is – "Sometimes, we wait until the next day only to see rates go up. At other times, we lock in today only to see rates go down."

Thanks,
Larry

lisascherzer · Joined: 04 Jan 2008 Posts: 749 0.10 Dollars($)

I would lock. Rates have come down in the last few days. I work with lenders that have rates at about 5.625 with zero points. Just a week ago they were close to 6%. Take advantage of the market when rates go down. There is more room for them to go up from here. I say lock. If you are quoted a rate that is higher than 5.625 with no points then go to edited for solicitation

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