Posted on: 08th Jun, 2009 07:43 am
I'm in the process of purchasing a house. I have the home inspection this week and am set to close on July 2nd. Apparently I waited a month too long to purchase my house because as I'm sure you all know, the rates went up almost a percentage point over the last couple of weeks.
My question is, should I be safe and just lock in now at 5.625% or should I wait a couple of weeks to lock in at a lower rate (poses risk)? I'm not in the mortgage industry so I don't know what the current prediction is on which way the rates are supposed to swing in the near future but any help would be appreciated.
Also, I know that nobody truly knows which way interest rates are supposed to go. I just want to know what the general consensus is from people who know the industry.
Thanks.
My question is, should I be safe and just lock in now at 5.625% or should I wait a couple of weeks to lock in at a lower rate (poses risk)? I'm not in the mortgage industry so I don't know what the current prediction is on which way the rates are supposed to swing in the near future but any help would be appreciated.
Also, I know that nobody truly knows which way interest rates are supposed to go. I just want to know what the general consensus is from people who know the industry.
Thanks.
condition will not go bad. so think about it.
Have you been working with a loan officer? That rate of 5.625% seems a bit high depending upon your scenario.
rates have been climbing....i agree that 5.625 seems high at the moment, but be careful about floating.
as for predictions, my crystal ball is broken. what goes on in the future is up to the future. as my Book says, tomorrow will take care of itself.
as for predictions, my crystal ball is broken. what goes on in the future is up to the future. as my Book says, tomorrow will take care of itself.
