I know that mortgage rates have been going down, and our loan officer asked us if we want to lock in at 5.8%. I know that this is a GREAT rate, but does anyone know if the rates are going to be going up or down anytime soon? Are the prime rates and mortgage rates separate rates. Tara and I intend to buy down the rate by 4 points.
If the war starts and ends in a short time frame, then I expect rates to go up as the stock market will bounce up as well. Which means I need to get in gear and get my home loan approval going with these awesome rates while I still can. I've been dragging my feet about buying a new home but I will be pissed later if I lose out on these sweet rates. What am I waiting for? A war? Oh...yeah.
Hmph...My loan officer quotes a 5.8% rate, while most rates I find doing online research say 5.3-5.5...Time to sit down an negotiate with the loan officer...{cracking knuckles}
The wife and I are refinacing as we speak. 5.375% for 15 years. Starting next month, our mortgage will be $170 less and loan period will 10 years shorter
FT -- A couple of things to keep in mind...if you can get a 1/2 point less..or a 1/4 point less...great! Do it. But don't get too nuts over saying 1/4 of a point. Either way, interest rates are so ridiculously low from a historical perspective that you're doing great. I personally don't see rates jumping back up any time soon. I'm more concerned with the prospects of deflation than I am inflation.
Thanks for the advice. I'd like to find out why there is a 1/2 point discrepancy between many area lenders and this lender. Buying 4 points into the mortgage should bring us down 1 percentage point down in our mortgage rate...Buying down the 5.8 rate to a 4.8 rate...incredible...or a 5.3 to a 4.3...{chills}
I just closed on my refinance last Friday and got 5.625 for 30 years and no loan origination fee, prepays. I only had a small amount of closing costs. Woohoo!!! No PMI and no escrow. My monthly payment is now $500 cheaper!!
PS - Everyone should be very wary of lower than average interest rates. They usually are accompanied by alot of junk fees and prepayment penalties.
