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4.7 interest rate with a 702 credit score!!???

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Frequent Contributor

Re: 4.7 interest rate with a 702 credit score!!???


wrote:

This sucks! I am doing a new construction as well - when i was preapproved in November 2017 with a 783 mid score, my rates were quoted at 3.75% - 4%....now watching them rise as a wait to do a rate lock for end of April close date is nerve wrecking....

Does anyone have pros/cons of maybe doing an ARM and then refi before the initial period is up? In my novice mortgage brain, I see at least being able to get a lower rate to start and then refi when rates get better????


NEVER EVER play with your home like you're betting on the stock market. You can be in an ARM if you don't plan to live there that long, 10 year ARM at the latest, but rates are still below 5%. Stick with it.

Mortgage Loan Officer in Greater Chicago area plus 47 states.
Message 11 of 15
Frequent Contributor

Re: 4.7 interest rate with a 702 credit score!!???

We were pre-approved back in June 2017 and the rate then was 3.87% Our new home was suppose to be started in Oct 2017 but didn't break ground until Dec 1 2017, Original close date was Feb 14th then it has been moved to April 30th and now it will be moved again to close sooner but no date has been given yet. The rates today for us are at 4.37% now and because my hubby's middle score is lower then mine we have to use his Smiley Sad Without knowing when the new house will be finished, we can't lock in a rate because they are only good for 60 days unless we want to pay $$ to keep it locked for an additional month. I am not willing to do that. We are doing USDA.I hate the changes in the rates right now.

Filed Chapt 7 BK 6/3/15,DC: 9/8/15 New Car Loan 4/27/17 = 2017 Toyota Rav4 LE 9 Miles
Starting Scores: EXP 479/EQ 529/TU 555
Current Scores: EXP 677/EQ 678/TU 695
AAoA 3.5Yrs|Oldest 11.3Yrs| WWithin =$250|Kays = $1250|FBeauty = $1450|VSecret = $1500|
Overstock = $2100|Kohl's = $3000|COne Quick Silver = $1000|
COne Quick Slvr1 = $1500|53 = $1500|Barclay = $2500|WFargo = $5500
Message 12 of 15
Established Member

Re: 4.7 interest rate with a 702 credit score!!???

I guess I shouldn't feel too bad about the 4.875% we locked at the end of Jan with a 661, sounds like they will only be going up...

Message 13 of 15
Established Member

Re: 4.7 interest rate with a 702 credit score!!???

My wife and I are very bummed about the interest rates as well. Right now our credit union has 30yr mortgages at 4.375 (and has been holding steady all of February) but we don't go in to get pre-approved until March 2nd.. my middle number is 729 and wifes is 768. Hoping we can lock in at or under 4.5 by the time we find a house and close!
Message 14 of 15
Established Contributor

Re: 4.7 interest rate with a 702 credit score!!???

Don't know if this will make you feel any better. Current rates are still historically low. During the winter of 1981 a 30yr mortgage rate was over 18%. 😲
Message 15 of 15