About to lock in on rate for FHA loan - questions.

[Anonymous]

Figured Id give a little weekly update.

Right now I can lock in at these rates.

5.25% with no points

5.0 with .5 points

4.75 with 2 points

Still going lower  

If it hits 5.0 with no points I think im gonna lock in. 

[fishbjc]

111Mel.....OP's EQ score is 725, what's wrong with that #?

[Anonymous]

thats my fault , at the time of posting I didnt update scores.

was down around 680 before.

[DallasLoanGuy]

5.0% with zero points is available.

why no points? are you not planning on staying in the loan very long?

[Anonymous]

Well mostly about the upfront costs. if its minmal around 0-1 point but definitely not 2 points. Really depends on the difference in rate too.

As far as FHA rates go , are they mandated by the government dallas? IN my case im going through peoples united bank here in CT. Do they set the rate? If so , if I went over to bank of america for fha , they may offer me a lower rate than peoples?

[ShanetheMortgageMan]

All banks set their own rates for FHA, USDA, VA, conventional, etc..  The only time that there will be a "standard" rate that doesn't deviate if it's a direct government offered program - such as the USDA Direct loan, or a state sponsored down payment assistance grant/loan, etc.

[Anonymous]

so how do you feel about the rates I was quoted at today

5.25 no points

5.0 .5 points

4.75 2 points

this seem high / average ?

[WannaHouse]

No expert here, but >I< would lock at 5.0 .5 points.

[Anonymous]

well with all the news about the feds buying back mortgages and stuff im going to wait it out before I lock in. I have till like feb 5th as I close on the 11th.

I think its worth the risk to see if they do drop. 

[ShanetheMortgageMan]

With a 693 score those rates look average, best rates for conforming financing are typically with a 720+ score.