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DID YOU LOCK YET?

Regular Contributor

DID YOU LOCK YET?

Hey all, with the way rates have been rising over the last few weeks, I was curious on whether anyone has locked their rates yet. I'm going FHA, and it seems there are many here going FHA as well so looking for some figures. Also, to all those waiting for the "clear to close" hang in there. It seems lenders are overwhelmed right now with all the changes and we are just waiting by the sidelines. If you guys are anything like me, you are constantly thinking when the hell are they going to call or email me about closing!

 

Again, hang in there and congratulations to all that have closed. Smiley Wink

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Transunion 652 | 3/27/09-677 | 5/20-09 -683
Equifax 4/21/08 -609 | 5/4/08-632 | 12/26-08- 651 | 5/5/09 - 652
Experian 4/16/08- 613 | 11/08 - 646 | 3/27/09-673
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25 REPLIES
Contributor

Re: DID YOU LOCK YET?

We haven't locked yet.  Our LO said on Friday that rates are starting to decline a bit so we're going to play the wait-and-see game. 
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3/27/09 Mortgage Application:
Me: EQ 691 EX 659 TU 714
DH: EQ 670 EX 677 TU 702
Regular Contributor

Re: DID YOU LOCK YET?

Talking to LOs today. I was also told they declined. I was offered 5% for 1 point.

Re: DID YOU LOCK YET?

Bond yields have been down each of the last 3 sessions, stocks are finally coming down from key resistance levels, and the government's bond purchase program is still in effect to drive down rates.

 

I'd say play the 'wait and see' game during this week until there's another day where rates go up. Someone who waited from last week to this week could have 0.5-0.75% cut from a 30-yr fixed rate.

Regular Contributor

Re: DID YOU LOCK YET?

This seems to be the advice from a number of good LO's. My LO told me to hold tight for another week or so. The media coverage on CNN and Bankrate is all over this, which should play in our favor. Essentially because its causing some buyers on the fence to continue to stall.
~~~
Transunion 652 | 3/27/09-677 | 5/20-09 -683
Equifax 4/21/08 -609 | 5/4/08-632 | 12/26-08- 651 | 5/5/09 - 652
Experian 4/16/08- 613 | 11/08 - 646 | 3/27/09-673
~~~
New Contributor

Re: DID YOU LOCK YET?

I am in the same boat!  We found a house over the weekend and our offer has been accepted, now the interest rate game!  I am waiting to hear from our broker.
Regular Contributor

Re: DID YOU LOCK YET?

I also found a house this weekend and just spoke to our broker she gave me todays rates are 5.5%.  She also said there down.  We are going to make a offer tomorrow on a house. 
Regular Contributor

Re: DID YOU LOCK YET?

I am refinancing my house and I got rate of 5.5. some people are saying the rates will go down a little but you never know these days.  better be safe then sorry.
Regular Contributor

Re: DID YOU LOCK YET?

so 5.5% seems to be the floating number. does anyone know where we could get a daily update on the rates for FHA loans. I think this could only benefit us that are looking to close soon and get the best possible deal out there. Thanks All
~~~
Transunion 652 | 3/27/09-677 | 5/20-09 -683
Equifax 4/21/08 -609 | 5/4/08-632 | 12/26-08- 651 | 5/5/09 - 652
Experian 4/16/08- 613 | 11/08 - 646 | 3/27/09-673
~~~
Contributor

Re: DID YOU LOCK YET?

I don't really understand how the market works but I check this website daily to see which way the numbers are going:

https://www.efanniemae.com/syndicated/documents/mbs/apeprices/archives/cur30.html 

 

 

I had read in the USDA rural development handbook that the 90-day net yield is a guideline.  Actual APR's will be higher than that.  I still think it's interesting to watch though. 

 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
3/27/09 Mortgage Application:
Me: EQ 691 EX 659 TU 714
DH: EQ 670 EX 677 TU 702