Finally talked to my LO

[violetsmom]

I have been sending emails weekly asking for status updates and basic questions all with no replies.  We are building and have been scheduled to close late April/early May and last I spoke with her was mid February.  I was literally dialing her phone number about to get a little snippy with her when my phone zinged that I had an email.  Sure enough, it was from her saying we are within 45 days and to call her to discuss locking our rate.  I was so happy to hear that we are within 45 days I totally forgot I was irritated at her   We are still waiting to hear from the builder on a closing date, but she said that they have us on the board for April and would have already moved us to May if they were not going to complete in April.  YAYYYY!

However, I was a bit disappointed to see that the rate has gone up since we first got a fee estimate   The estimate from December says 3.75 but we are looking at a 4.125% rate now, on a 30 year conventional with 5% down, FICO score used was 711.  I went ahead and locked it in anyway, I don't want to play games with it and end up with a higher rate.  I was really expecting a 3.xx though

[tooleman694]

Samething happened to me, I locked into a higher rate too.

[Mike_B03]

Damn I'm worried about that. We were given an initial rate of 3.375% in late November...by the time we are supposed to close in late June, who knows what it will be. Our mid score was 665 which isn't fantastic...was surprised at the very low rate initially. What determined the rate...does it different from lender to lender?

[tooleman694]

Well FHA you always get a low rate but it does change from lender to lender. Conventional it is score based so if you want a low rate you better be scoring high

[jkwheaton78]

Same here, mine went up a little bit.  

[MovingForward_2012]

You aren't the first one to bring up 4.125% on a conventional loan on this forum. Someone else said that they were getting that rate too. On the contrary, I went with FHA and my rate is 4.125% but my rate was more income based due to the loan program I went with. But still, it appears that mortgage rates are slowly moving into low 4's. Bummer.