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Interest rate lock

Member

Interest rate lock

I have to reserve (lock) my rate by the end of December (30 year fix rate mortgage fom PenFed). Is 4.875% good or should I wait for a lower rate?
Message 1 of 4
3 REPLIES
Regular Contributor

Re: Interest rate lock

Well, there can be several factors that determine the rate you can get (scores, type of loan, etc.), and that's a somewhat 'crystal ball' type of question, but yes, 4.875% is in a pretty good ball park right now. Is that with no points?
Message 2 of 4
Established Contributor

Re: Interest rate lock

I've been checking on PedFed Mortgages myself.  4.875% is with 0.125 points.  5.00% has 0 points...
Message 3 of 4
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Member

Re: Interest rate lock

I am seeing rate floating between 5.00 and 4.875 (with no points). Next time it reaches 4.875 I will lock in.
Message 4 of 4