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I'm currently in underwriting on my loan for a new condo which closes at the end of June. I wanted to lock in my rate for 60 days two weeks ago, but when I talked to the builder he suggested I wait another week before I locked it in. At that point, to lock in my rate at 3.875% my origination fee would have been ~$800. I waited a week and talked to my LO, and she said that it had gone up to $1100 because rates crept up. She said wait another week. Well this week they went up again and now that same fee is over $1500! I know I have a good bit of time till I close, but I'm worried this trend will continue and I'll have to pay more and more for the same rate. Do you all think that there is a chance they'll head downward again in the next 6 weeks? I'm really frustrated the builder told me to wait, but I was worried if construction was delayed my rate lock would have expired!
I have a daily notification from the CU I intend to refinance with. The number was 3.5% on a 30 year fixed rate for a long time, and about a month ago it went up to 3.625% and has been staying there since. I'm in MI.
I wish my LO would send me a daily sheet so I don't have to keep bugging her. I might hold on a bit longer to see if they drop at all since I won't close for at least 6 more weeks..
Yup I have heard they are going back up. Right now we are where we were at last summer.
I just signed up through their website. I haven't seen a lot of places that offer it. Mine was at umcu.org and at memberfirstmortgage, but obviously, those are for my specific lender.