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Is a good enough interest rate/APR to lock in?

Valued Member

Is a good enough interest rate/APR to lock in?

Hi all,

 

My wife and I are currently under contract on a house Smiley Very Happy  and the interest rate I was given as of today is 2.95% with APR 3.7%, is this a good enough rate to lock in?  Please share your thoughts?

 

 

Message 1 of 25
24 REPLIES
Regular Contributor

Re: Is a good enough interest rate/APR to lock in?

I got locked in at 3.25% and was happy with that, I would be ecstatic at 2.95%...

 

congrats

Message 2 of 25
Established Contributor

Re: Is a good enough interest rate/APR to lock in?


AJC1987 wrote:

I got locked in at 3.25% and was happy with that, I would be ecstatic at 2.95%...

 

congrats


I got locked in a few days ago at 3.3% &  3.65 APR which I'm happy with...

Message 3 of 25
Frequent Contributor

Re: Is a good enough interest rate/APR to lock in?

Rates have been dropping.  I closed the beginning of June with a 3.75% and I was in heaven.  2.95%?  Heck yeah!



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Message 4 of 25
Frequent Contributor

Re: Is a good enough interest rate/APR to lock in?


Geo174 wrote:

Hi all,

 

My wife and I are currently under contract on a house Smiley Very Happy  and the interest rate I was given as of today is 2.95% with APR 3.7%, is this a good enough rate to lock in?  Please share your thoughts?

 

 


That's a great rate. What is the term (e.g. 15 yrs, 20, etc)?

Message 5 of 25
Valued Member

Re: Is a good enough interest rate/APR to lock in?

Thanks everyone!  I feel alot better about locking it in now  .. It's a 30 yr fixed loan

Message 6 of 25
Established Contributor

Re: Is a good enough interest rate/APR to lock in?

Geo, I am interested to know how you got a 2.95% when the lowest rate advertised is 3.34% currently. Did you buy points? Could you also let us know your credit score and DTI ratio. And if your putting any money down. I'm attempting to go VA and got quoted 3.25%


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Message 7 of 25
Moderator Emeritus

Re: Is a good enough interest rate/APR to lock in?


Geo174 wrote:

Thanks everyone!  I feel alot better about locking it in now  .. It's a 30 yr fixed loan


That is a great rate on a 30 yr fixed... does that include points that you pay?


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Message 8 of 25
Valued Member

Re: Is a good enough interest rate/APR to lock in?

This is a zero point loan and it's a PHFA- FHA Pennsylvania based program :-)
Message 9 of 25
Valued Contributor

Re: Is a good enough interest rate/APR to lock in?

Wow.. great rate!

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Message 10 of 25