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Valued Member
Geo174
Posts: 36
Registered: ‎03-23-2010

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

Hi all,

 

My wife and I are currently under contract on a house :smileyvery-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?

 

 

Regular Contributor
AJC1987
Posts: 130
Registered: ‎03-29-2009

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


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Frequent Contributor
seigex
Posts: 425
Registered: ‎05-16-2012

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...

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Frequent Contributor
DrJim
Posts: 367
Registered: ‎10-26-2009

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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Frequent Contributor
Sunshine85
Posts: 367
Registered: ‎01-14-2012

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 :smileyvery-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)?

Valued Member
Geo174
Posts: 36
Registered: ‎03-23-2010

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

Frequent Contributor
MrChairman
Posts: 456
Registered: ‎02-07-2010

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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Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011

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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Valued Member
Geo174
Posts: 36
Registered: ‎03-23-2010

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 :-)
Valued Contributor
Epcot
Posts: 2,783
Registered: ‎10-10-2012

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

Wow.. great rate!

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