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Lock or float?

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Anonymous
Not applicable

Lock or float?

I am closing on a home by the end of October and my loan officer says I can lock in my rate now or "float" it. Are rates likely to go down over the next couple weeks or should I lock in now?
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Lock or float?

Nobody knows.

It could go in every direction, particularly shortterm. 

Message 2 of 5
JuliaTN
New Contributor

Re: Lock or float?

With the volatility in the financial markets in general the last few weeks, it's really hard to say. Rates seem to be trending downward but they are (historically speaking) great right now as is. If you can get anything below 6.25% I'd lock in now. Lower than that - I've seen some 15yr conv as low as 5.25% - and I definitely wouldn't wait.
Message 3 of 5
DallasLoanGuy
Super Contributor

Re: Lock or float?

Retired Lender
Message 4 of 5
Junejer
Moderator Emeritus

Re: Lock or float?


DallasLoanGuy wrote:

LOL. I was going to try to find an image of a crystal ball, but that magic 8 ball is better.






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