Mortgage Rates

[0x47]

We just got through pre-approval and, go figure, mortgage rates have been on the rise for the last few weeks.  So now I'm in a bit of a panicked mode -- if they get much higher I am not going to be very happy.  Any thoughts on if rates are going to head downwards?  I was thinking about floating the rate, taking a chance the rate will fall, but lock if it goes up by another 0.125%.  IDK.

[tooleman694]

If it were me I would lock right now.

[Semperfit]

My personal opinion, rates will keep going up. At some point they will stableize but not go back down.

[fabadvice]

I would say lock it. I was given a rate of 3.25 but by the time I had a contract the rate went up to 3.75 and my mid-score is 680. The rates are going up big time, companies are now at 4% and up.

[ccubedzx3]

Lock now...don't risk a float. It is only going to go up from here. 

[Chris3k2]

I agree with everybody else. lock now. Best case scenario is that the federal reserve continues it's current QE3 into fall and even if that happens it looks like the rates will just stay above the 4% mark.

[adymax]

I have a question. It is possible to lock the rate now and close in November/December, the house will be build?  How much will cost us?

[tooleman694]

I think its like a 45 to 60 day lock.

[0x47]

Normally its a 30-45 day lock, but you can get a 45-60 day lock (sometimes it will cost you a little money though).

Anyway, we submitted an offer to the seller so its out of our hands for a day or two.  We'll lock the rate ASAP though if we do get an accepted offer.  Thanks all for the input!

[0x47]

As advised, we locked our rate today.  It was a bit of a rollercoaster, lost a bid on a house and won a bid after we resubmitted a higher offer to beat a competing bid.  3.875%!