USDA RATE QUESTION

[Anonymous]

I am in the process of obtaining a USDA Loan in SC. I am being told my rate would be as of yesterday 4.3%. This is new construction and I can't lock in until 60 days before completion which means a lock date of about end of September. Does this mean I could possibly see below 4%? Also the builder is giving me $3500.00 towards buying the rate down.

Any thoughts? Opinions?

Thanks!

[Anonymous]

If you buy the rate down you may be able to get under 4%.  I'm under contract on my USDA Loan and my rate is 4.625% but I bought it down from 5%.

Good luck! Sounds like a good deal!

[Anonymous]

I'm under contract at 4.5%.

[hawkeye33]

If you're not locking in until end of September, then yes, you could see it under 4%. Of course, you could also see it rise closer to 5%. It just depends on what happens with rates in general.

[Anonymous]

I totaly agree with you! As of today at 4.1% it's getting closer. I might go ahead and pay for the 120 lock with a one time float down.