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Contributor
bsf56
Posts: 93
Registered: ‎07-31-2007

Wait to lock in?

I've been following the news a bit watching stocks fall and bonds rise.  My loan officer is still telling me that rates haven't changed this week.  Any thoughts from the wise mortgage people here?  Should I go ahead and lock in now or wait it out...I'm closing Dec. 3rd.
 
Thanks!
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007

Re: Wait to lock in?

They are going up-
and then they will go up again,
Contributor
bsf56
Posts: 93
Registered: ‎07-31-2007

Re: Wait to lock in?

I'm confused.  I have been trying to educate myself on interst rates, and I am just confusing myself.  I watched the bond market all day yesterday thinking that when bonds were up, rates go down.  Is that wrong?  The market showed a -.10% yield change, but today rates were .10 higher....or at least that is what my loan officer said.  Can anyone enlighten me?  I could have locked in at 6.75% yesterday....today it's 6.875.  Should I take 6.875?  I'm confused!  
Super Contributor
MidnightVoice
Posts: 8,154
Registered: ‎03-25-2007

Re: Wait to lock in?

When you find someone who can predict what the mortgage rate is going to do, please tell me!
 
And if you do think you have found someone, I have this bridge for sale in NY.....:smileyvery-happy:
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Contributor
bsf56
Posts: 93
Registered: ‎07-31-2007

Re: Wait to lock in?

Boy, thanks for the help.
Regular Contributor
Vanyel
Posts: 216
Registered: ‎05-17-2007

Re: Wait to lock in?

For what it's worth, I'd lock now.  I think that the rates are going up.  Of course this is just my opinion, and we all know about opinions.  :-)
 
Van
 
FICO 6/25/08 TU 668 EQ 646 EX 652
FACO 6/25/08 TU 655 EQ 622 EX 641
Recovering from the App Spree that dropped me like a rock. Post Car loan apps as well.
.
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007

Re: Wait to lock in?

http://ficoforums.myfico.com/fico/board/message?board.id=loans&thread.id=667&view=by_date_ascending&page=1

I have been right 4 months in a row-

Lock yesterday-

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