I've been waiting to lock in my interest rate because it's a new build I'm waiting on and they keep getting delayed. I finally got the go ahead from the developer that we're within 60 days of close, so I want to lock in my rate. 30 days ago I could have had a rate of 3.875% with 0 origination fee, and now I'm looking at 4.375% and $930 origination which just totally sucks! I wish I could get that same rate as a month ago, but had I locked in then it would have expired before I closed anyhow.
My question is - where do you think rates are going next week? I can lock in till Sunday night at the mentioned rate, but I'm worried if I do that rates might drop next week. I know the huge run up in rates in the last month were heavily influenced by the allusion of the Fed that quantative easing will slow soon, so I'm wondering if they will back track on those comments to allow rates to float downward a little more and continue to spur the real estate market. My biggest fear is that they either do not retreat on the comments or further strengthen their resolve to slow the bond buying/QE which will cause rates to raise further before I'm locked in. What do you all think here since I'm sure you're in a similar boat?
Rates look to be headed down! Big news next week for the FOMC meeting with a news briefing from Mr. B on Wednesday afternoon.
I really feel that they could potentially back out slowly but not until later this year. If anything, they will continue to purchase bonds at the 85 Billion rate for a few more months. I hope this is the news next week which then may drop rates a bit further.
Anyway you think about it, rates are at all times low, even todays rates!
Is there anywhere to check what the rates are? I just locked in yesterday at 3.75% but I get a 1 time chance in the next month or so to switch to a lower rate if it goes down... so, just curious if there is anywhere to check without having to call my loan officer and ask him.