topic Re: Should I lock my FHA rate today? in Mortgage Loans

Should I lock my FHA rate today?

Anonymous — Fri, 08 Jan 2010 18:22:11 GMT

First I want to say, I am ETERNALLY grateful for this website and this forum. 4 years ago, I not get approved for a car loan or credit card. Today I am just waiting for my new house to finish construction. Words can not say what I am feeling. THANK YOU!!!

Now, my loan officer said if I lock TODAY, he can offer me a FHA rate of 5.375% with zero points. He recommends that I lock today. Does everyone think I should or do they think that rates MAY get lower?

Again, your input is GREATLY appreciated. Thank you!!

-Mariachidude

Re: Should I lock my FHA rate today?

Anonymous — Fri, 08 Jan 2010 18:59:21 GMT

I locked mine in earlier this week at 5% with no points. From what I hear rates are trending upward. If you can afford the lock, my personal advice is to do it.

Re: Should I lock my FHA rate today?

Anonymous — Fri, 08 Jan 2010 22:13:59 GMT

Thanks for your input :-)

-Mariachidude

Re: Should I lock my FHA rate today?

donkort — Sat, 09 Jan 2010 01:02:22 GMT

I would say "lock," because interest rates have been at "historical lows" for too long.