Hey all, with the way rates have been rising over the last few weeks, I was curious on whether anyone has locked their rates yet. I'm going FHA, and it seems there are many here going FHA as well so looking for some figures. Also, to all those waiting for the "clear to close" hang in there. It seems lenders are overwhelmed right now with all the changes and we are just waiting by the sidelines. If you guys are anything like me, you are constantly thinking when the hell are they going to call or email me about closing!
Again, hang in there and congratulations to all that have closed.
Bond yields have been down each of the last 3 sessions, stocks are finally coming down from key resistance levels, and the government's bond purchase program is still in effect to drive down rates.
I'd say play the 'wait and see' game during this week until there's another day where rates go up. Someone who waited from last week to this week could have 0.5-0.75% cut from a 30-yr fixed rate.
I don't really understand how the market works but I check this website daily to see which way the numbers are going:
I had read in the USDA rural development handbook that the 90-day net yield is a guideline. Actual APR's will be higher than that. I still think it's interesting to watch though.