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Lock rate now or wait?

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Established Contributor

Lock rate now or wait?

FHA has been sitting at 3.75% since the end of December. Should I rate lock now or wait to see if rates drop a bit more. Closing at end of February.

Starting Score: 6/17/15 EQ: 589 EX: 593 TU: 579
Current Score: 5/22/16 EQ: 703 EX: 697 TU: 713
Goal: 700s by June 2016
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Community Leader
Super Contributor

Re: Lock rate now or wait?

I'd lock as soon as you like the rate.  We'll need to see a huge rally for FHA rates to change much, they aren't as volatile as conventional rates.  Tuesday we had a nice improvement in rates, today we gave it all back (and then some).

Helping people with mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Orange County, CA and lending in all 50 states
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