Rate change after next week FED meeting

[Martis]

I am very nervous.....my plan is to lock the rates on the 23rd of this month.

Now I keep reading about this FED meeting next meeting 17-18 and if they say something optimistic in that that will signal the rate raise in June and that will signal an explosion of mortgage rates next week.

Do you think it could be a huge change in a mather of couple of days between 16 and 23rd? Should I try (not sure if possible) to get all the papers done and lock the rate on 17th?

Second question: I have pre-approval from the same bank, once I submitt all the paperwork for approval how long it takes until I get the lock rate?

Thank You

[ezdriver]

No one can predict what will happen at the Fed meeting but the general industry is expecTing rates to start rising. The economy is doing well. Unemployment is down to the lever at which the Fed had stated it needed to be and buyer demand is rising. It is a seller's market in an increasing number of geographic areas. My company implemented three price increases since last Fall ... and it has not slowed down our sales.

Ask yur loan officer when would be your first opportunity to locak a rate. Your post lacks the details necessary for us to respond to that question in a meaningful way.

[wagsk1]

locked mine at 3.5 last month and I thought I jumped the gun, glad I did as it seems they are just slowly creeping up.