I’m planning to lock a rate within the next week. Of course, I’d love for rates to drop, but is there any chance that could happen with the reports coming out later this week? Or should I just accept the current rates and lock now?
Hard to say. I just locked in at 6.375%—probably the best rate I’ll get for a while.
Toryn said:
Hard to say. I just locked in at 6.375%—probably the best rate I’ll get for a while.
We locked at that in January.
Toryn said:
Hard to say. I just locked in at 6.375%—probably the best rate I’ll get for a while.
We locked at that in January.
Yeah, seems like the best we can do for now. Maybe rates will ease up a bit after the election, but I don’t expect a big drop.
Toryn said:
Hard to say. I just locked in at 6.375%—probably the best rate I’ll get for a while.
Did you buy any points? I have an 800+ credit score, and the best I found was 6.75% with a $500 lender credit.
@Laine
Same here.
@Laine
No points for me. Just got lucky and held on to a rate for a while.
@Laine
Try checking with a local credit union.
Toryn said:
@Laine
Try checking with a local credit union.
That’s actually who I got this quote from, and they were better than anyone else I checked. I tried two credit unions.
Toryn said:
@Laine
Try checking with a local credit union.
That’s actually who I got this quote from, and they were better than anyone else I checked. I tried two credit unions.
I went with American Federal Mortgage if you want to compare.
@Toryn
Thanks for the tip!
What rates are you seeing? I check here daily: Today's Mortgage Rates - Daily Index. When I closed two weeks ago, it was around 6.5%, and now it’s sitting closer to 7%. Nobody can really predict the future, so it’s a trade-off—would you rather lock at a rate you can handle or risk waiting and possibly paying more?
There’s a lot of data coming out this week. My guess is we’ll see a spike in jobless claims and maybe an uptick in the unemployment rate, but my crystal ball hasn’t been working lately. Sometimes, the bond market catches on before the reports drop mid-week.
Locked in today at 6.375% with a $162 buydown. I’d recommend locking in, but it’s your call.
Reed said:
Locked in today at 6.375% with a $162 buydown. I’d recommend locking in, but it’s your call.
Where did you lock?
Reed said:
Locked in today at 6.375% with a $162 buydown. I’d recommend locking in, but it’s your call.
Where did you lock?
Finger Lakes, NY, with Reliant Credit Union.
I need to lock by 11/10, and honestly, I’m just waiting and hoping for a drop. At this rate, I’ll be refinancing within two years anyway.
Lennon said:
I need to lock by 11/10, and honestly, I’m just waiting and hoping for a drop. At this rate, I’ll be refinancing within two years anyway.
Same here. I’m hoping any rate stability now means a lower home price versus waiting a couple of years to buy.
I locked in 5.875% today on a 15-year fixed, par rate.
Rates dropped 50 basis points since Friday, but the market’s rough today. Might be time to start praying.