35 replies to this topic

[ARSEN]

Right now at 3.45%

Some people reporting that rates expect to drop close to 3.2% before elections. Anyone knows what to expect? I have an option to lock in on my rate in next 7-10 days but I can wait all the way to November to lock in. It seems like rates increased at one point in August but then dropped again.

[C47]

I thought they were just around 3.25 a few weeks ago. My wife and I just got our house at the end of July and we're at 3.5%...

[ARSEN]

Where do I check current one? I got it from some site but I dunno how accurate it is.

[NanuqoftheNorth]

If you can swing a 15 year, rates are better still and costs are significantly reduced over the life of the loan.

[ARSEN]

I cannot do 15 years. I got a wedding coming up and I'm first time home buyer.

[thefuzz]

USDA 3.0%
FHA 3.25%
CONV 3.5%

Depends on your broker though, and credit score, and how much fees are.

[Boner Champ]

I got a 30 yr conventional at 3.25% last month
My guess is this is as low as they will get, then the election will bring them back up

[The Saltman]

Rates will go up slightly after November. Don't expect them to go up until 2015 tho.

[pstall]

at the bare min rates go up like salt said. some fed dude even mentioned this a couple of days ago.

as i always say tho. its not about the % rate, it's about the payment.

[The Saltman]

After your wedding tho try to pay off your house as quickly as possible. Could save you in the 6 digits in interest depending on the loan amount.

[ARSEN]

Oh I know... I will pay around 200k in interest over 30 years... So the question is... Should I lock my rate? Whatcha guys think? My close date is Oct 26th.

[pstall]

i don't think we ever go below 3% just for psychological
reasons. so yes. lock it in.

[NanuqoftheNorth]

I cannot do 15 years. I got a wedding coming up and I'm first time home buyer.

You have an historically great rate. Don't worry, be happy. Congrats on the wedding!

[ARSEN]

You have an historically great rate. Don't worry, be happy. Congrats on the wedding!

Thank you sir.

[thefuzz]

Oh I know... I will pay around 200k in interest over 30 years... So the question is... Should I lock my rate? Whatcha guys think? My close date is Oct 26th.

Yes, lock the rate if you can get below 3.5.

Ask for a 1 time free float down, or at least tell them that another company is offering you one for free.

You can lock at todays price, and if it drops between now and your close date you can change it then for free.

Not all banks will do this but many will.