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Old 05-30-2013, 07:32 AM
 
63 posts, read 79,387 times
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Not sure if this is the right forum for this but I’m looking to pick your brains in regards to a short term outlook on the 30 year mortgage rate. We are in contract and I am wondering if I should lock in my mortgage rate now or wait until closing which would be within 60 days. The rates have jumped over the past couple of weeks but I’m hopeful that they will come back down in the short term

Jobless claims reported today were slightly higher than expected so that should prevent, in theory, another rate increase. However, next week’s monthly unemployment figures could make a big difference in any direction.

I’m not sure whether I should lock in a rate now (which is about 50 basis points higher than last month) or take my chances and see where the rates go in the next month.

Any input would be appreciated as I’m sure I’m not the only one facing this situation.

Thanks.
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Old 05-30-2013, 07:43 AM
 
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Read the first 10 threads on this forum and then decide if you want to take financial advice from anyone that posts here.
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Old 05-30-2013, 07:44 AM
 
237 posts, read 1,717,957 times
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Hmm, I'm no expert, but I had my rate locked about 6 weeks ago at 3.5%. What would your rate be if you locked in today?
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Old 05-30-2013, 08:02 AM
 
63 posts, read 79,387 times
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4.125%
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Old 05-30-2013, 08:08 AM
 
237 posts, read 1,717,957 times
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Quote:
Originally Posted by lovingtoli View Post
4.125%
Wow! That's quite a jump. Please tell me you're not paying for points or anything with a rate like that.
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Old 05-30-2013, 08:09 AM
 
863 posts, read 1,765,422 times
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Quote:
Originally Posted by mambwe View Post
Read the first 10 threads on this forum and then decide if you want to take financial advice from anyone that posts here.
Hey after moving to Long Island I figured I am no longer competent to make financial decisions so I let me 2 year old make all my financial decisions for me now so don't know her she is learning..
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Old 05-30-2013, 08:10 AM
 
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There will be some PMI
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Old 05-30-2013, 08:15 AM
 
237 posts, read 1,717,957 times
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Quote:
Originally Posted by lovingtoli View Post
There will be some PMI
Yeah, that has nothing to do with the interest rate. PMI is based on your down payment, or lack thereof.

I wish I could be more helpful, but I don't have a crystal ball. 4.125% seems quite high, but that could just be how rates are trending. Hard to say. Honestly, with that rate, I think I'd wait a few more weeks to see if it dips again.
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Old 05-30-2013, 08:17 AM
 
520 posts, read 1,382,322 times
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Quote:
Originally Posted by lovingtoli View Post
There will be some PMI
How do you know he has to pay PMI?

OP- Do you qualify for the best rates?
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Old 05-30-2013, 08:20 AM
 
Location: Long Island
9,038 posts, read 18,371,432 times
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We had an office meeting this morning and Continental Home Loans (a large local mortgage banker) talked about interest rates.
According to them, 4 1/4% is a great rate at this time!
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