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My 60 day window to lock the rates will start around 1st July. The newly built town home is in the Chantilly, VA area. The indicated closing date from the builder is 16-30 Aug 2013 with no firm date commitments. Have 3 days of this week to decide to lock or not...
Following is the quote from the lender contact that I got few minutes back...
" The rate for LPMI loan with cost in the points (2 points) is 4.625% today. Do not foresee that the rates getting back to 4% again. "
Do you think its worth waiting till 1st July or should I consider locking today or tmrow ?
"The volatility in mortgage rates has been unprecedented. Daily swings cause changes intraday and unfortunately that creates distortion for consumers. The recent volatility will not subside until the free market determines where the real bid/ask is minus the FED. Until that point expect the swings to continue. 30-45 days should be locking. Longer term may be able to float, however we do not recommend it with the current environment. We went from low 3's to high 4's in a couple of weeks, and this morning we were possibly talking 5's. the day is not over and the week just begun. " -Constantine Floropoulos, Quontic Bank
"Last Wednesday, Fed chairman Bernanke said during a post-FOMC press conference that rising home prices compensate for higher rates. Then on Friday, Bank or America Merrill Lynch's MBS team was out with a note reacting to this stance by Bernanke, saying: "we would guess the Fed assumption is that a 5% mortgage rate would be acceptable." If this is the case, hoping for a near-term dip in rates could prove futile. " -Julian Hebron, Branch Manager, RPM Mortgage
"Rates can't go any higher can they"? I don't know they went up 1/2 point last week. Market is way oversold and rates should come down a little from here I believe. Below 4% probably not, but we can live with the low 4s. Just don't need the 5s to show up. Purchases, I believe should be locked once a contract is signed, if debt ratios are pushing the limit. However, if your loan officer is a MBS Live member, they can gauge whether to lock then or float with an itchy trigger finger." -Mike Owens, Partner, Horizon Financial Inc.
"Today stands as an excellent example of why I strongly recommend my clients lock in their rate upfront. Until we see some calm rational trading days there is no better protection than locking in. " -Kenneth Crute Branch Manager Prime Mortgage Lending Inc
My 60 day window to lock the rates will start around 1st July. The newly built town home is in the Chantilly, VA area. The indicated closing date from the builder is 16-30 Aug 2013 with no firm date commitments. Have 3 days of this week to decide to lock or not...
Following is the quote from the lender contact that I got few minutes back...
" The rate for LPMI loan with cost in the points (2 points) is 4.625% today. Do not foresee that the rates getting back to 4% again. "
Do you think its worth waiting till 1st July or should I consider locking today or tmrow ?
The agony of wondering, waffling, and hoping is far far more excruciating than getting that .125% better if the planets happen to line up.
Lock it, be done with it, realize that HOME MORTGAGE INTEREST ON YOUR PRIMARY RESIDENCE IS A TAX WRITE OFF, and go fret about every other aspect of your financial profile, each of which matter far far more than a slight delta on mortgage terms.
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