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Old 06-29-2014, 10:01 AM
 
529 posts, read 491,353 times
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I have locked my mortgage interest rate (0 points, 30 yr loan) with my mortgage company.

I can get a lower interest rate before settlement if it goes down. But I am not sure how can I find this out.

I check bankrate.com periodically, in addition to this I check other bank's mortgage rates.

Sometimes I see it little lower than what I have locked but when I check with my mortgage company, I come to know that it has not come down.

What else to monitor to see if the rate has come down?

Even a slight drop in interest rate can save me $40-$50 per month.
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Old 06-29-2014, 12:47 PM
 
3,320 posts, read 7,261,485 times
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The one-time float-down feature tends to come into play only with substantial market movement.

Movement, especially downward movement, very rarely takes place in one fell swoop. It would take something akin to a domestic terror attack, or extreme market collapse, IMO. In the past five years, I've had one instance wherein the market moved sufficiently to employ the float-down. It's a marketing tool.

You should ask for the fine print, ie., "How many basis points does which market have to drop in order for this to become available?"
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Old 06-29-2014, 04:02 PM
 
529 posts, read 491,353 times
Reputation: 249
Quote:
Originally Posted by Pfhtex View Post
The one-time float-down feature tends to come into play only with substantial market movement.

Movement, especially downward movement, very rarely takes place in one fell swoop. It would take something akin to a domestic terror attack, or extreme market collapse, IMO. In the past five years, I've had one instance wherein the market moved sufficiently to employ the float-down. It's a marketing tool.

You should ask for the fine print, ie., "How many basis points does which market have to drop in order for this to become available?"
Thanks for the info.
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