Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'm set to close on a home (first time homebuyer btw) I'm purchasing on March 26th and have noticed interest rates rising quickly, my question is does anybody else think the rate will come back down below 6% now that the home sales data has been released and shows even more of a slump in them? When I initially received my GFE I was quoted at around 5.875% buying it down .5 of a point im just hoping to get back around that rate, thanks in advance for any input
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,854,097 times
Reputation: 958
In the short term I would say probably not. The FNMA 5.5% bond has been trending downwards since the beginning of this month, when the price was at $101.59. As of today the same bond is priced at $98.88. When prices go down yields go up, which in turn causes rates to go up. I imagine that rates will probably stay pretty flat over the next couple of weeks.
it's my "starter" home and not an investment property. i'd say i plan on being there for at least 7 years, it almost seems like its a good idea if i can lock this rate in at 6% by buying it down 1 point
it's my "starter" home and not an investment property. i'd say i plan on being there for at least 7 years, it almost seems like its a good idea if i can lock this rate in at 6% by buying it down 1 point
If it's a starter home then a 30 year fixed rate may not be in your favor. Pricing on a 10 year ARM may be more favorable. If you're like most Americans you will have refinanced or moved within the decade so it's an option worth considering.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
.
