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Old 05-01-2008, 08:57 AM
 
Location: High Bridge, NJ
3,858 posts, read 8,510,239 times
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We locked in at 6.125% about a month ago, and we close June 30th, but we have a float down option. I'm guessing that my lender isn't going to go out of their way to let me know when and if rates drop. How do I know what the rate is day to day? Is the only way to call and bug them everyday? Since we still have two months to go and anything could happen I want to make sure that we're getting the lowest rate possible. We're already doing ok because we had figured on 6.5% when doing our budget, but if we could get down to 6% or (please oh please...) 5.75% obviously it would be a huge help.
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Old 05-01-2008, 10:27 AM
 
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You probably need to be within 30 or 60 days of closing to exercise a float down. If you can float down today, pricing has improved.
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Old 05-01-2008, 11:33 AM
 
622 posts, read 2,915,511 times
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I often wonder about this very same question. You can either look at some sort of public "average" or something to give us guidance, or "bug" your LO every few days asking him/her what the rate is.

I do realize rates aren't that cut and dry, but there really should be some way the average home owner can be able to determine what rates are.

Good question OP!

and Good luck with your closing.
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