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Old 09-08-2008, 09:25 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,102,357 times
Reputation: 1008

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Wow last week rates were at 6.125% with 1 point.
Now they're at 5.5% with 1 point.
(30yr fixed, 20% down, 720 credit score)

Call your lenders, and start locking in your rates!
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Old 09-08-2008, 09:50 AM
 
Location: Durham, NC
426 posts, read 1,296,694 times
Reputation: 176
Awesome. Too bad we're not closing for another 5 months. Hopefully they'll stay low!
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Old 09-08-2008, 10:50 AM
 
983 posts, read 3,486,538 times
Reputation: 357
This must be the effect of government taking over Fannie and Freddie.
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Old 09-08-2008, 11:12 AM
 
Location: Out of the frying pan....
151 posts, read 675,609 times
Reputation: 131
Lender is stressing to me that today is the day....don't you think this will play out a bit through the week, rather than being a "one day sale?"
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Old 09-08-2008, 11:14 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,102,357 times
Reputation: 1008
rates dropped 0.625-0.75% with lenders across the board.

If you're thinking that the 5.5% may go lower, then that's a bigger chance than just locking in the rate.

There is a higher chance of the rates going back up, then the rates continue to go lower.

The market will soon correct itself, and it may be today, tomorrow, or this week.

Quote:
Originally Posted by mrs.coach View Post
Lender is stressing to me that today is the day....don't you think this will play out a bit through the week, rather than being a "one day sale?"
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Old 09-08-2008, 01:44 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,102,357 times
Reputation: 1008
and now rates went up by 0.125%-0.25%!

I hope you guys locked this morning!
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Old 09-08-2008, 02:30 PM
 
878 posts, read 1,847,431 times
Reputation: 460
Quote:
Originally Posted by sbanawan View Post
Awesome. Too bad we're not closing for another 5 months. Hopefully they'll stay low!
You can lock in your rate. Our lender locked in our rate for 3 months, while they offered an option to lock it in for longer for a fee.

Get a mortgage calculator and play around with the numbers. Talk to the lender and see what their price would be to lock in the rate for a few months. You might be able to get a great rate with a good return on investment.
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Old 09-08-2008, 04:50 PM
 
Location: Apple Valley Calif
7,475 posts, read 19,585,487 times
Reputation: 5580
Quote:
Originally Posted by mrs.coach View Post
Lender is stressing to me that today is the day....don't you think this will play out a bit through the week, rather than being a "one day sale?"
your lender is a crook! He wants you to commit befor rates go down,,,,
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Old 09-08-2008, 04:55 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,102,357 times
Reputation: 1008
that doesnt' make sense.

if they lock....then they have already lock the amount of money they will make for that loan.

if the rates drop then they would have relock the rate, but they can't make more money if they 'relocked' the rate.

Quote:
Originally Posted by Donn2390 View Post
your lender is a crook! He wants you to commit befor rates go down,,,,
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Old 09-08-2008, 07:22 PM
 
4,010 posts, read 9,895,221 times
Reputation: 1794
We got a 5.35% three years ago. I am so glad.

Dawn
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