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Old 02-23-2011, 10:49 AM
Location: Leesburg
154 posts, read 389,724 times
Reputation: 118


We're buying a new home in Leesburg and are looking to lock-in our interest rate this week. We were quoted today at 4.75 for a 30-year FHA fixed. Thoughts? This is our first home purchase so we are nervous about everything! Done some research and think this looks fair but would love some input. Thanks!
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Old 02-23-2011, 11:19 AM
Location: New-Dentist Colony
5,738 posts, read 8,940,261 times
Reputation: 3857
That's a great rate. I'd thought they had risen to higher than that. Rates are definitely going up, and there was some article I read that suggested 30-year fixed-rate mortgages may not be available in the near future. So I'd lock that down if I were you. And lucky you, prices are down in the last few months.

Good luck!
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Old 02-23-2011, 12:47 PM
Location: Richmond, VA
2,306 posts, read 1,355,109 times
Reputation: 949
That seems pretty good to me. They rates have inched up lately, but they are still at historic lowes. The last rate we had was 5.25% and that was 2-3 years ago. Our new homes rate is 4.25, but we locked in Nov. It's amazing how it can change.
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Old 02-24-2011, 08:36 AM
Location: Reston
83 posts, read 172,192 times
Reputation: 38
I think rates are almost certainly on the way up, so at long as the lock period will safely see you through until you actually close, I recommend locking now.
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Old 02-24-2011, 09:18 AM
262 posts, read 757,935 times
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Historically speaking, 30 year fixed mortgage rates tend to be 1.5% - 1.75% above yield on 10 year Treasury ("par" rate for best qualified borrower).

I also read that Fed's artifically lowering rates by buying in bond market has been estimated to keep rates down by about 0.4% than they would otherwise be.

But you also need to know details of closing costs (e. g. origination fee, discount points, breakdown of closing costs, yield spread premium, are you paying 0.25% higher rate or more for supposed no closing costs, etc)

4.75% for 30 year fixed, if you were paying only 1% origination fee and actual closing costs, seems like good rate right now. ( I thought FHA had something like 3% funding charge up front?)

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Carolyn Warren, author of Mortgage Rip-offs and Money Savers
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