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It's $50/month which is a decent amount, IMO. However, I went ahead and locked. I figure it's better than the 6.25% the market was at when I put a contract on the house and a lot better than the 6.75% that rates were at just a couple of months ago. I am still allowed to "unlock" first thing in the morning if I change my mind. I guess I can look at the futures market and see if there is a good indication that stocks may plummet again but I feel like they're set to rebound. I'm guessing if the economy gets far worse over the next few months, rates will go down a lot and I'll probably just need to refinance again, anyway. I really wish I didn't have to use the builder's lender!
Quote:
Originally Posted by banker0679
Pretty good whether paying an origination or not.
Make sure to receive a good faith estimate spelling out your offer.
Lenders might say 'no points' as they dont consider origination fee a 'discount point'.
I would say rates may go down....but I would look at an amortization calculator and put 5.75....and subtract that by 5.5%...and see if it's worth the risk on a monthly basis.
you dont have to use them....but this is something you have to negotiate before you sign any of their papers. Either way it sounds like a good deal.
A lot of ppl are getting 6%+ from the builder
You will need to wait till noon tomorrow to see if the rates went up or down.
Most lenders update around 11AM
Quote:
Originally Posted by Anu2
It's $50/month which is a decent amount, IMO. However, I went ahead and locked. I figure it's better than the 6.25% the market was at when I put a contract on the house and a lot better than the 6.75% that rates were at just a couple of months ago. I am still allowed to "unlock" first thing in the morning if I change my mind. I guess I can look at the futures market and see if there is a good indication that stocks may plummet again but I feel like they're set to rebound. I'm guessing if the economy gets far worse over the next few months, rates will go down a lot and I'll probably just need to refinance again, anyway. I really wish I didn't have to use the builder's lender!
Well, in this case, I think it benefited me by using the builder's lender too much. Not only did I get half price upgrades but I also got $5k towards closing and a year of HOA dues paid. In the end, I only have to come to closing with downpayment, prepaid interest, and taxes. So, not too bad!
Unfortunately, to "unlock" my loan, I have to do so before 9AM this morning so I can't wait to see what rates will be today. It looks like the bond market is down and stocks should be up so I'll just stick with what I have. I know it's impossible to time the market, anyway, so I'll just have to be happy with my payment terms.
Thanks for your comments!
Quote:
Originally Posted by banker0679
you dont have to use them....but this is something you have to negotiate before you sign any of their papers. Either way it sounds like a good deal.
A lot of ppl are getting 6%+ from the builder
You will need to wait till noon tomorrow to see if the rates went up or down.
Most lenders update around 11AM
I was just looking at CNN money and it says that the 10 year has gone up 4 1/32 today. I've never heard of such a big jump ever. Is this correct? Did mortgage rates get repriced a bunch today?
they're in the red.....mortgage rates are usually updated daily around 11am.
If the market drops...then the wholesale lenders/direct lenders leave the rates alone and make more money.
If the market goes up...then they adjust the rates higher.
Quote:
Originally Posted by Anu2
I was just looking at CNN money and it says that the 10 year has gone up 4 1/32 today. I've never heard of such a big jump ever. Is this correct? Did mortgage rates get repriced a bunch today?
10 yr bond yield is 3.78%
Mortgage rate 30 yr fixed - 5.52% This is the lowest I have heard i recent times.
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Me still happy.
