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Old 11-07-2007, 02:38 PM
 
Location: Triangle NC
426 posts, read 1,394,731 times
Reputation: 237

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Anyone care to predict what mortgage rates are going to do the next month or so?!

We are moving to NC next week. Our current mortgage company offered us a fixed rate of 5.625% on a 30 year conventional mortgage. Its a relocation rate and it includes 1 point which Dh's employer buys us as part of the relocation package.

Would you lock in that rate or wait a bit longer?

Thanks!
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Old 11-07-2007, 02:45 PM
 
Location: Cary, NC
36,795 posts, read 64,036,284 times
Reputation: 36737
You might post that question on the Real Estate Professionals forum, in the U. S. Forums.

Several good loan people hanging out over there too.
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Old 11-07-2007, 02:47 PM
 
Location: Triangle NC
426 posts, read 1,394,731 times
Reputation: 237
Thank you!
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Old 11-07-2007, 02:51 PM
 
Location: Cary, NC
2,407 posts, read 10,082,703 times
Reputation: 1374
Check out bankrate.com for current competitive rates, but yeah, the 5.625 looks good to me.
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Old 11-07-2007, 02:53 PM
 
261 posts, read 898,095 times
Reputation: 115
Seeing as our rate is 7.5 for 30 yrs. I would lock in. But that's just me. THere are other factors to look at too I'm sure.
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Old 11-07-2007, 03:11 PM
 
Location: Raleigh, NC
12,331 posts, read 29,631,256 times
Reputation: 9200
Are you a gambler or does that 5.625% sound good to you?

I love watching "deal or no deal". MY strategy would be when I hit a certain price, I'd take it and run. However, I'm always amazed at those that are true gamblers and want to get MORE!

It seems that greed loses ALL the money.

Having said that, MY OPINION is that I'd take that rate, never look back and never question my decision but I realize lots of people just want more!

When I did my re fi, years ago, I told my lender that as soon as he could get me 5.99%, LOCK ME IN! I just wanted to feel that I got less than 6%. And thats what he did. Even though he told me that he THOUGHT the rate could go lower in the next few days, I was thrilled with 5.99%!

Vicki
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Old 11-07-2007, 03:29 PM
 
Location: NC close to the MTs and near the lakes.
2,766 posts, read 5,155,500 times
Reputation: 967
Quote:
Originally Posted by MammaLakn View Post
Anyone care to predict what mortgage rates are going to do the next month or so?!

We are moving to NC next week. Our current mortgage company offered us a fixed rate of 5.625% on a 30 year conventional mortgage. Its a relocation rate and it includes 1 point which Dh's employer buys us as part of the relocation package.

Would you lock in that rate or wait a bit longer?

Thanks!
We have a 6.1% no points 30 years since the mortgage co is not making us sell our other home that we also have financed through them. I say lock that rate in.
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Old 11-07-2007, 03:33 PM
 
266 posts, read 554,434 times
Reputation: 33
Quote:
Originally Posted by MammaLakn View Post
Anyone care to predict what mortgage rates are going to do the next month or so?!

We are moving to NC next week. Our current mortgage company offered us a fixed rate of 5.625% on a 30 year conventional mortgage. Its a relocation rate and it includes 1 point which Dh's employer buys us as part of the relocation package.

Would you lock in that rate or wait a bit longer?

Thanks!
Either lock in now or don't buy now. Both are very viable options, although most reading my posts for a little while would guess at my suggestion.
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Old 11-07-2007, 03:52 PM
 
Location: Northern NJ
1,145 posts, read 2,869,892 times
Reputation: 547
Quote:
Originally Posted by MammaLakn View Post
Anyone care to predict what mortgage rates are going to do the next month or so?!

We are moving to NC next week. Our current mortgage company offered us a fixed rate of 5.625% on a 30 year conventional mortgage. Its a relocation rate and it includes 1 point which Dh's employer buys us as part of the relocation package.

Would you lock in that rate or wait a bit longer?

Thanks!
DH? Not sure what that internet, savy, etc. lingo is, LOL.

So, here's the secret as to where mortgage rates are going . . . nobody knows!!! Look at the roulette wheel . . . black, red, or the green. Same here -- up, down or the same.

Personally, and opinions are just that -- I like that rate. I'd not gamble and lock. I am a very qualified buyer, exceptionally strong credit, income, assets, etc. and I don't know if I could get that rate now. I also buy in an entity name so that may have an added cost.

I have found that if you are a AAA+++ borrower today -- the big boys are still competing for your business. I am doing a re-fi now in FL, 7 digits, and the big lenders are offering everything but the moon, but they are practically offering a trip to the moon, LOL. Good luck.
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Old 11-07-2007, 03:59 PM
 
Location: Boise
667 posts, read 672,407 times
Reputation: 1452
I agree about not gambling on rates up or down. If you're happy with whats available today, then lock and forget. I have seen people get too focused on getting 1/8th of a point lower than their neighbor and end up loosing a great rate. Depending on your market, 6.25% with one point could be really good.
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