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Looks like rates dropped again to record low. If you were refinancing, or purchasing within 30 days, would you lock in the rates now or wait for it to possibly drop again?
Hard to believe rates are this low, but the world is kind of strange right now.
I'd say more likely than not that they drop, but no one can predict in 30 days. There also shouldn't be much of a change in 30 days. You can also sometimes still use the lower rate even if you are locked.
I locked my rate in at 3.25% a few weeks ago when I refinanced, which will save me $300 a month. I could have shopped around for a better rate (and will check back in with my lender to see if I can get a better rate through them before the closing), but I'm happy enough as is now to be honest.
If this Covid thing gets worse during Winter we are going to see negative interest rates most likely by/during 1Q 2021. By this I mean, the Fed will charge the banks for their excess reserves who in turn will be forced to lend to consumers
Quote:
Originally Posted by AndroidAZ
Looks like rates dropped again to record low. If you were refinancing, or purchasing within 30 days, would you lock in the rates now or wait for it to possibly drop again?
Hard to believe rates are this low, but the world is kind of strange right now.
Looks like rates dropped again to record low. If you were refinancing, or purchasing within 30 days, would you lock in the rates now or wait for it to possibly drop again?
Hard to believe rates are this low, but the world is kind of strange right now.
I don't know if they'll drop again, but I'm glad I saw this thread. I dropped my rate .5% Friday after I read it. If the rates drop again I can drop it again in 3 months with no problem. I love my Harmony Loan!
I don't know if they'll drop again, but I'm glad I saw this thread. I dropped my rate .5% Friday after I read it. If the rates drop again I can drop it again in 3 months with no problem. I love my Harmony Loan!
Money is cheap now but it was one actuall buying 'cheap' as well.
Point being one is still committed to paying x amount of dollars no matter what. Cheap money won't mean squat if one has to sell in a collapsed bubble market.
I locked my rate in at 3.25% a few weeks ago when I refinanced, which will save me $300 a month. I could have shopped around for a better rate (and will check back in with my lender to see if I can get a better rate through them before the closing), but I'm happy enough as is now to be honest.
Now that I've talked to some people, I'm not sure that I would have gotten a much better rate. Because I paid 0% down when I bought my place in 2016, I am not considered as low of a risk as those with similar credit and income who paid, say, 20% down when they bought.
I have a friend who recently got a 30 year 2.85% loan, which floored me. She is military, too and I assume that she took part of the 0% down VA funding process, but she informed me that she put 20% down for a rather silly reason. Note, I think there are plenty of legitimate reasons to put money down even if you qualify for a VA backed loan, but her reason was just silly.
One person's silly could be another person's smart.
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