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Old 11-17-2008, 02:12 PM
 
Location: South Jersey
7,780 posts, read 19,626,979 times
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ok.. We are having a house built in NJ and can lock in the FHA 30 year rate up to 45 days before settlement date which is in April 09. How can I know what the instantous rate is at any time to fall my lender to lock it in?? is there a website where I can see th erate at any minute? is there such a thing? thanks!
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Old 11-17-2008, 04:13 PM
 
Location: Fort Myers, FL
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ask your broker when the time is right, i would recommend not even locking till your under the 30 day period.
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Old 11-17-2008, 04:33 PM
 
Location: Laguna Niguel, CA
768 posts, read 4,142,491 times
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Quote:
Originally Posted by frankgn87 View Post
ok.. We are having a house built in NJ and can lock in the FHA 30 year rate up to 45 days before settlement date which is in April 09. How can I know what the instantous rate is at any time to fall my lender to lock it in?? is there a website where I can see th erate at any minute? is there such a thing? thanks!
Because there are so many different scenarios these days, unless you are that picture perfect borrower, you'll rarely find accurate mortgage rates posted online that you can lock in that very second. You'll need to call or email your loan officer for current rates. Sometimes we can have rate changes 3-4 times a day. Several weeks ago there was one lender who changed their rates 7 times a day, all for the worse. I myself have a list of all clients whose interest rates are floating, I check rates every morning and I monitor them throughout the day by checking MBS prices. I get alerts when MBS prices fall to where a rate re-price is expected to occur, so interest rates can be locked in ahead of a rate increase. Your loan officer should have a similar system set up, but you need to ask and not assume.

Kind of lame you can only lock in 45 days ahead of closing, but not all lenders have long lock options, but as a head's up to others who are reading it's not uncommon to find mortgage lenders which will allow you to lock in your rate for 60, 90, 120 or even 180, 270 or 360 days ahead of time. However the longer you lock your rate in for, the more expensive it is (ie. a 30 day lock is going to get you a lower rate than a 45 day lock, etc.).
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