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Very acceptable. When you consider that just a few months ago you would had to pay hundreds more per month it is a different perspective. Rates could drop, or maybe they won't. You have to have a big picture view.
I always like to keep an eye on rates, but I don't dream of what I do with any cash I'd save from a lower rate -- I know I'd use it to increase my savings. Depending on what the best overall return is, that might might future accelerating my mortgage pay down, investing in retirement accounts, putting more into my rainy day fund...
Nope, but I have been involved in real estate for over 30 years and have lots of connections to banks and lenders. I was on the phone this morning with a pals who is in the mortgage business. I was asking him what are the odds that any of the lenders he deals with will do something to spike up activity. His honest response was that refi business is pretty brisk, so neither he nor I think the odds of sudden dip in rates is all that great. Now in a month or so the new administation might need to rethink that, but who knows...
Did the lender have any options for "float down" either for points or otherwise? In this environment it can't hurt to ask?
Hey guys, I just locked my rate at 5.5% with no points on a $126,000 purchase, does this seem fair? Thanks.
YES. what are you putting down 4k? my rate a few years ago for an FHA with pristine credit was 5.8. i can't wait to get my next FHA. hopefully they won't disappear by then....
if i were you, i would pay the points. is it possible to negotiate a half point payment for you?
you have a good rate, with low down, which is good, but you can do better if you pay the point. you will thank yourself in the future if you can just borrow the other 1000 from a friend or family.
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