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I am pretty sure the op wants current rates that people got today. Not a month ago, not 2 weeks ago, etc...with rates moving around so much in the past month, current is all that matters for those of us who are not locked in yet. I wish I could have locked in at 4.5...I will be happy now just to see rates get back to the low 5's...which I feel they are inching that way. Just don't know if 4's will make a return engagement by the time I need to lock.
Yields are down again today...3.66 and there was a recent high for ground breaking in May (due to the 4% rates)....but this will be quite a bit less in June due to rates in the 5's and higher...so maybe the market will calm down and move along a standard growth pattern instead of spiking around daily.
Yields are down again today...3.66 and there was a recent high for ground breaking in May (due to the 4% rates)....but this will be quite a bit less in June due to rates in the 5's and higher...so maybe the market will calm down and move along a standard growth pattern instead of spiking around daily.
I hope you are correct and we start to see a downward trend. I am keeping my fingers crossed.
This week was a decent week for rates until yesterday 6-18-09, so those that locked on 6-17-09 probably got one of the better deals since the 4% rates left town a few weeks ago. With the US selling off $101b in debts, we saw the yields jump on 6-18-09 and stabilized some on 6-19-09...but next week looks like the sale of these debts will probably push yields back up to 4% and rates look like they will end up in the 5.5-5.7 range again next week.
We locked today at 5.375 w/ 0 points...but can still get down to 5.125 w/ a 1 point buydown on the rate...but I am not sure the savings justify the costs...so we'll see. Overall though, anything you can get as close to 5% is probably the best deal you can hope for right now on a 30yr fixed rate loan...but the 5/1 ARM rates are around 4.125-4.250 right now, which is tempting, except for having to either pay off the house in 5 years or refinance at the rates 5 years from now which could be god knows what. Wells Fargo allows for one free float down lock if you go with them, just an fyi for those looking.
question....if you lock at a rate today, and tomorrow's rate is better, can you unlock, and relock at the better rate?
No - once you lock a rate in, that's what it is "Locked".
You could speak to other brokers what their rates are. Years ago I had one borrower who order his own appraisal with the ability to change lenders . That way he wasn't locked with one lender. He kept is interest rate low, and also their was no surprise closing costs. If he didn't like the figures at closing, he could walk away (I don't think you can do that anymore).
Mentioning interest rates look back at history - twice a year the government makes adjustment to the rate to control inflation.
June 15th and November 15th - weeks before those date. people start crying because they think the gov is going drastically raise interest rates. So the lenders have an excuse to rise rates to borrowers. The date comes and the gov might raise the rates .125%. The weeks after those dates, interest rates come down.
It's almost as predictable as the price of gas - it goes up during the summer, out goes down in fall..
i'm at 5.25 (from december 08) and looking to refi but the best rate i can currently get is 5.4
it was 4.8 back in may for me but something happened with the loan and i wasn't able to lock. now, i'm approved and ready to lock...but the rates are too high...
When you all locked on a rate do you also consider upfront fees as well as points too? for example?
A. APR 5.313- point 2-rate 4.625% fees for APR $1950 Monthly payment $617
or
B. APR 4.960- points 0- rate 4.875 fees for APR $450 Montly payment $627
as far as i know and i am not a professional, points are paid with closing costs at closing
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Best rate 20% down
