Interest rates - next month - up or down? (Franklin: mortgage, refinance)

[12buttons]

As you know rates are local -I want to refinance with a 5 year ARM zero points, or closing costs if possible..should I lock in now or wait and see?

any local lenders particularly fantastic?

Thanks

[kpellatiro]

If you can see a rate at or below 5% now, I’d lock if I were you, but if not – rates are historically low in the slower winter months. Of course, this past year has been pretty volatile in mortgage rates, loan programs, and guidelines - so who knows what will happen this year.

Are you a straight forward borrower, or might your loan fall into a somewhat custom criteria? If you think it might be unique (i.e. small business owner, non-traditional income, etc), it might be a good bet to be in touch and on file (have everything turned in and ready to lock when the right rate comes available) with your local lender.

Two local lenders you might want to consider:
Stephen Lewis and Bart Land at Franklin Synergy Mortgage
Franklin Synergy Bank : Stephen Lewis

Aaron Senecal and his team at AccessNational Mortgage
Access National Mortgage (http://www.accessnational.com/locations/lo_detail.cfm?id=93 - broken link)

[Big TR]

If anybody "knew" where rates were going, they'd be multi-millionaires. If the current rate is appealing to you and fits your budget, lock it.

[rossc]

if I had to guess, I'd say they are going up fairly soon. Can you lock in an ARM? I thought ARM's were offered at a better rate because they were variable based on prime.