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Old 07-07-2007, 02:55 PM
 
12 posts, read 40,950 times
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We're going to close our rate at the end of August. We're so worried because the interest rates are going up like crazy. We're first home buyer. We want to do 30 year fixed. Where do you lock your rate? Should we lock in 60 day rate or float around to wait 30 day rate when it's getting close?
Where do you lock your rate and what's the rate now? Any suggestions would be appreciated.

Last edited by lily123; 07-07-2007 at 02:58 PM.. Reason: clarification
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Old 07-07-2007, 03:05 PM
 
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Are you a fidelity relo?
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Old 07-07-2007, 04:17 PM
 
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Just curious what are the interest rates in the area now?
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Old 07-07-2007, 04:30 PM
 
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Coastal Federal Credit Union has a 30 year fixed rate for 6.625%.
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Old 07-08-2007, 08:10 AM
 
88 posts, read 384,111 times
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Ask about buying an cap lock. Basically, you pay an estimated amount (based o the price of the home you're buying... I think around 1%) that is your origination fee. Paying this will put a cap on the interest rate. For instance, you set the cap at 7% (and this will be based on what the market is doing). So prior to 30/60 days to closing, no matter what the market does, your rate will never be more than 7%. And in those 30/60 days prior, you can lock in at a lower rate, but only once. HTH!
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Old 07-08-2007, 08:51 AM
 
50 posts, read 261,463 times
Reputation: 25
If you think rates are going to go up then lock now! Many loans will allow you to float down to the lower rate once before you close if the rates do fall. Its always going to be a bit of a guessing game about when to lock your rate because its always hard to predict whats going to happen.

NC Housing finance rate is 5.75% which is only an increase of about .15% from what it was when I closed 4 months ago.
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