4.00% No Points 60 Day Lock Help!!! From Dallas, Texas (8%, mortgage rates, mortgage)

[jbless]

Is this a good rate?

4.00% Interest Rate. No Points 60 Day Lock. 30 year Fixed Conventional. APR 4.168%

I'm from the Dallas, Texas area.

I have two competing Banks and the above is what the first quoted. Their service is outstanding.

The second Bank say they can meet or possibly beat the pricing but the mortgage officier is not as customer friendly to say the least.

Both of these Banks we have a long standing business relationship with for years.

We are required to Contract on a home in 30 days to keep this Rate above.

Can anyone even take a guess on what the Fed will do to affect Rates?

Thanks!!!!!!

[AZJoeD]

Without a crystal ball it is hard to know what will happen with rates. In addition without knowing the particulars of your loan, like credit score, down payment, loan to value ratio, property type, etc., it is hard to know if this is a good rate.

One comment I will make is that good service will make your transaction much smoother and you will sleep better at night knowing your Loan Officer is on top of things. Unless there is a significantly better rate or fees, I would take the guy who is going to get your loan done and not screw it up.

[Pfhtex]

Bernanke's comments today did more to hurt the Dow than help mortgage rates.

QE talk - even talk of keeping it rolling through the next several months - had, and will have, zero positive impact on mortgage rates. In fact rates for some products re-priced with increases today, post-Bernanke comments.

Rates will not be going back down, and will never again be as low as they were three months ago, in our lifetime, in my opinion. Having said that, I was happy when I had 8% on my house some years back. It's just not that big a deal compared to other components of personal finance.

BTW, your terms look good -- work with the person in whom you have the most confidence.

[oregonwoodsmoke]

It looks good to me.