OT: Mortgage Interest Rates, What's gonna happen over next 2-3 weeks Options

[Qarl]

Does anyone have any insight on where home mortgage rates are headed over the next 2-3 weeks?

We're getting to the point where we can lock in our rate on our new home.

The market took a dump today.

The February jobs report announced last week was worse than expected causing the interest rates to drop a bit this week

Are we at the bottom, is it going to stay about the same... go down more or go up?

Does anyone have any insight or know of some internet forums with some industry expert opinions.

Thanks!

Qarl

[anthony]

Nobody can tell you what rates will do unless they have a crystal ball that works.

Rates are almost at the same low they were last May/June. I'd lock now if you can. If it goes down further you could always go with a different lender and get an even lower rate. If it goes up you're covered with the lock.

And if rates are lower in 3-6 months you just refinance.

[MarkV]

The rate is lower than I have ever seen it. I got a quote for a client yesterday on a 30 yr of 5.25% with no points & no origination. When the stock market takes a hit & the job numbers are bad the rate will go down. Rates have fallen for the last week until today. They went up just a little (1/32) today.

I watch the yield for the long bond at this site:

http://www.lioninc.com/market_snapshot

You want to see the yield on the long bond come down. It was at 4.67 today, last week it was at 4.90.

It is hard to predict what is going to happen in the short run. I usually lock when I should'nt have, & float when I should have locked. My only advise would be don't get caught in a situation where you are close to a closing date with rates increasing and no lock. Who ever thought we would see 5.25% mortgage money?

[anthony]

I'm going to refi soon with a 4.6% loan (15 year) - no points - no fees. If rates go lower I'll refi again.

[TROJANMAN]

actually, the mortgage rates are more closely tied tot he yield on the 10 year bond, which hit it's 6 month low yesterday. if you need help with a mortgage, i work nationwide and would be more than happy to assist you. it also depends on what type of loan you are most interested in and how much you want to borrow. my company is offering a 3/1 adjustable mortgage at 3.5 and the 30 yr at 5.25, and 4.375 15 yr. you first have to ask yourself how long you plan on being in your home. you can fill out a loan application on my website at

My Webpage

sorry for the advertisement, but i refuse to charge any junk fees to a 914 owner. we need to save that money for our cars (IMG:style_emoticons/default/wink.gif)

rates change daily and sometimes hourly, but once you lock in, i will still offer you a free one time float down. (just in case rates drop again before you close)

[MarkV]

Trojan would know better than me, I just list & sell them.

As long as we are advertising my web page is here:

My Webpage

Trojan,

Where do you think rates are headed in the short run?

[EdwardBlume]

Aimloan.com has been great. You can look up their rates and lock in a rate with an application. I've used them 3 times in the past 4 years and have gotten everything I've wanted all 3 times.

Good luck!

[p914]

5.25 is a great rate. I got a new house this past summer and got 5.0 when it actually bottomed. Got lucky as I never have the timing to get something at rock bottom.. It is a standard 30 year fixed. Even had good luk with the lender and not having to fill out a lot of paperwork by using a stated income., Go for it. Try this site to monitor the latest rates.
http://www.countrywide.com/rates/todaysrat...OMER=0&tokenid=

[TROJANMAN]

in the next week? i think rates will rise an 1/8 to a 1/4. (IMG:style_emoticons/default/huh.gif)
however, the economic outlook is not looking so bright, so we may see another dip. right now, though, there is a big difference in price (to the banks) between 5.25 and 5.125 (30 yr rates). this tells me that a larger drop is not likely to happen soon. the banks are going to take in a little more profit before they lower their rates again. my hunch is that 30 yr rates will stay low and not go above 5.75 before i can get my 914 out of the shop. (IMG:style_emoticons/default/wink.gif)
FYI: lowest rate i issued on a 30 yr note (in last 12 months) was 4.75% - no points
My Webpage
remember: we let you lock in a rate today and still float down if rates get better.

mark, let me know if one of your clients might need financing (IMG:style_emoticons/default/smile.gif)

[GWN7]

I remember signing a morgage for 17% and was glad I did because it hit 21% a month later.

Rates dropped here last week.....

[Qarl]

I already have the construction loan set up.

Construction is almost over. Now it's time to finalize and convert the loan.

We are in the time frame to lock in the rate 45 days before closing. We are ahead of schedule by 2-3 weeks. We can either lock in now, or lock in a maximum of 2-3 weeks from now when we were due to lock it in.

I'm just trying to figure out when to make the move.

Is it about as good as it's going to get now, or should we chance it and see if we can drop another 1/8 to 1/4 point?

[joea9146]

Timing the market is a tough thing to do. I say if you are comfortable
with the current rate Lock it now.

[rhodyguy]

greg, i will be calling you this am. wells fargo (my mortage holder) didn't want to talk to me when all i wanted to do was refi and taking no inflation equity. carl, when we bought (97), i crapped my pants everytime a. greenspan opened his mouth before we locked.

kevin