archbish99 wrote: If you want to time a little bit, check where it has been lately, pick a number on the low end of that, and wait for that number to come around again. Volatility means it's likely to come back, but you take the risk of having the market move away from you.
Snow Boarder wrote:archbish99 wrote: If you want to time a little bit, check where it has been lately, pick a number on the low end of that, and wait for that number to come around again. Volatility means it's likely to come back, but you take the risk of having the market move away from you.
I do not lose a wink of sleep over my AA or investment risk tolerance etc... but I have not gotten a good night sleep this week.
I have been watching the day to day gyrations for 2-3 days now. http://www.mortgagenewsdaily.com/mortga ... daily.aspx
It is funny but at the same time it isn't funny.
nomadgecko wrote:We're in the midst of refinancing, so I had to make the lock/float decision about 3 weeks ago.
1) Assuming you have run the numbers and are comfortable with the costs and current rates, I would lock.
2) If floating the rate is keeping you up at night, I would say the risk you're taking is too high. You should lock.
3) Will you get the best rate during this period of history, odds are no. But if getting a house is important to you, and you have terms you can live with; lock and load.
Then once you're in the house and the dust has settled, you can refinance down the road if there is a significant improvement over where things are today. Also at that point, maybe you will want to pay down principal and move into a shorter term mortgage (which is a much bigger lever than +/- 0.125% on a 30 yr).
Nowizard wrote:Rates are dependent on your credit history, FICO score, income, amount of down payment, etc., as you know. If you qualify for the lowest rate on all accounts, the rate you mentioned is higher than seems appropriate. We have recently locked in a 3.5% rate on a 30 year loan with Iberia Bank. Not to confuse the issue, but you might call around and determine if you have the best rate since you know what tier you are being considered for by the lender.
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