Refinancing Home Mortgage
In: Mortgage Rate
23 May 2010Do you think that artificial 4.5% mortgage rate will go through? When? Will it count for refinancing?
We’re planning on closing on a house in 12 days and it would be a shame to barely miss out on such a low interest rate.
This is about mortgage information questions.
2 Responses to Do you think that artificial 4. 5% mortgage rate will go through? When? Will it count for refinancing?
john565656
May 23rd, 2010 at 5:17 am
Yes
After inuarguration
Probably not — it will be meant to clear out the inventory.
Dan C
May 23rd, 2010 at 5:19 am
I am in the mortgage lending business. If you have a rate locked ealier than last weeks plunge, you may inquire about a float down option with you lender. There is a pricing hit for this, however it can be absorbed by the lenders margin. It is usually .25 to .375 off of their margin. They may be able to roll you down to a bit lower rate, obsorb the hit. They may be able to assume the same margin and you get a lower rate.
In coming weeks the rates may get lower yet in which you may miss out unless you want to roll the dice and ask the sellers to delay the closing for a fee. You may be chasing bad money because these rates may never come.