Should I lock in my mortgage rate now or wait another week?
In: Mortgage Rate
1
Feb
2010
I am purchasing a new build in TX, mortgage rates have been slightly increasing especially within the past couple of weeks. It seems rates are increasing daily. Is now a good time to lock in my rate or wait another week or so?
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5 Responses to Should I lock in my mortgage rate now or wait another week?
My Take on It
February 1st, 2010 at 6:08 am
Without a crystal ball, who knows if they would go down or up next week. But, logic should tell you that if they have been creeping up a bit every week that you have been looking at them, that perhaps you need to lock in now.
Kimberly S
February 1st, 2010 at 6:21 am
I would lock it in now. If you had another 20-30 days ,then I would wait. if you only have a week ,then, I would go ahead and lock it in now.
Not I
February 1st, 2010 at 6:41 am
Now otherwise the paperwork will not clear in time for the closing
Ed Atun
February 1st, 2010 at 6:45 am
Not one person in the world can know the future. Even the experts are guessing. Only you can know how much “risk” you can stand. In 1995, the interest rate on mortgages went up 2% in 4 days. It was 8.5% on Monday and was 10.5% on THursday. You can imagine the feeling for those those people who were asking “Should i lock in my mortgage rate…”
But there have been just as many times that the rates dropped one hour after you locked. And you get to remember that for the next 30 years whenever you make a mortgage payment.
Go ahead and gamble that they will go down. Wait to lock.
Dale H
February 1st, 2010 at 7:37 am
Ideally, you could take a lock with a float down option. I know not many lenders offer that, but if you have not locked yet I expect rates to be 0.125 to 0.25 than they were on Friday.
Keep in mind that rates are still relatively low by historical terms. You could always pay a little more to get a lower rate, too.
Ask you lender for your options. Good luck!