Mortgage Rate Question

Hello. We are going to try to lock in a 45 day rate, however if the sellers can't be out by 45 days, I am pretty sure they won't lock us in on the lowest current rate for 60 to 90 days. If not, what are the chances of the rates going up in the next few weeks? Also, do they ever go down for a few days, even if a tiny bit? TIA!

Re: Mortgage Rate Question

You can have your mortgage broker/lawyer talk to their lawyer. Since our rate was going to expire we closed however they lived there for a few more days. I have also heard of people closing and then the previous owner's pay rent or whatever towards living there. That way you are both happy.

Re: Mortgage Rate Question

Oh okay thanks for the advice. How about the interest rates, do they tend to go up and down every few days or do they just keep going up?

Re: Mortgage Rate Question

Your broker should know ahead of time when the rates are going to change. DH is a bank manager and he gets notified at least a day before the rates go up. Usually it coincides with an annoucement from the federal reserve board.

Re: Mortgage Rate Question

Mortgage rates tend to move in the same direction as interest rates. For now the rates are moving up because the interest rates keep going up.....but that can change.