If you waited until after you received your contract and did not lock in a rate for your mortgage..

when did you lock in? We have 45 days and I am discouraged b/c at our initial meeting at BOA we were told the rate was 6.25% but we could not lock in at that point b/c we did not have the contract!! So we had no choice but to wait.. now the rates are 6.8% - 6.9%!!
Should we continue to wait a little while to see if the rate comes down a bit? We have the time right? Our contract says the closign date is August 1 (on or about)

Suggestions needed please!

Re: If you waited until after you received your contract and did not lock in a rate for your mortgage..

the word is that rates are going to continue to go up right now..

we have a broker and so far the first rate we got is 6.8 (jumbo loan)and we signed it and should we decide to go with them we would get that rate..
however there are other mortgages that we will signing but won't "lock" in with anyone until we get closer to the date of breaking ground on our home..

we are being told we have 120 days to "lock in"..also we are not paying any points..

Message edited 6/28/2007 12:15:08 PM.

Re: If you waited until after you received your contract and did not lock in a rate for your mortgage..

My broker won't lock us in yet because he said that the rates are creeping down a bit. They are actually 6.625 as of today. I trust my broker, so we will wait a week or so like he says. The rates will be skyrocketing in the fall-winter, but in the next few weeks they should be getting a little low. I would wait.

Re: If you waited until after you received your contract and did not lock in a rate for your mortgage..

I don't follow the rates so that I can't help you with, but my one piece of advice is that if your contract says on or about August 1 you technically have have until August 30th to close so I would ask for a lock in for a longer period of time. When we locked in the sellers kept telling my DH that they wanted to close before June 29th (our contract stated 06/29 and we had 10 days to close from their, we bought in NJ). Well we locked in a rate and it expires July 2nd and we didn't think anything of it until we found out that the sellers were now thinking of closing the first week of July which meant we needed an extention. I begged the bank and they gave me 3 additional days for free and then I needed to pay 1/8 of a point for every additional 7 days I extened it to keep the rate. Hope this is helpful to you and good luck with the process.

Re: If you waited until after you received your contract and did not lock in a rate for your mortgage..

Same thing happened to us.. we were quoted about 5.8% after our prequal and wound up with 6.2% I believe There was nothing we can do.

I am an Economist and I am almost 99.999999% that the rates won't be going down anytime soon.

Re: If you waited until after you received your contract and did not lock in a rate for your mortgage..

google t-bond. that's what rates are based on, or so I'm told. You can watch it go up/down and with it, rates will go up/down. unfortunately it's all a game and you have to gamble. and you have to figure out how much of a difference in monthly payments you can gamble with.