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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Mortgage rates!
The mortgage rates are pretty low right now...I just got a quote from Chase for a rate of 5.625% (0pts). Do you think I should lock in or let it float in the hopes it comes down a little more?????
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Posted 1/15/08 3:05 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Mortgage rates!
that's an excellent rate. Is it a 30 year fixed?
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| Posted 1/15/08 3:17 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Mortgage rates!
wow thats a great rate, i'd lock in.
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| Posted 1/15/08 3:45 PM |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: Mortgage rates!
Yep...30year fixed. Everyone is telling me not to lock in. The last time I let it 'float'...the rates went up.
I feel like it comes to financial decisions...I"m the worst!
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| Posted 1/15/08 3:55 PM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: Mortgage rates!
that sounds like a great rate to me. i was quoted 5.8 from WaMu last week. i would lock it in, rather than chance it.
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| Posted 1/15/08 4:00 PM |
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DUCKS2001
Then there was 2
Member since 3/06 5696 total posts
Name:
Christine
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Re: Mortgage rates!
morgatge rates just went down they had a meeting last week. i dont think there will be another meeting for a while so i would lock in.
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| Posted 1/15/08 4:47 PM |
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Jax430
Hi!
Member since 5/05 18919 total posts
Name:
Jackie
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Re: Mortgage rates!
I just called chase and got the same rate, and got 5.375 for 7/8 point.
I just started calling places today, so i'm still shopping, but rates are great!
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| Posted 1/15/08 5:04 PM |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: Mortgage rates!
That's a great rate!
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| Posted 1/15/08 8:01 PM |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: Mortgage rates!
Awesome rate!! I am jealous!!
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| Posted 1/15/08 8:02 PM |
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Re: Mortgage rates!
These are great! There's hope then! 
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| Posted 1/15/08 8:28 PM |
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TaraHutch
True beauty
Member since 10/07 9888 total posts
Name:
Tara
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Re: Mortgage rates!
WOW that is an awesome rate!!
Now why did my guy have me lock in at 6 earlier this week? ugh I guess my rates would have to be higher since I'm going with an FHA loan....
Grab it!!!
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| Posted 1/15/08 8:31 PM |
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BRod-Cheng
I'm going to be a big brother!
Member since 6/07 1860 total posts
Name:
Betty
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Re: Mortgage rates!
Posted by SpiceGirl
The mortgage rates are pretty low right now...I just got a quote from Chase for a rate of 5.625% (0pts). Do you think I should lock in or let it float in the hopes it comes down a little more?????
Any fees?
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| Posted 1/15/08 9:11 PM |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: Mortgage rates!
Normal fees that any other bank would charge. Nothing out of the ordinary. They are even going to credit back to us the $395 app fee at closing.
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| Posted 1/15/08 9:22 PM |
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Selden78
I lvoe the fall :)
Member since 6/06 3543 total posts
Name:
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Re: Mortgage rates!
lock that baby IN
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| Posted 1/15/08 9:31 PM |
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monters
Back in LI!
Member since 5/05 1525 total posts
Name:
Robyn
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Re: Mortgage rates!
its a great rate but come the end of this month they are predicting a big drop even further down, a big drop.. I would still hold off..
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| Posted 1/15/08 9:51 PM |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: Mortgage rates!
Posted by monters
its a great rate but come the end of this month they are predicting a big drop even further down, a big drop.. I would still hold off..
I know the Feds are meeting at the end of January and predictions are they will cut the rates by 1/4 percent...this may have a residual affect on the mortgage rates.
I guess I'm nervous because right before the feds were meeting the last time, I had the opportunity to lock in at 5.725% and decided to wait and see. Well the feds did slash the rates, but the rates proceeded to climb to 6.5%. Needless to say, I was SO PIZZED.
I'm due to close in about 30 days...if the rates don't drop...I don't have any more room to wait it out.
I really hate this!
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| Posted 1/15/08 10:03 PM |
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astroqueen74
Vibrant Health
Member since 1/07 2822 total posts
Name:
Karina
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Re: Mortgage rates!
Great rate. Lock in. I got the same rate back in April and we got it!
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| Posted 1/15/08 10:41 PM |
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MrsPornStar
Partners in crime
Member since 10/05 14656 total posts
Name:
Mama
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Re: Mortgage rates!
That is a great rate! We were just quoted 5.5% with Chase- no points. If all goes well with our home inspection this week, we're scheduled to close on 3/15. We're also debating if we should lock this rate in.
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| Posted 1/15/08 10:43 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Mortgage rates!
I think you should lock. It's a great rate. Really, historically low.
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| Posted 1/15/08 11:14 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Mortgage rates!
I'd lock in as well.
If the fed reduces interest rates, there isn't any guarantee that mortgage rates will go down - they could even go up since they are tied to the bond market!
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| Posted 1/16/08 8:30 AM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Mortgage rates!
BFCU is showing 5.5% this morning.
We never locked in a rate when we were closing. They told us that they'd use whatever the rate was 3 days before closing so that they could get all the paperwork together. They also told us that if the rates went down again before we closed they'd use the lower rate - even if it was that morning of the closing.
Personally - I'd play the waiting game and save your money that you'd pay to lock in the rate.
We're planning to refinance if the rates drop to 5% - which they might - you never know!
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| Posted 1/16/08 9:13 AM |
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ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
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Re: Mortgage rates!
Yes, if it's fixed.
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| Posted 1/16/08 1:42 PM |
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Re: Mortgage rates!
Wow, that's a really great rate!! I would def lock it in now!!!
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| Posted 1/16/08 1:51 PM |
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leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
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Re: Mortgage rates!
I'd lock but also ask them if they have an option to pay a fee to have it reset.
With WellsFargo, you got the lower rate if it dipped to a certain point (I think .25%) and you could pay a fee to reset it if it was lower, but didn't reach that level.
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| Posted 1/16/08 2:05 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: Mortgage rates!
Thats a great rate, I got that when I closed 3 years ago.
Id lock in
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| Posted 1/16/08 2:26 PM |
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