Should I lock the rate now? The new home will be completed in around October time. I am taking an FHA loan
and the lender is offering me a 5.125 percent 30 yr fixed if I lock this week with a fee $2606 for more than 200 lock days. Is it worth paying the money to lock this rate now for an FHA loan of 5% down or wait for some more time and then lock? I appreciate your help
Sam...............http://mortgage-x.com/general/rate_trend.asp
http://mortgage-x.com/x/state.asp?st=CA .......... http://www.fhfa.gov/
That is a tough decision. To lock or not to lock has always been the question ,but at least we had a history of
predictability to consider these past fifteen years or so. Today it is different and most of us are in unchartered waters now, as far as guessing what the
interest rate is going to be in the upcoming months. There are many lenders. Have you shopped around
to get the best deal? Many lenders do not have a float down policy but before I gave a bank $2606.00
I would find one that does. Another thought is that if the rates do go up a tad, that $2606.00 could go towards
buying it down. I would check it every day and not depend upon anyone else to do that for you! Best to you!
If rates get better what is there "FLOAT DOWN" policy. If rates drop will they drop your rate? Get it in writing.
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