Looks like you are on track. Average up-front bank fees are running 1/2 -3/4%. That does NOT INCLUDE such closing costs as prepaids, transfer taxes, etc.- those can add several $1000 to your total cash needed for closing, but I am sure your buyers agent can do aan estimated costs sheet for you.

Good Luck as you proceed.

Shaun, Give these a look.. A weekly survey of over 250 lenders on if rates will go up/down/stay the same over the next 30/90 days... http://mortgage-x.com/general/rate_trend.asp

Current rates offered in every state for each kind of loan .... http://mortgage-x.com/x/search.asp

Rate trends ... http://mortgage-x.com/trends.htm

Gov. site for rates and home price index.... http://www.fhfa.gov/

Hope this helps a bit, Dunes

You may want to try using a lender that offers the PHFA programs. It is a first time buyer program that will also allow you to monetize the $8,000 tax credit.
Ed Fallon
Lincoln Mortgage

Thanks for the follow ups everyone. I have a contract for a house (signed by buyer/seller) and a buying agent/broker. Everything seems to be moving along nicely so far. Basically I just wanted to get a feel for people in my local area. I wanted to know what rates I should be expecting. My broker said he predicts them going down in the next 1-2 weeks and suggested I wait to lock in. So I wanted to get some more opinions! Oh yeah, what would you guys say the average lender fees would amount to? ie $1,000? Yes, I am new, I know!

Thanks,
Sean

Sean,
Rates are important to all of us, to be sure. :)) Rates rise and fall at unexpected times, and for seemingly unexpected reasons at times. When you find someone who can CONSISTENTLY predict the daily ups and downs of a particular loan several weeks out, please let us all know! We'll be lining up for their blog!

By the information that you have in your question, it sounds like you are not an experienced investor in this crazy, fascinating, and often suprising real estate market. YOu said that you "put an offer in on a ($$$) house". If by that you mean that you have written an offer and submitted it to the seller, you have started the ball rolling, at least. Has it been accepted, signed and a copy returned to you? An offer is just what it says--an "offer" for purchase of (in this case) real estate. When the offer is agreed to by the seller, signed and then that acceptance communicated back to the buyer, in writing, you have a "contract".

There are several items that affect the "current rate", and your ability to actually close a loan-- most important of which is your own creditworthiness. I would hope that you have a couple of professionals that are helping you-- right here in central PA! If you do not have a knowledgeable and experienced realestate agent and a mortgage loan officer (both of whom you trust) WORKING FOR YOU, you are may be shooting yourself in the foot. A good realestate agent and or an experienced mortgage broker, can assist you in walking thru the process-- and answer your questions based on th whole scenario that you are a part of-- not just with one piece of the puzzle.
Just a thought!
BLessing s as you make your decisions.

Mim Heisey, REALTOR GRI
HALE REAL ESTATE
SHIPPENSBURG PA

Ummmmm, what are you doing putting in a contract if you haven't the slightest clue of what the rates are? FHA rates for a 30 yr loan should be around 5.125% currently. I don't see the rates going down. As a matter of fact, they have been creeping up.

Go see a local lender and have a chat with them.

Terrence Charest, e-Pro

5.375% is my FHA 30-year fixed rate as of today. That is with no points and no origination fee. 1 point (approx $960) will buy your rate down to 5.00%.

Of course you can always register your loan and float and test the market. I don't know if anyone would want to make a prediction right now after what rates did on Wednesday. My best advice would simply be to find a rate/cost that you are comfortable paying and then lock it.

Let me know if you have any questions or need a Good Faith Estimate.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com