Financing in 44147>Question Details

Joe, Home Buyer in Cleveland, OH

What's the opinion on the near future of mortgage rates? Do you see rates rising or remaining the same?.?

Asked by Joe, Cleveland, OH Sat Oct 11, 2008

I put an offer on a SFH house and it was accepted. Closing date is Nov 10th. Was wondering if i should lock in the rate today or wait for rates to go down?

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The Mortgage market is so complex these days, only the Mortgage Broker knows for sure where rates are headed, and sometimes even they are wrong !! Rates have been trending slightly upwards recently, but the credit markets are especially volatile these days as lenders tighten their requirements.

My recommendation would be to check with the institution that gave you your preapproval. You should be able to check on-line how rates are headed in the short term.
Web Reference: http://www.bobkienast.com
0 votes Thank Flag Link Mon Oct 13, 2008
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