Home Buying in Massachusetts>Question Details

Joanna Kreil, Both Buyer and Seller in Massachusetts

I'm closing on a condo during the first week in June. This week's mortgage rate activity is making me

Asked by Joanna Kreil, Massachusetts Thu Apr 17, 2008

nervous. Will rates go back down into the 5% range before my closing?

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Let's hope so! Rates are record lows now, so with cash to look, you are in the driver's seat as a BUYER. Check out my website for a free search of homes. http://www.JeanSOLDMyHouse.com
0 votes Thank Flag Link Fri Apr 18, 2008
Even "Big Ben" probably couldn't tell you (track what the Fed has done over the past 4 months and see how it affected mortgage rates. If you find a corellation, let me know). If rates drop enough, you can refinance. If not... You 'Won'. My money is on rates going Up.

Does anybody else pay attention to Inflation, The US Dollar, Oil, not to mention just Basic Economics 101 (supply & demand)?? Anybody buy Flour lately? Did you know Wheat is Scarce? OK... I'll step down off of my soapbox.

Reality Check: One of my buyers was floating his rate (non-jumbo but no income verification) trying to squeeze 1/8th of a point. In the few days he did that he was required to put an additional 5% downpayment ($500K+ house - $5% = 'Real' $). He locked. If he waited another week, the progam was NON-Existent - therefore so was his house purchase.

These rates are Very LOW right now (historically). Remember Pigs get fat & Hogs get slaughtered.
0 votes Thank Flag Link Thu Apr 17, 2008
Probably not, then again, nobody but Ben Bernanke could foresee the answer to that question. How come you didn't lock in the rate when it was in the 5% range? Where you hoping for it to go down? Most loans allow you to lock in the rate and potentially adjust the rate if it drops further than the rate you locked in at. Didn't your loan officer tell you that? If not, you may want to bring it up.
0 votes Thank Flag Link Thu Apr 17, 2008
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