Asked by Eric Guerra, Riverview, FL • Mon Feb 18, 2008
My fiance and I signed a contract on an inventory home on Friday Feb 15, but left the interest rate on the mortgage contract as floating. At the time, FHA's 30 year fixed rate was 6.25%, when 2 weeks ago it was 5.75% which looked much better when we got the estimate. My question is, when the markets open up tomorrow, do you think the FHA interest rates will be going down, up, or stay level through this week? We have until Friday to lock in a rate, and I am gambling that the rate will go down to at least 6% this week. Obviously everyone bought a bunch of bonds when Bush signed the FHA/mortgage bills which drove the interest rate up, but I think the market cannot bear the high rate and will drop again very soon (this week). Your thoughts?
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