Archive for the ‘credit’ tag
Mortgage Rate Monitor
When is the best time to lock in mortgage rates?
I am approved for a "refinancing" mortgage …. I have commitment letters by hand ….. I now have 60 days to lock in the rate ….. In the last 30 days, the 15 yr rate was 3.75% on my bank …… Today it jumped to 4%, possibly from the Korean conflict going on, not sure just guessing .. …… I have the rate chart loaded on my desk so I can monitor in real time, just waiting for Monday Tomorrow ….. Is it normal for prices to fall on a Monday morning, or more likely Friday? All relevant information would be appreciated …. I'm more than happy to locking in of 3.75%, and not wanting to wait it out, but just curious as to all signs to look out for … All our previous paper work has been estimated at 3.75% and we really want this rate ….. Thanks
I would do it as soon as you can. Rates vary, but there is no particular pattern and no evidence that will warn you ahead of a rise or fall. Lock it in so long a period as you can, the interest rate set to go up and probably quite sharply – the unknown is when.