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Mortgage Rates
Posted on 2/25/12 at 8:03 pm
Posted on 2/25/12 at 8:03 pm
I just started to build a house an got pre approved with Andromeda mortgage and their current rate is 3.875. Thats a really good rate but i cant lock until 60 days before closing. Closing is set for early July. Can anyone tell me that if mortgage rates do go up how much can they go up in 2 and a half months? An does anyone have any predictions on what they will be in May by the time i can lock in? Thanks for all help this is my first home purchase and never followed rates and am getting nervous about them going up and 2 and a half months.
1
Posted on 2/25/12 at 8:37 pm to blades8088
Nobody can predict any of this with any degree of certainty, so take this with a grain of salt.
That said, given that the Federal Reserve has announced they intend to keep rates down for at least another year or two, I personally doubt mortgage rates will be that much different in May.
That is, of course, my personal opinion only.
That said, given that the Federal Reserve has announced they intend to keep rates down for at least another year or two, I personally doubt mortgage rates will be that much different in May.
That is, of course, my personal opinion only.
Posted on 2/25/12 at 8:57 pm to foshizzle
Yea I know. Thanks for the opinion though. I just didnt know how much they can actually fluctuate and was kinda worried if they could possibly go up a while point by may. Didnt know how much they can actually move in a couple months
Posted on 2/25/12 at 9:22 pm to blades8088
I don't know if mortgage rates have moved by a full point in such a short timeframe - ever - but I could be wrong. Well, maybe when inflation was really bad in the late 70's and early 80's.
But the Fed has stated they intend to tamp rates down for awhile, my expectation is that nothing much will happen for a few months at least.
But the Fed has stated they intend to tamp rates down for awhile, my expectation is that nothing much will happen for a few months at least.
Posted on 2/25/12 at 11:30 pm to foshizzle
quote:
don't know if mortgage rates have moved by a full point in such a short timeframe
In 02, I went to work on Monday morning and the rates were 6% and when I left work on Friday they were at 7%.
That being said, I do think the rates will be low for most of the year.
Posted on 2/26/12 at 6:00 am to novabill
3.75 - 4.25 will be available until 2013. The difference in monthly payment between the lowest and highest rate shown on $500000 is roughly $100 a month.
Bottom line, in ten years any rate in this spectrum will be looked at in amazement.
BICBW
Bottom line, in ten years any rate in this spectrum will be looked at in amazement.
BICBW
This post was edited on 2/26/12 at 6:01 am
Posted on 2/29/12 at 5:42 pm to ItNeverRains
Thanks for the opinions! I actually noticed them going down this week
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