re: Will mortgage rates continue to fall?

They aren’t

You always get a lower rate at a private mortgage broker than a bank.

Full disclosure: I am a complete and total moron when it comes to everything relating to the home buying process.

We are currently looking and entered into contract recently to buy a new home with the closing date being next month. Our agent (who we love and is great) recommended someone he works closely with to do the loan approval. The guy works at a local place that I've never heard of, it's not like Wells Fargo or something. Anyway when we started the process it was looking like our interest rate would be around 7%, but this past Friday we "locked in" a rate of 6.6, and we also fully intend to pay the 1% to buy down the rate even more to the low 6s. He said that once we "lock in" we can still change if needed, but they would have to re-underwrite everythin and start the process over. At the time I was pretty pumped because goin to 7% to eventually the low/mid-6s seemed like a huge win.

But now I read thsi thread and am freaking out a bit. It seems like low 6s should be no sweat wiht a potential to maybe even be in the 5s. Should we be doing something else proactive right now while there's still time?

we're building a house now, should be done in about two months (just before fomc)

I get one float down between now and when it's done... hmm.

frick

My house won’t be built for another few months

quote:

---

Have 5.99 and I’d kill for like a 4.5 in the next few years

---

I'm at 5.99 too and am looking to refi at 4.5. If I can get sub 4 I'll jump on a 15yr.

quote:

---

Tell me about this mythical 4.5 best im reading is 5.25

---

Honestly you're not even reading 5.25 without buying points down up front. I don't care what Billy Bob says here.

My post meant I was sitting tight until I see 4.5 and I'm not jumping at anything higher.

I’ve gotten a high 5 quote (it’s 5.95 so it’s just 6)

I could see rates between 4.5 and 5.5. I don't see 3s in our future