Hearing talk of mortgage rates moving sharply upward today. Any idea how sustainable this will be? Thanks!
Great question.NWE said:
I'm locking in our rate in the new build soon as we're going to be moving in at the end of February.
Our lender is about to send us over a 45-day lock as opposed to the standard 30 day. What's the typical increase in rate for an extended lock period like this?
He said "probably want to lock sooner rather than later Bc I don't anticipate rates going lower". How much of this is lip service? Do we generally expect rates to stay high over the next couple weeks? Or is it better to wait it out and when the rate goes lower on a particular day, lock in then?
Just sort of frustrated we've been building this home for months and rates are going to increase the week we lock in. Just my luck I guess.
I wish you the best of luck. We built last year and when we closed the market did something similar and we ended up getting a higher rate than if we could have closed a month earlier. The good news was, I was able to do a refinance and get the rate to 2.5%. We had only been in the house about 10 months and it made sense for us. Hopefully the market will do the same for you and you can get it down some in the near future.NWE said:
Thank you for sympathizing. Not that we can control it, but after monitoring daily for months, I wanted 2.75 or lower. Waiting on the lenders email and I'm expecting bad news. He said they're still sub 3
I'm ready to just lock in and not worry about it anymore.
I don't mind running numbers for you for comparison sake. Once you shoot me an email I can get more specifics.NWE said:
I don't suppose any of y'all would run my info to get me a better rate with my lender?
But if you would and it wouldn't take up too much of your time, let me know!