Your Questions About Mortgage Rates Today

David asks…

Should I lock in to today’s mortgage rate or wait two days (which is when I’m meeting with my mortgage broker)

I am currently being offered 5.75 with 0 points/0 points origination fee. Should I lock in today (3/18/08) or wait until my scheduled meeting, which is in two days (3/20/08) because the rates will have gone lower by then? Any ideas? Sources would be great. Thanks!
Forgot to mention…This is regarding a 30-year fixed loan.

admin answers:

No one can answer your question because no one knows what will happen in the next 2 days.

Thomas asks…

Today the Fed cut the interest rate 3/4 of a point – how does this affect mortgage rates?

admin answers:

Not very much, if at all. From what I’ve seen, the prime lending rate has to be cut at least a full percentage point, for at least several months to see even a possible quarter point difference in most real estate mortgage markets.

That being said, there are too many variables from market to market (and even lending company to lending company!) to predict much of anything accurately.

Steven asks…

Did mortgage rates go up in California today ?

admin answers:

No. The interest rate has been holding steady.
If you need help with financing or buying / selling real estate, feel free to email me. I’m a Realtor in California.

Sharon asks…

What’s the best type of mortgage to get today in light of the rising interest rates?

admin answers:

I would go with a 15 or 30 year fixed for now. Even with the rise in short-term rates, the long-term mortgage rates have remained fairly low. ARMs on the other hand have climbed.

Chris asks…

do you think mortgage rates will climb again? should I lock in today?

They have been climbing the last week or son and dropped 1/8 today…what do you think

admin answers:

I dont believe the days of rates lower than 5% will ever be seen in our life time again. I think the Fed and the financial industry has learned a lesson that will not be easily fogotten. I dont see any benefit to waiting for a true bottom in the rates. The amount of flucuation is minimal and not worth trying to time it. I think you will do fine to lock in and look ahead.

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