Your Questions About Mortgage Rates Today

Lizzie asks…

how can i take advantage of the low mortgage rates ?Bought ahouse last year and have a fixed rate?

I bought my house last year and ahve a fixed rate but now want to take advantage of the low rates prevailing today.My credit is not that good and refinancing could be a problem because of that

admin answers:

You only get a low rate IF you have good credit.

That’s the way the whole system works: prove that you can pay all of your bills on time and you’ll be rewarded because you’re a low risk of default. If you can’t pay your bills on time (no matter the circumstances), you are higher risk in the eyes of the lender and therefore have to pay more in interest as an incentive for that lender to work with you.

Nancy asks…

As of today (12/20/2008), mortgage rates seem pretty low. Are they expected to go lower still?

admin answers:

That does seem to be one of the new President’s goals; lower mortgage interest rates. Someone mentioned 4.5% fixed for 30 years.That was when rates were 6%. Now he may shoot for 3%.

Betty asks…

Should I lock in my mortgage rate today, before all the econ data this week, i am closing within 30 days?

admin answers:

Floating your interest rate is a gamble. Only you can answer this question for yourself.

If you float the rate and end up with a lower rate you win. If you float the rate and it goes up you lose.

No one person can tell what the rates will do on a day to day basis, if anyone did have that answer they would mot likely be working for the Gov. Or in jail for fraud of some kind.

If you think it is a good idea to lock that rate then do it and don’t think twice about it. If you float it and the rate goes up don’t beat yourself up about it either.

Good luck

Sharon asks…

I want to know if the mortgage rates will dip below 6% within the next month or should I lock in today?

admin answers:

Hi: 6% is a great rate; you should lock it in if you want to buy
with in 6 weeks. I believe the rates will hold or go up over
the next three months. Around late September and October, I
think there will be a drop in rates.

With the high price of (Home heating), a shakey economy, I
also expect many people to face property loss (foreclosure)
over this winter. This will drive interest rates down.

So if you are planing on buying now, do it. If you can wait,
the future may offer better circumstances.

David asks…

Anyone have advice on mortgage rates?

I am able to lock in rate today and not sure if I should wait. The rate today is 5 %. Anyone no if they are likely to go down?

admin answers:

If you already shopped around (compare rates on bankrate.com & contact lenders to get offers) and have the best interest rate and lowest closing costs for you situation, then now is a good time to lock in a rate.

Lock in a rate & get the financing when you can. If it is a refi, note that house prices are going down and appraisals are coming in low. Refinance while you still have plenty of equity.

Interest rates “should” stay low for a while… And there is a chance that rates will go slightly lower… But if anything goes wrong, availability of loans will dry up, and/or interest rates will pop higher quite quickly. So, lock in your savings now.

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