Mortgage Rates Tick Lower After Jobs Data

re: Mortgage Rates Tick Lower After Jobs Data

david mass — Thu, 02 Jul 2009 23:19:14 GMT

That's great Suzan. Can't go wrong with that rate.

re: Mortgage Rates Tick Lower After Jobs Data

Victor Burek — Thu, 02 Jul 2009 20:12:18 GMT

good job Suzan.

re: Mortgage Rates Tick Lower After Jobs Data

Suzan Frueh — Thu, 02 Jul 2009 20:09:00 GMT

Thanks. I am happy with the rate - 4.875% with 1 point so I went ahead and locked! Thanks for the input. I have been reviewing the comments on this site over the past month. I have learned at lot and it has been very helpful.

re: Mortgage Rates Tick Lower After Jobs Data

Victor Burek — Thu, 02 Jul 2009 19:36:27 GMT

No worries Onie. No major economic reports coming monday. but on days before a long weekend lenders tend to be quite conservative on their pricing. Suzan, if you are happy with the rate offered today lock because anytime you float rates could get worse. Bobby makes some good points in his comments, thanks Bobby. Tony, we will find out monday. :)

re: Mortgage Rates Tick Lower After Jobs Data

Tony — Thu, 02 Jul 2009 19:30:38 GMT

Got a call from my broker - rate came down 1/8th to 5.25 with 1 point. Still floating for the moment. What will Monday bring? :-/

re: Mortgage Rates Tick Lower After Jobs Data

Bobby Downey — Thu, 02 Jul 2009 19:30:36 GMT

Suzan you have to make that decision for yourself. If the rate you are being quoted today works for your situation then go ahead and lock and enjoy the weekend. if you follow this blog the one statement you will consistently hear is that rates go up a lot faster than they go down. You may get an 1/8th in rate on Monday and lose 3/8 on Tuesday. When making this type of decision you have to weigh the risk versus the reward. Is the risk of having a .375% higher rate worth trying to catch a .125% lower rate? For most borrowers the answer is no. If the rate works for your situation and you can handle the payment then pull the trigger, lock your loan, and enjoy a rate that is more than likely historically a great rate. Just my .02 cents....

re: Mortgage Rates Tick Lower After Jobs Data

Suzan Frueh — Thu, 02 Jul 2009 19:08:59 GMT

I have the same question. I'm closing on July 30th and I am considering locking in at the rates today given that they are lower. Should I wait and if so why?

re: Mortgage Rates Tick Lower After Jobs Data

Onie Ward — Thu, 02 Jul 2009 18:57:11 GMT

Is there something happening on Monday that will make the rates better? Or is it just something to do with the long weekend? I know nothing about this stuff. (Sorry I double-posted before...I didn' tthink it took my first post, so I re-did it).

re: Mortgage Rates Tick Lower After Jobs Data

Victor Burek — Thu, 02 Jul 2009 18:07:08 GMT

Thanks Aimee. Onie, rates are better today but might make sense to wait until monday.

re: Mortgage Rates Tick Lower After Jobs Data

amehbwd — Thu, 02 Jul 2009 18:01:02 GMT

Thank you First Time Buyer...in the post right above yours, by Victor, he addresses my question also. Take a look at his response!

re: Mortgage Rates Tick Lower After Jobs Data

Onie Ward — Thu, 02 Jul 2009 17:50:52 GMT

I'm very, very new to this too. I currently have a locked-in rate of 5.625 on a 30 year loan. My closing date on a apartment/condo conversion isn't until mid-end of August. Should I re-lock this afternoon at (hopefully) 5.25% (with no fee or 5.125 with 1/2 pt) or wait? I'm afraid that this might be the lowest the rates will go between now and my closing. When I started this process, the rates were in the mid-4s! It's disheartening to see them rising again. What to do...what to do.

re: Mortgage Rates Tick Lower After Jobs Data

amehbwd — Thu, 02 Jul 2009 17:43:41 GMT

Thanks Victor! I, like John, have been following this site like a hawk since I discovered it! I find your updates extremely helpful and I have learned so much. It's helped make the mortgage process slightly less stressful from the borrower side of things.

re: Mortgage Rates Tick Lower After Jobs Data

First Time Buyer — Thu, 02 Jul 2009 17:37:43 GMT

Aimee, I'm new to this but suspect it's driven by the market and each lender's assesment. As lenders compete against each other by offering lower rates, I'm guessing they look at what rates can they offer based on the risks. If their investors are placated with lower rates, they can pass this along to the consumers as a more attractive option, helping them gain more business, yet still make money. They are likely straddling offering something lower than the competition, but still maxing what they can get from consumers and probably try and make things more attractive with features and services not directly related to the rates. I don't know if my laymans theory is helpful or even accurate, but I'm sure someone will step in as I'm also curious.

re: Mortgage Rates Tick Lower After Jobs Data

Victor Burek — Thu, 02 Jul 2009 17:37:31 GMT

Bobby, i kind of doubt lenders will give us any love today. John, your comments reward me, thanks. I tend to agree with your current admin comment as well. Aimee, the lenders control that. a lender can decide to pass along any rates they want and reprice at any time. Some lenders are quicker to pass along gains than other lenders. And each lender has their secondary pricing department that issues rates and watches MBS to determine whether they should or should not pass along a reprice

re: Mortgage Rates Tick Lower After Jobs Data

Onie Ward — Thu, 02 Jul 2009 17:35:41 GMT

I just found this site about a week ago, and am slowly trying to understand how it all works. I have a locked 5.625 rate on a 30 yr mortgage, but my closing date isn't until 8.31.09 (possibly earlier like mid-Aug). I am very temepted to re-lock my rate lower today, like at 5.25 if I can (with no fee), but wonder it that is a good idea. I'm getting nervous that if I miss this low, it may not come back in the next two months. But then if I re-lock today, it may go lower and the next time, I may have to pay to re-lock. What to do...what to do.