Mixed Data for Real Estate, ISM Index Improves

re: Mixed Data for Real Estate, ISM Index Improves

Cheri Magnuson — Wed, 01 Jul 2009 16:31:07 GMT

thanks Joe - Yeah, to get .125 I would not pay a whole other point - maybe .5. I close on July 31st and truthfully, I don't see that the rates can get too much worse, but they could possibly get better. I think that is the fence I am sitting on right now. Just to keep waiting - and feeding my silly ulcer I like to call George.

re: Mixed Data for Real Estate, ISM Index Improves

Cheri Magnuson — Wed, 01 Jul 2009 16:00:15 GMT

Chris, so your 15 day lock would be tomorrow then? Are you finding the 15 day locks are better than the 30 days? I know, I hate to be greedy, but - currently my husband is out of work, and thus - every little bit I can save each month will help.

re: Mixed Data for Real Estate, ISM Index Improves

Joe Borek — Wed, 01 Jul 2009 15:59:22 GMT

Cheri, The pricing is artificially worse before holidays, due to low volume and staffing. But tomorrow is U/E numbers which is sometimes a roller coaster ride!! If you can ride it out, waiting should work to your benefit. Also hard to believe there is a 1.00 spread between 5.125 and 5.25 should be about .50 based on today's numbers.

re: Mixed Data for Real Estate, ISM Index Improves

Scott Wong — Wed, 01 Jul 2009 15:57:59 GMT

I am exactly on the same boat with a closing date of July 31. I've been following this site for 6 weeks and decided to lock in today at 5.375% 30-year fix through WF with no points. I was hoping rates would drop to 5.25% but I didn't want to play the waiting game any longer.

re: Mixed Data for Real Estate, ISM Index Improves

Chris Kendall — Wed, 01 Jul 2009 15:51:36 GMT

I'm kind of in the same boat Cheri, looking at a July 17th close. Interesting what your broker says about higher rates leading into the holiday weekend. Wonder if some of the pro's here can confirm that. I was thinking of locking this week but maybe it's better to wait until after the weekend.

re: Mixed Data for Real Estate, ISM Index Improves

Cheri Magnuson — Wed, 01 Jul 2009 15:36:48 GMT

It really doesn't seem that mortgage rates are responding in turn to what the recent reports are giving us. All of this bad news, should be good news (for mortgage rate watchers only, of course). My broker says in her experience, that leading into a holiday weekend rates are usually higher than the market dictates. If that is so, does it make sense to wait until after the weekend to lock my rate? I am 30 days out today but the best deal I am being offered is 5.25 with .5 cost or 5.125 with 1.5 cost (this ones's ridiculous as .125 shouldn't cost a whole other point). I don't want to hear "if you're ok with the payment you should lock now and be happy with what you have". If that were the case, I wouldn't be glued to MND now would I?