First time home buyers and cannot decide whether to lock or float!  We were quoted based on 5% on our Good Faith Estimate and would really like to keep that rate but we are up .5% right now.  The difference in price is about $104/mth.

Massapequa, NY  Sales Price $404,100 Loan Amount $396,763 Credits Scores: 768 / 640

***PLEASE DO NOT CONTACT ME FOR SOLICITATION - STRICTLY LOOKING FOR ADVICE***

Rob

5% on 30 yrs FHA loan is not available as on today. 5.5% looks a decent rate for FHA.

The option you have is wait for the clear to close from lender and then lock it for 15 days which will have lesser cost in case you want to keep a rate of 5%

Or else check with the lender if they offer you something in between at minimal cost so that it doesnt increases your payments to great extent compared to what was offered to you at 5%