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Predict what the Interest Rates Will do in the Next Month

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Forums » Consumers - Questions, Answers, Help » Mortgage Questions » Predict what the Interest Rates Will do in the Next Month
 

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Latest post Mon, Jul 20 2009 10:10 PM by Kent Mikkola. 4 replies. Viewed 473 times.
Page 1 of 1 (5 items)

  • Sun, Jul 19 2009 12:09 AM                

    • Anonymous

    Is there any way to predict what the interest rates will do in the next month? I am building a home, and don't know whether to lock in my interest rate at 5% now or if it will be that good, if not better when we're finished about 30-45 days from now. What should I do?

  • Mon, Jul 20 2009 2:37 PM                 In reply to

    |Contact

    I'm far from a mortgage professional (I'm just a consumer like you) so take my advice with a grain of salt...

    I 'relocked' about 2 weeks ago, after having locked in at 5.75 in mid-June after the rates shot up. I've been watching all the relevant graphs/blog posts/reports etc that can affect the mortgage interest rates for a few months now.

    If I were you and I could lock right now, I would, unless you'll still be comfortable if it goes up. The rates seem to go up much quicker than they fall, so at any time those rates can shoot up to 6% in just a couple of days. Conversely, it takes a lot longer for them to drop that same amount.

     

  • Mon, Jul 20 2009 3:05 PM                 In reply to

    |Contact

    Spot on Mark, hold the salt.

  • Mon, Jul 20 2009 3:12 PM                 In reply to

    |Contact

    Damn Mark...you missed your calling. I couldn't have explained it any better and I am a professional. Good work!

  • Mon, Jul 20 2009 10:10 PM                 In reply to

    |Contact

    Mark has given some good advice. 

    I hope this site had a lot to do with giving you a great perspective on locking.

    PREMIUM MEMBER
     Going the extra mile is my normal route, even with today's gas prices.
    Kent Mikkola, Mortgage Consultant, M & M Mortgage, LLC, 1700 W Hwy 36, Ste 130, Roseville, MN 55113, Direct 651-558-9807, kmikkola@themmmortgage.com
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