I don;t know if you got a good rate or not (maybe HLS can chime in), but here’s how I view this:
If you took the 10K and apllied to the loan balance, how much would rates have to move up before you’d be paying the same as you would be with your current loan.
e.g. –
192k @ 5.375 = 1075 (prinicipal & interest)
182k @ 5.875 = 1076 (P&I)
So, a half point upward move in rates would knock out the 10k (if you had applied it to the loan).
The other way to look at it is to compare the cost in points of lowering the rate. Find out what 10K could buy you.
Those would give you an idea of what the risk/reward (interest rate increase)/(10K credit)
balance would be.
I seriously doubt that rates will move up by half a point in the time between when you locked in the last day or so and the time your loan officer returns from vacation.
I would run the numbers next week when your loan officer gets back or contact another broker in the meantime to see if you can get a better rate AND close after May 1 (asssuming the terms of your offer allow you to close later).
