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  • March 17, 2009 at 8:59 PM #15319
    eagleeye
    Participant

    I am currently building a house which is scheduled to be completed by the end of August. I need to secure permanent financing to pay off my construction loan. I was just approved for a 30-year fixed rate jumbo mortgage. Assuming I get my contractor’s blessing that he can get my house completed within 180 days of our lock, I am inclined to lock at 5.75% (5.5% current rate + .25% increase in interest rate for a 180-day lock and a .25 pt discount fee). I am also inclined to pay an additional .25 pt fee for my lender’s freedom lock option which would afford me a one-time opportunity to float down if rates decline. Bottom line, I’d be borrowing at 5.75% (or lower) and paying 1/2 point. Is this a no brainer? Thanks.

    March 17, 2009 at 9:07 PM #368402
    svelte
    Participant

    As my mortgage broker always said when I’ve asked him questions in that vein in the past, “hmmm, let me get out my crystal ball.” :o)

    It’s anybody’s guess as to what will happen in the semi-short term. In the longer term, I have a definite opinion (rates will go up).

    March 17, 2009 at 9:07 PM #368687
    svelte
    Participant

    As my mortgage broker always said when I’ve asked him questions in that vein in the past, “hmmm, let me get out my crystal ball.” :o)

    It’s anybody’s guess as to what will happen in the semi-short term. In the longer term, I have a definite opinion (rates will go up).

    March 17, 2009 at 9:07 PM #368854
    svelte
    Participant

    As my mortgage broker always said when I’ve asked him questions in that vein in the past, “hmmm, let me get out my crystal ball.” :o)

    It’s anybody’s guess as to what will happen in the semi-short term. In the longer term, I have a definite opinion (rates will go up).

    March 17, 2009 at 9:07 PM #368892
    svelte
    Participant

    As my mortgage broker always said when I’ve asked him questions in that vein in the past, “hmmm, let me get out my crystal ball.” :o)

    It’s anybody’s guess as to what will happen in the semi-short term. In the longer term, I have a definite opinion (rates will go up).

    March 17, 2009 at 9:07 PM #369007
    svelte
    Participant

    As my mortgage broker always said when I’ve asked him questions in that vein in the past, “hmmm, let me get out my crystal ball.” :o)

    It’s anybody’s guess as to what will happen in the semi-short term. In the longer term, I have a definite opinion (rates will go up).

    March 18, 2009 at 5:10 AM #368716
    SD Realtor
    Participant

    Based ONLY on rates, no you should not lock. Expect rates to drop as the government is swarming the bond market and buying up more worthless crap.

    However as others have posted there is other stuff to consider.

    March 18, 2009 at 5:10 AM #369001
    SD Realtor
    Participant

    Based ONLY on rates, no you should not lock. Expect rates to drop as the government is swarming the bond market and buying up more worthless crap.

    However as others have posted there is other stuff to consider.

    March 18, 2009 at 5:10 AM #369164
    SD Realtor
    Participant

    Based ONLY on rates, no you should not lock. Expect rates to drop as the government is swarming the bond market and buying up more worthless crap.

    However as others have posted there is other stuff to consider.

    March 18, 2009 at 5:10 AM #369205
    SD Realtor
    Participant

    Based ONLY on rates, no you should not lock. Expect rates to drop as the government is swarming the bond market and buying up more worthless crap.

    However as others have posted there is other stuff to consider.

    March 18, 2009 at 5:10 AM #369321
    SD Realtor
    Participant

    Based ONLY on rates, no you should not lock. Expect rates to drop as the government is swarming the bond market and buying up more worthless crap.

    However as others have posted there is other stuff to consider.

    March 18, 2009 at 5:17 AM #368731
    SDEngineer
    Participant

    The Fed just announced they will buy up to $300B in long term treasuries over the next 6 months. In addition, they announced they will buy another $750B in Fannie/Freddie MBS’s.

    This will almost certainly push mortgage rates lower. Possibly quite a bit lower.

    March 18, 2009 at 5:17 AM #369016
    SDEngineer
    Participant

    The Fed just announced they will buy up to $300B in long term treasuries over the next 6 months. In addition, they announced they will buy another $750B in Fannie/Freddie MBS’s.

    This will almost certainly push mortgage rates lower. Possibly quite a bit lower.

    March 18, 2009 at 5:17 AM #369179
    SDEngineer
    Participant

    The Fed just announced they will buy up to $300B in long term treasuries over the next 6 months. In addition, they announced they will buy another $750B in Fannie/Freddie MBS’s.

    This will almost certainly push mortgage rates lower. Possibly quite a bit lower.

    March 18, 2009 at 5:17 AM #369220
    SDEngineer
    Participant

    The Fed just announced they will buy up to $300B in long term treasuries over the next 6 months. In addition, they announced they will buy another $750B in Fannie/Freddie MBS’s.

    This will almost certainly push mortgage rates lower. Possibly quite a bit lower.

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