Locking rate & dumb RE mortgage forecast questions?

[SD Transplant]

Need your help for some peace of mind:

1) We’re currently in escrow (I can feel scaredycat’s pain) on a short sale w/out a definite answer from the bank.

2) I have the option to lock my rate, only for this short sale deal, and I hesitated early this week. Now, the rates are going higher, and wondering if any of you venture to suggest what will happen in Nov 3rd when the FED/Bernanke will promise to buy more MBS & flood the market w/ more cheap money.

Will the mortgage rates get back in to the low 4%? or should I lock now & pay a 1.5 points to get 4.00%?

I can’t stand the uncertanty/volatility of this market.

[Coronita]

what’s your rate now? If it’s not that much, I’d just lock now…And if it goes down again, refi again. But then again, what do I know.

[Coronita]

what’s your rate now? If it’s not that much, I’d just lock now…And if it goes down again, refi again. But then again, what do I know.

[Coronita]

what’s your rate now? If it’s not that much, I’d just lock now…And if it goes down again, refi again. But then again, what do I know.

[Coronita]

what’s your rate now? If it’s not that much, I’d just lock now…And if it goes down again, refi again. But then again, what do I know.

[Coronita]

what’s your rate now? If it’s not that much, I’d just lock now…And if it goes down again, refi again. But then again, what do I know.

[pencilneck]

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[joec]

I would probably not pay too many points now to get a much lower rate in case rates drop further.

Other things to consider is how stable is your job/income? If it’s not very stable and you can’t refi easily, then maybe it’s worth it to pay points to get a lower rate since a refi may not be in the cards in the future.

You also have to look at your tax situation on whether you can write off the $$ paid to buy down the rate this year (that came up with scaredycat since it’s near year end now and they’re not itemizing)…

[joec]

I would probably not pay too many points now to get a much lower rate in case rates drop further.

Other things to consider is how stable is your job/income? If it’s not very stable and you can’t refi easily, then maybe it’s worth it to pay points to get a lower rate since a refi may not be in the cards in the future.

You also have to look at your tax situation on whether you can write off the $$ paid to buy down the rate this year (that came up with scaredycat since it’s near year end now and they’re not itemizing)…

[joec]

I would probably not pay too many points now to get a much lower rate in case rates drop further.

Other things to consider is how stable is your job/income? If it’s not very stable and you can’t refi easily, then maybe it’s worth it to pay points to get a lower rate since a refi may not be in the cards in the future.

You also have to look at your tax situation on whether you can write off the $$ paid to buy down the rate this year (that came up with scaredycat since it’s near year end now and they’re not itemizing)…

[joec]

I would probably not pay too many points now to get a much lower rate in case rates drop further.

Other things to consider is how stable is your job/income? If it’s not very stable and you can’t refi easily, then maybe it’s worth it to pay points to get a lower rate since a refi may not be in the cards in the future.

You also have to look at your tax situation on whether you can write off the $$ paid to buy down the rate this year (that came up with scaredycat since it’s near year end now and they’re not itemizing)…

[Author]

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