How low can we go? 30 yr fixed at 3.75% with no fees...

dethman said:
upwards either an eighth to a quarter point over past several weeks.
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That sounds about right.  I closed on my rental refi last week with a 3.75% rate with a 1.25pt credit that I locked in at the end of Aug.  The same loan is now 4% with a .50pt credit.
 
Hi,

We were offered a 3.75 for new condo with 18% down.

We thought we locked the rate. But the builder lender kept delaying and now the rates are up and today she offered 4.25 for 30 year. Also said there is no difference between putting 18/20% down.

What do you guys think. Should we lock this .. or wait...

Our closing date is 14 december..

Will Janet Yellen's latest comments, the marketing has becoming volcanic.

Thanks!
 
You thought you locked the rate? Isn't there a form that you sign that indicates the rate?

SweetMiss said:
Hi,

We were offered a 3.75 for new condo with 18% down.

We thought we locked the rate. But the builder lender kept delaying and now the rates are up and today she offered 4.25 for 30 year. Also said there is no difference between putting 18/20% down.

What do you guys think. Should we lock this .. or wait...

Our closing date is 14 december..

Will Janet Yellen's latest comments, the marketing has becoming volcanic.

Thanks!
Click to expand...
 
If rates keep trending up in this new Trump-era, I'm wondering if those on priority lists to buy a new construction home would be better served to look for deals in the resale inventory.  By the times those new construction homes are built out and mortgages need to be secured, rates could be 50-75 bps higher. 
 
I have couple of friends that recently bought in OH Village 2 and Eastwood.  They will be completed in May 2017.  They are shitting their pants right now because they can't lock the rate until March/April and nervous about rate further going up.

I think rate hit a short-term peak for now.  I doubt it can climb that much higher from here.  But, who knows about these rates.  I think rate hike of 0.25bps in December is a sure thing.  But, the actual 10 year treasury rate might actually decline upon announcement depending on Yellen's further outlook perspective.  The current rate already reflects couple of hikes.

 
eyephone said:
irvinehomeowner said:
I guess it was timely going fixed just before the election.

Wonder if ps9 is still going to be able to serial refi.
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The writing was on the wall to refi?
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I'm glad that I refi'ed my rental property before the election.  It's crazy how my 3.75% rate is lower than what rates are for a primary residence (rates were 3.375% at the time of my refi). 
 
IrvineOH02 said:
I have couple of friends that recently bought in OH Village 2 and Eastwood.  They will be completed in May 2017.  They are shitting their pants right now because they can't lock the rate until March/April and nervous about rate further going up.
Click to expand...


They can lock now. It will cost them a small deposit relative to the potential loss if rates increase. Frankly speaking NOW is the time to pay for a long term lock. If rate go higher (who knows) they are protected. If rates fall (who knows) these long term rate lock products allow a float down. It's a relatively low price for peace of mind.
 
I signed on our new build at the end of January.  I financed through the builder's preferred lender, and I paid for a long-term lock at that time which would cover me until closing.  Fortunately for me, the rates dipped in early July and I was able to float down 3/8 of a point lower.  One might say that my lock fee was wasted since the rates dipped, but you can't put a price on peace of mind and being able to sleep well at night. ;) The up-side risk was too great to float without locking. While rates have increased (and maybe especially so), now is definitely the time to lock. You don't want to risk losing your deposit because rates have increased another 50 bps and you no longer qualify, or you are now stretched so thin because your mortgage payment is several hundred (thousand?) dollars more than you expected. LOCK, LOCK, LOCK!!! >:D
 
WF does free 90 rate locks for new builds.. if they are the preferred lender. 
 
I lucked out. I knew I wanted to lock ahead of the elections and was able to lock a 15yr fixed no cost no point loan with a 2k cash credit coming back to me at closing at 2.75%. So glad I locked on 11/3 because two weeks later the 15yr fixed is at 3.25%! Thanks for the help answering my questions a couple weeks back!
 
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