You probably shouldn’t gamble with your interest rate at this time.
With interest going down most of the last 3 months it may be tempting to keep floating. I don’t think that is a good idea. In all these weeks the rates are down about 1/2 a percent. A couple of posts ago I showed how much that saved.
You can see a long period of drops is slow in being significant. On the other hand, if something causes a scare in the financial market you could lose 1/2 % in a day.
So if you are in the middle of a loan, my advice is to lock your rate first thing in the morning. Lock in case the market goes beserk on you. It isn’t worth the gamble.
Lar
[…] I wrote advice on this last week. Clicke here. The rate report today shows a rise, not huge but a rise. Todays average rate is now what it was 6 weeks ago. If you were floating, and didn’t follow my advice, you lost in your gamble. In general, when you qualify or the loan makes sense when you know your loan is within 30 days of closing, lock. Lock Lock Lock, and make sure your loan officer locked you when you told him to. Have a lock confirmation document in your possesion or you may be up the creek. My advice today is the same as last week. LOCK. Larry Cragun […]