Mortgage rate UP or DOWN?

doggie750
doggie750 Posts: 1,160
edited February 2011 in The Clubhouse
What do you guys think?

Just bought a house and should I lock the rate or float it :confused:

http://www.bankrate.com/finance/mortgages/mortgage-rate-trend-index8-163232-1.aspx
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  • thuffman03
    thuffman03 Posts: 1,325
    edited February 2011
    Tough to call. From what I have seen they have been inching up over the last year but might remain the same. I don't see them going down anytime soon.
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  • steveinaz
    steveinaz Posts: 19,538
    edited February 2011
    My crystal ball is broken. A good rate is a good rate---I'd lock it.
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  • madmax
    madmax Posts: 12,434
    edited February 2011
    I don't see them going down in the future. But then again, I thought they would skyrocket a few months ago and they didn't...
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  • jflail2
    jflail2 Posts: 2,868
    edited February 2011
    I'd lock just for peace of mind. The market has obviously been crazy the last couple of years; who knows what happens going forward. You can always refinance later if rates drop dramatically.
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  • quadzilla
    quadzilla Posts: 1,543
    edited February 2011
    doggie750 wrote: »
    What do you guys think?

    Just bought a house and should I lock the rate or float it :confused:

    http://www.bankrate.com/finance/mortgages/mortgage-rate-trend-index8-163232-1.aspx

    There's a plan to phase out Freddie and Fannie that was recently introduced, and move nearly the entire mortgage market to private funding. There are three versions, and the overall plan has the backing of the Obama administration. Once that happens, mortgages are going to get a lot harder to get and have much higher rates, so I think it's safe to say that rates are going to go up. A lot.
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  • Earthy
    Earthy Posts: 488
    edited February 2011
    I'd lock it. News is starting to sound like rates are inching up. My experience is, it feels worse to get a rate above what you could have locked.
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  • PSOVLSK
    PSOVLSK Posts: 5,197
    edited February 2011
    Earthy wrote: »
    I'd lock it. News is starting to sound like rates are inching up. My experience is, it feels worse to get a rate above what you could have locked.

    I agree. I just closed on a new house about a week ago and I locked at a rate I was happy with. Rates ending up inching down a little after we locked, but that was better than not locking and having them go up.
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  • Polkersince85
    Polkersince85 Posts: 2,883
    edited February 2011
    I'd lock it and pull the trigger. Rates will move up quickly from here. I've seen them at 16% for a 30 yr fixed back in the 70's.
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  • audio_alan
    audio_alan Posts: 770
    edited February 2011
    Ditto on the suggestions to lock it. If it goes down significantly (doubtful), you can always refinance. If it goes up, your floating rate just got worse. These are historic rates right now. Everyone should be taking advantage of them. I'm really loving my 15 year, 4.25% home loan I locked last summer...
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  • BIZILL
    BIZILL Posts: 5,432
    edited February 2011
    lock it. i check it daily even though i already got in on an all time low rate. 15 year fixed average has been hovering around 4.09% until last week when they just started rising.

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