TO LOCK or NOT TO LOCK? THAT IS THE MORTGAGE QUESTION. 11/30/11

By
Real Estate Agent with Cornerstone Home Lending
TO LOCK or NOT TO LOCK? THAT IS THE QUESTION.
Rates are holding steady, and as this article from Mortgage News Daily states, the best execution rate is 4% or under. In other words, if you are being offered a rate of 4% or under, it is a good decision to lock as rates are trending now. At 4% or 3.875%, there is more of a chance the rate will go up than it will go down, and if it goes down, it will be 1/8 to 1/4 point at most, and there is much more room for it to rise. However, if rates are at 4.125% or higher, it is fairly good risk to float the rate since the benchmark has been around 4%.

 

ttp://www.mortgagenewsdaily.com/consumer_rates/237859.aspx


Mortgage Terms Collage

 

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Topic:
Mortgage / Finance
Location:
Georgia
Groups:
Realtors®
Tags:
mortgage
rate
rates
interest rate
interest rates
lock rate
float rate
what to do

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Rainmaker
827,445
Tim Lorenz
949 874-2247
TIM LORENZ - Elite Home Sales Team

Yes rates are so low I would not chance the increase to a higher rate.

December 01, 2011 01:50 AM
Rainmaker
177,110
Erv Fleishman
Luxury Prop Specialist Realty Associates
Realty Associates

I would take the chance now. The changes would be minor and the risk is low.

December 01, 2011 02:34 AM
Anonymous
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Rainer
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Kelli Crocker

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