It looks like mortgages are going up as we come close to the end of the year. Many expect that the rates will keep going up so it is strongly recommended to lock your mortgage if you are planing to stay at the residence you purchased for some time. If you lock your mortgage today for a 5 year fixed you can still find a rate as low as 3.5% which is records low.

I would say yes. Based on the market, it looks like rate have already began to go up. You must lock your mortgage to get a lower mortgage rate and a fixed monthly payment for the next years.

Mortgage rates are all time high and I doubt you will see low mortgage like today for a long time. Most likely the mortgage rates will begin to increase in a few month and will climb up.

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I have to laugh at myself, I ALWAYS think there is no way they will go lower, and Voila! down they plummet. Yes, this is a good time. I wish I could refinance everything, but I did last year, think I made a great deal. LOL

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In this crazy economic climate, it is anyone's guess. I like to say "my crystal ball is cloudy" when people ask me about rates. Rates are at historic lows...six months ago, my dad told me: "if rates dropto 5.5%, I would like to refinance". Then, when rates dropped to 5.5%, he said "if rates drop to 5.0%, I would like to refinance". Then, when rates dropped to 5.0%, he said: "whens rates get to..." Do you see a pattern here? Personally, I think that the government is out of ammo for the time being. The economy is in shambles, and there are fears about inflation. How long can it all hold together? If you can save over 1.0% by refinancing at the current market, you should do it. Lock in a 5% rate for 30 years. If you wait for 4.75% it may not happen, and you are wasting time not saving money in the meantime. That is my 2 cents!

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I am purchasing a new build in tx, mortgage rates have been slightly increasing especially within the past couple of weeks. it seems rates are increasing daily. is now a good time to lock in my rate or wait another week or so?

Now otherwise the paperwork will not clear in time for the closing

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With mortgage rates on the rise, is it prudent to pursue any type of adjustable rate mortgage (arm) at this time? or should home buyers be scrambling to lock in fixed rates? in a simple world, i'd consider this question to be a slam dunk, until you factor in the various arm options available on the market (1, 3, 5, 7, 10). the questions is essentially, is it possible to pick an arm with a front-end period (where the rate stays fixed) that essentially "jumps" over the upcoming rate spike? naturally, we're talking about rational home buyer options, not interest-free or 40-year loans. for the record, the arm options i was considering were 7/1 and 10/1. because the first 7 (or 10) years are fixed, i would have assumed both to be a viable option. my thinking was that you'd basically be gambling that rates would be better in 7 or 10 years than they are right now. is a decade of high rates really a possibility?

i would have to say no, rates are going to rise for some time, i would fix a good rate then when rates come down refinace at the lower rate and lock it in. only good time for an arm is when rates are really high so you catch the downward trend.

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I am currently waiting for the bank to respond to the offer that i submitted last friday. if they accept m y offer when is the best time to lock my interest rate to assue a good interest rate. last friday it was 6.175. thanks

Unless you have a fixed-rate mortgage, the current mortgage interest rates are very important to deciding how much you should pay every month<!--therefore it is always a good idea to keep an eye on what the rates are doing. If interest rates should rise, so will your monthly payments and again, if interest rates were to fall, so would the amount you would have to pay. http://mortgages-finance.awardspace.com/Mortgage-Rate-Compare.htm Monthly repayments made on your mortgage and the amount that was borrowed, is determined by current mortgage interest rates. Different-->companies offer different interest rates so it is a good idea to shop around for the best deal before settling on one particular lender.

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I am trying to lock in a good interest rate on my new home.

Bankrate.com

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I just recently was approved for a mortgage and i have a floating rate. right now its at 5%, but the rates have gone down, when or how will i know when it is a good time to lock one in?

its been time...

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Im buying my first home and i locked in the rate today of 6.125 on a 30yr fixed mortgage, was this a good rate? i don't plan to sell it for a long time. it sounded good, but i don't know much about this type of thing.

not a bad rate. consider buying the rate down if you dont plan to refinance and stay in the home for a long time this small amount you will pay wil save you a boat loan of money. pay 1.5% to buy the rate down. .75% it will give you a rate of 5.40 200,000 with the rate bought down to 5.40 200000X.0750=1500 per year 1500 X 30 years = $45,000 this is the added interest you save by buying the rate down and you well know interest is payed up front so the first 10 years you pay mostly interest. if you took what it is saving you 125.00 per month and sent an additional check of 125 marked apply to principle your mortgage would be paid off in 24 years and Date (#Months) Payment Towards Principal Towards Interest Remaining Amount Year 1 2007-09 (#001) $1,248.06 $348.06 $900.00 ($900.00) $199,651.94 Year 5 2011-09 (#049) $1,248.06 $431.77 $816.29 ($42,121.22) $180,966.28 Year 10 2016-09 (#109) $1,248.06 $565.26 $682.80 ($87,206.78) $151,168.24 Year 15 2021-09 (#169) $1,248.06 $740.02 $508.04 ($123,079.69) $112,157.55 Year 20 2026-09 (#229) $1,248.06 $968.81 $279.25 ($146,891.53) $61,085.79 Year 24 2030-09 (#277) $1,248.06 $1,201.82 $46.24 ($154,787.41) $9,074.79 2031-05 (#285) $511.58 $509.29 $2.29 ($154,960.62) $0.00

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He said if i changed my mind in the next three days there would be no charge on card. the last two days i haven't been able to get ahold of him and have left numerous messages on his voicemail. i was to sign documents electronically and noticed that it said my credit card would be pre-approved for $500 after i signed it, but i never signed it, but last time i talked to the lender he made it sound like i was locked in and if i backed out i would be out five hundy. is this just a scare tactic or would i be out $500 if i back out ? needless to say i will not be going thru them to get refinanced no matter what the outcome. they are also my current mortgage holders.

I have purchased several homes. When I was approved for my loan I was locked in till closing. I ask for a letter to that fact. NEVER did I have to give anyone any money.