Mortgage Interest Rates - Wait or lock in now?

[jAZ]

Any experts?

We look to be closing on a house by the end of the month. Our broker said we have about 2-3 weeks to lock in the rate. With the news huge oil price spikes on Friday (largest ever (http://talkingpointsmemo.com/news/2008/06/stocks_fall_sharply_on_surge_i_1.php)) plus the huge jump in unemployment (biggest since the 1986 (http://talkingpointsmemo.com/news/2008/06/jobless_rates_jumps_to_55_perc.php)) and the stock market dropping over 300 points, I'm not sure what to expect, other than that I expect moves of some sort.

Thoughts?

I thought this was a good read...

http://www.chicagotribune.com/business/chi-sun-mortgage-interest-jun08,0,3877402.story

[StcChief]

likely drop in another rate cut, not sure in next 2 weeks though

[jAZ]

likely drop in another rate cut, not sure in next 2 weeks though

That's kind of what I was thinking, too. Not the best of timing.

[StcChief]

The Fed Reserve have a meeting in July right? for an emergency move (Which they already had) would be kinda seem like a panic with July meeting near.

[Fat Elvis]

I wouldn't count on any more rate cuts...besides, mortgage rates usually aren't tied to the Fed Fund rates so that really doesn't matter.....

[Bwana]

I don't see it going much lower if it does at all, but I didn't stay at a Holliday Inn Express last night and I don't work for Scott Trade. It's one big crap shoot.