Money Mortgage Interest Rates - Wait or lock in now?

**jAZ** · 06-07-2008, 09:11 AM

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) plus the huge jump in unemployment (biggest since the 1986) 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/busine...,3877402.story

StcChief · 06-07-2008, 12:38 PM

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

**jAZ** · 06-07-2008, 03:05 PM

Quote:

Originally Posted by StcChief

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 · 06-07-2008, 03:09 PM

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 · 06-07-2008, 03:24 PM

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** · 06-07-2008, 03:44 PM

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.

06-07-2008, 09:11 AM
jAZ Supporter Join Date: Apr 2001 Location: Tucson, AZ Casino cash: $9847493	Mortgage Interest Rates - Wait or lock in now? 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) plus the huge jump in unemployment (biggest since the 1986) 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/busine...,3877402.story
Posts: 24,799

06-07-2008, 12:38 PM	#2
StcChief Playing for #1 Draft Pick Join Date: Oct 2003 Location: Just West of Lambs land Casino cash: $10004900	likely drop in another rate cut, not sure in next 2 weeks though __________________ sig test for this screwy schema
Posts: 25,901

06-07-2008, 03:09 PM	#4
StcChief Playing for #1 Draft Pick Join Date: Oct 2003 Location: Just West of Lambs land Casino cash: $10004900	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. __________________ sig test for this screwy schema
Posts: 25,901

06-07-2008, 03:24 PM	#5
Fat Elvis Sexiest Athlete Join Date: Apr 2001 Casino cash: $1521925	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.....
Posts: 12,389

06-07-2008, 03:44 PM	#6
Bwana It's Five O'Clock Somewhere Join Date: Aug 2000 Location: Billings, Montana Casino cash: $2139563647	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. __________________ Adventure is dangerous....but monotony can kill you.
Posts: 69,735