Mortgage rates

[Fishbone†]

Is there a place on the internet, or somewhere that I can watch what the interest rates are doing?? We’re locking in on a loan today, and our mortgage guy is watching the rates (as they are currently sliding) to lock in at the best time. I was kind of interested in watching as well…. Is there such a place??

If anyone knows…. The DIS knows.

 

[golfgal]

We bank at Wells Fargo and they have their rates on their website. Rates are climbing, not going down though. The rates have gone up 3/4% since February. What did he say your rate is at today?

 

[Fishbone†]

You are right, they have been climbing.... today though, they are sliding (according to him).

 

[golfgal]

You are right, they have been climbing.... today though, they are sliding (according to him).

What did he say they were at? We locked in at 6% a while ago, but if they go under 6, we want to relock.

 

[Fishbone†]

Oh no - they're at 6.87..... if you locked a while ago, you're good. We haven't locked at all yet, because we just signed a purchase agreement last week.

I would LOVE 6.... unfortunately, no such luck.

 

[elgerber]

What did he say they were at? We locked in at 6% a while ago, but if they go under 6, we want to relock.

6% is a very good rate right now, especially if it's a fixed rate. Rates have been hovering around 6.375 mostly lately. The lowest they may go, might be 6.25 but that's it for a 30 year fixed.

Did I read you were moving down to the cities?

 

[Fishbone†]

Okay - I don't know anything about this stuff, so why would I be at 6.875 if you're saying 6.375. What would make the difference..... our credit is very good - my dfiance over 800, and me over 700?? What would be the other factors?? Location? Salaries??

 

[golfgal]

Okay - I don't know anything about this stuff, so why would I be at 6.875 if you're saying 6.375. What would make the difference..... our credit is very good - my dfiance over 800, and me over 700?? What would be the other factors?? Location? Salaries??

It could just be your bank. Wells Fargo lists 6.5% on their website today, but it is higher then that, 6.75% if your mortgage amount is over $417,000.


elgerber--yes, we are moving to Rosemount this summer. I grew up in the cities but we have been in SW MN for most of our married life.

 

[elgerber]

Okay - I don't know anything about this stuff, so why would I be at 6.875 if you're saying 6.375. What would make the difference..... our credit is very good - my dfiance over 800, and me over 700?? What would be the other factors?? Location? Salaries??

There are some things that might make a difference. A cash out refinance would be at a higher rate. Also, if you are building new construction or something, and you need a longer lock, 60-90 days or so, instead of 30. Also, if you are doing an 80/20, a first and second mortgage, with no money down, that would give you a higher rate. Do any of these apply? It's most likely not location, we are both in the same area.

 

[hlbtimes2]

There are lots of factors- amount of loan, length of loan, amount of downpayment, points/ buying down, credit score, etc, etc.