Wednesday, April 27, 2011

To lock or not to lock? + Week 3 Updates

It appears that mortgage rates have started to go lower than the 4.75% hold they've had for the past few weeks. I would really like to lock in my rate but I'm not sure if it's still too early. I called my PM this morning to ask if he thought it would be ok to lock if the rates stay at 4.5% today. His answer was not as reassuring as I thought it would be at this point, especially since he's been telling me how on track they are and even moved up my closing by a few days just last night. He stated he would like to have my 60 days end around the last week in June..."just in case". He said he does not foresee any issues but wanted to make sure he had a week as a buffer. While I understand his point, I feel like his week could potentially cost me thousands of dollars for non existing issue. I know and will own that I am feeling really impatient! My target rate is 4.5% but will settle with NO more than 4.75%. In the end he said I could take a chance and lock if I was really concerned. Not sure what to do?????

In other News....

Week 3 Updates

Monday-Wednesday: Complete framing out the house.

Thursday-Friday: Plumbing and Heating

Monday is our pre drywall and Guardian meetings all at once!


  1. We locked in last week at 4.75. I say go with your gut! 4.5 is a great rate! I tried to keep things in perspective because I also wanted to wait for a lower rate if possible but didn't want to risk them going up too. One-two years ago, homebuyers were lucky to get 7 or even 8 percent! So no matter what, you are at a great advantage!!

  2. WOW! It's going so quickly!! =)

    Do you think you could wait just one more week?

    From what I have seen, some mortgage companies have dropped the rates, but not all. In another week others should follow suit.

    Plus, if rates are just now dropping, I highly doubt they will shoot up much in a weeks time. And if for some weird reason they do, they shouldn't go past the 4.75% they were already at. You know?

    Waiting just a week shouldn't hurt, and it's kinda like meeting your Rep./PM in the middle. We are getting a ton of bad storms lately and more expected tonight. What if one comes through and puts the progress behind a bit? Your PM is just trying to watch out for you.

    Just my two-cents. In the end hon, this is YOUR decision to make and you have to do what YOU feel comfortable with.

  3. Our PM told us something similar. We waited a week and then we locked. For us it worked out because by waiting the rates dropped.

    I will say this, if your pre-drywall meeting is on Monday, then you should be fine to lock. Our pre-drywall inspection was 3/25 and we're closing 5/6.

  4. I have my fingers crossed on this issue as well. We have a settlement date of 7/8 and will be able to lock in a week or two. We were hoping the rates didn't increase from 4.75% when we signed the contract but now it seems they are dropping. 4.5% would be ideal since we never considered them going down so the decrease is a welcome surprise. I'm just hoping that they will still be 4.5% by May 11. I think they will keep dropping because i hear that July 6, 2011 the interest rates are going to sky-rocket so hopefully we can cash in on the "calm before the storm"

  5. @LaLady welcome to the blog!

    I actually caved and locked in at the 4.5% yesterday. I didn't hear about the rates increasing but that wouldn't surprise me. Honestly I don't think they will go below 4.5 they have been staying between 4.5% and 4.75% for the last few weeks.