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What are mortgage interest rates going to do? I am in the process of re-financing......bank is waiting on me to tell them when to "lock"

4.25 to 4.5 with no points here in Atlanta. That's the best rates and they seem to be going up a little.

crow

Stitch - what bank you using in Oxford?

Trustmark has my current mortgage, so I felt like it was appropriate to let them handle the re-fi. I normally bank with Bancorp South. That being said, the people I am actually dealing with are in Florida........I was told that the people in Mississippi were so busy with re-financing that Florida was "helping out" with the process. Lady I am dealing with said she had 8-10 mortgages in Mississippi she is working on.......sad thing she said, was that the market in Florida has "dropped out" so everyone is "upside down" and can't take advantage of the lower rates.

Nutmeg: Suggestions on someone else i should be dealing with??????????

I hear they are on the way up back over 5 now. I haven't looked but thats what I am hearing through customers.
Anyone have insight as to if its going up for good? Is it as low as its going to get?

Crow , what bank is that?

crow wrote:4.25 to 4.5 with no points here in Atlanta. That's the best rates and they seem to be going up a little.

crow

simply not possible. rates are above 5% on both 15 and 30.

I locked in on Friday with a mortgage company...Southern Mortgage (I think...it's Southern something...anyway). The fella I was working with was in Peachtree City, GA. He said he thought the rates would be over 5 this week. Individual mortgage companies are going to be better than banks right now. I am currently with Chase; I called them to see if I could keep it with them, but they said there was no way they could match that rate without 3-4 points. Forgot to say.. I locked in at 4 3/8 on a 10 year (that's why the better rate...down from a 15 yr and keeping close to the same payment)...by Friday afternoon it was at 4.5. Don't see it going back down.

crow

If the economy keeps going south I think they will be down to about 4.00 soon, but that is just a guess. If your over about 5.5 right now and can refinance at 4.5 you should do it as long as you plan to stay in the house for more than about 3 years.

I went from a 5.5 on 20 to a 4.5 on a 30 year note just in case my company decides they don't need me anymore. Still plan on paying the 20 year note rate for as long as I can. But should I loose my job I can save about 400 bucks a month.

....just got a call, i can lock in at 4.875........should I do it?

I'll ask the question again......not sure why because most of you guys said the interest rates would go up

What are the rates going to do????? Will they continue to drop?

I locked in at 4.875. No one really knows what it is going to do. I was hoping for 4.5 but decided not to wait.

PM sent

stitch wrote:....just got a call, i can lock in at 4.875........should I do it?

What is your current interst rate? Is that 4.875 without points? Can you pay points to get to 4.5????

Done.....locked it in at 4.875.......not wanting to push my luck.....