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Regular Visitor
Biodiesel
Posts: 5
Registered: ‎03-10-2012
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Mortgage rate creep up to 4% on 03/21/2012

[ Edited ]

http://www.totalmortgage.com/blog/

 

What are the chances these drop back down to the 3.75% rates we've seen around January?

 

I'm still about 3-4 months away from having a solid down payment as a first time buyer. At this stage is it the banks just taking advantage of the summer buyers more apt to move? I was predicting the 3.75% rate would stay locked until at least after the presidential election.. I guess I was wrong.

 

Super Contributor
ardell
Posts: 343
Registered: ‎08-27-2011
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Re: Mortgage rate creep up to 4% on 03/21/2012

3.875% is more realistic than 3.75%. It has been at that number many more times in the last many months than 3.75%. Using the lowest possible rate in planning is not recommended, as you can't time when the best house for you will be for sale and match that to the 3.75%.

 

3.875% has been more readily available at least once during every 30 day period for quite some time, which is the norm for a lock timeframe.

ARDELL DellaLoggia
Sound Realty
Contributor
Norahs_dad
Posts: 21
Registered: ‎03-31-2012
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Re: Mortgage rate creep up to 4% on 03/21/2012

yep been going from 4.000 to 3.875 to 4.000 to 3.875 the last few weeks

Contributor
Norahs_dad
Posts: 21
Registered: ‎03-31-2012
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Re: Mortgage rate creep up to 4% on 03/21/2012

you got your 3.75 as of 4/7/2012 8:00am

Regular Contributor
D_K
Posts: 105
Registered: ‎11-17-2008
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Re: Mortgage rate creep up to 4% on 03/21/2012

.25% is insignificant for all but the largest loans amounts. Most people don't keep a loan longer than 5yrs. They either refinance, or move in that timeframe. You be better off searching for a 0 pts loan. Even at a higher rate it could be cheaper over your loan time period. There are some mortgage calculators out there that could crunch the numbers for you. You might be surprised at what you find out.

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Norahs_dad
Posts: 21
Registered: ‎03-31-2012
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Re: Mortgage rate creep up to 4% on 03/21/2012

Yeah we are buy and hold people our last home was bought in 2001 and sold in 2011 for a nice profit we left the home a lot nicer then we found it. So in the end we really just got back every thing we invested in the home, we did all the work our self except the new heat and air.

 

 I am not a mortgage guy so any in site would be helpful. We are currently looking at homes under $300,000

if we get the standard seller paid 3% of closing that should more then cover closing and any points and there should be enuff left over to buy down from 3.75 to 3.65 at lest that is what the guy at wells Fargo mortgage told me, but then again that was on a wells REO where a lot of the closing fees were going to be reduced or waved so the may not be as much room on a regular lone?