Question:

Do you think mortgage rates will go up or down in the next couple weeks?

by  |  earlier

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I'm closing on a house 8/1 and need to know if I should lock in the rate now, or wait to see if it goes down...

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3 ANSWERS


  1. Australia is the only country in the world where it's mortgage rates are going up every quarter! As the economy around the world is going downhill (due to subprime etc), most oversea banks are lowering the their mortgage rates to encourage borrowers to purchase homes. If more buyers are out there, the property market is sustainable and banks are able to release foreclosure homes at a better rate.

    But, banks in Australia are rising their interest rates to discourage borrowers. This will ultimately crash the local property market as the consumer will not borrow at 10% p.a.

    Don't trust the Rudd Government.

    Australia is the only country who have a prime minister graduated with Chinese language as a major.


  2. Always lock now if you can make the payment.

    It's a gamble.  No one can predict how the rates will go, if we could, we would be happy to advise you.

    I can tell you this....rates tend to go down on Fridays, but understand that they do change sometimes hourly.  Most loan officers carry a beeper or cell phone that alerts them when the rates change.

    I have seen more times than I can count where a loan officer has a "hunch" that the rates are going to go down...and they go in the opposite direction, and then having to call the customer to explain why they now have to pay more each month on their mortgage.

    Don't gamble in this market...lock it now.

    ...and don't feel bad if the rates go down...b/c could just have easily, shot up.

  3. You need to listen to your loan officer because they are in the thick of rates and changes and know best.

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