What's your opinion on mortgage interest rates of the moment?

Question

Do you think they will fall at all (even for a day) within the next month? My closing dat is Aug 15th and I'm concerned by where the rates are right now. I won't be able to afford it if they don't drop. They were great last week but I got greedy and decided to wait to see if they would fall more.

Please give me hope.

Answer 1

Rates suck!

Answer 2

..........if the gas prices goes down the rates go up and vice versa

Answer 3

I'm not judging you or scolding, but why be "greedy" and take the risk you took?

Last week, if you had locked in, you'd be ok. But rates went up .25% or so, and now you won't be able to close because you can't afford the payments?

Sounds like you're cutting it a bit close. I don't expect you to contact me or give me the best answer vote, because the truth, while honest, is sometimes unpleasant.

.... One reason rates go up is because of inflation. A reason gas prices have exploded, in addition to global demand, is the weak dollar, which impacts the price of all products and services. In turn, commodity inflation hurts consumers, more people default on their various loans, and lenders raise rates to offset increased risk (both real and perceived).

Good luck!

Answer 4

Gas prices do not directly affect rates. The economy overall is affected by everything rising. I myself am devastated over yesterdays rate spike and I am floating todays clients until next week. In general tuesday adn Wednesday are the two best days for rates. Like the first poster said rates usually change by fractions of a percent, most changes are not even enough for us to pass on to the consumer. Although it is still a gamble to continue to wait I have hope for next week. A word of advice ~ if you are quoted something and you are ok with it always lock.

Answer 5

What sort of drop do you need? If they move it will be in fractions of a percent from say 6.5% to 6.3% or 6.7%. It won’t be a drastic change.