Mortgage help- should I lock in at 4.625% today?

[Bernadine]

Or see if the rate goes down sometime over the next month?  I'm thinking it's going to go up, not down?  Help!

[VeryViolet]

Did your mortgage broker give you any indication of what they thought rates were going to do? I remember locking and telling my broker we were never to discuss rates again I didn't want to know if I missed out. LOL

[snipsnsnails]

Hmm, I'd lock, but I'm overly-cautious!

[firedancer49]

I've heard that they are only going to go up. But that was a month ago by our mortgage person.

[pantsparty]

We're about to lock.

And pop.

And also lock our mortgage rate.

[Kit]

Lock it - the rates are going to go up.

[chickenlittle]

I'd lock it in. We refinanced at 3.2% in January, and the rates at our lender bank are at 4.7%. I think they're supposed to continue to go up.

[Deleted]

lock.

[sydney02]

How the hell do you know anymore. I remember when we bought our house back in 2006, our rate was 7% and the agent was telling us to lock now because rates are going up.

Then we bought this current house at the end of 2011 and we got 4.5%. We are looking to refinance into a 15 year and it does seem as though rates are going up. It's just they've cried wolf over this for years I can see why people are afraid to lock in.
Honestly I'd lock though if I were you. It does appear things have trickled up in the past year and it seems to be the trend now.

[Bernadine]

I locked it.

BECAUSE I'M SO STRESSED OVER THIS FUCKING REFINANCE AND I NEED TO JUST DO IT AND HAVE IT DONE IN 30 DAYS, IF THE HOUSE EVEN APPRAISES HIGH ENOUGH FOR THE REFINANCE TO GO THROUGH, WHICH IT MIGHT NOT.

Whew.

[Bernadine]

Jun 25, 2013 11:58:53 GMT -5 farmvillelover said:

Also, note that mortgage interest rates are tied with the 10 year treasury. When the 10-year yields are higher, the mortgage interest rates go up too. As of yesterday (I think), the 10-year treasury was at an all time high since 2011. I don’t think I’d lock today in this environment.

I'd wait it out if I could, but I only have 30 days to finalize the refinance, per my divorce agreement.

[Bernadine]

Ooooh, thanks farmville, I'll make sure I'm there.

[luckyval]

Wow, I'm glad we re-fi'd when we did

Lock it down!!!

[jssymom14]

Yes be there for appraisal! Our agent asked questions and I pointed out new features she might have missed(new furnace, roof and windows) and our appraisal was right were we needed it.

[WOT?*]

Be there for the appraisal. Our house appraised for about $2K more than we needed it to. I was able to go over things like new paint, some minor construction and improvements and a few upgrades that might have been overlooked. And good for you for locking. I delayed for a couple weeks and it cost me about .5% on our rate. I don't think it will be going back down, and if it does it will be only infinitesimal. You're better for locking in than hoping the rates drop when it's more likely at this time they will most likely be climbing, or staying stagnant at best.