RP from ML- should I lock in at 4.625% today?

[Bernadine]

Sorry to butt in here, I'm a regular over on ML, but need some financial help.  I'm not all that market-savvy.  I'm refinancing, have to do it right now due to a divorce.  I'm thinking I should go ahead and lock in at 4.625% today?  Or I can see if it goes any lower over the next few weeks during the refinance process. 

I really appreciate your advice.

[morgie44]

I have no advice to offer but that rate just made me shed a tear.

[Deleted]

I am going to cry. They were 3.75 a week and a half ago,

[karinothing]

Ugh, that is depressing. I would LIKE to think that the rates will eventually drop. It just doesn't make sense to me that it could climb so fast. But I don't know if they will drop in a few weeks vs. a few months or a year or whatever. Sorry

[giantsgirl]

I would also talk to your mortgage broker.  I just refinanced last week at 3.75% (would have been lower, but we went for an option where we didn't pay any closing costs). Rates in general had increased since we locked in and I asked my broker if he had any ideas why or where they were going, and he didn't think they would be long lasting, because there was nothing obvious driving them up.  He thought they would settle in the mid-upper 3's, and not likely go back to the low-mid 3's.  Last week, he didn't think staying over 4% was a long term position. 

[y4m]

What's your credit score like? It's hard to know if 4.625 is a good rate for you without knowing that.

[hski2349]

Even with the jump in rates over the last week that seems high to me. I would not lock. What does your mortgage broker think?

[Bernadine]

Excellent credit. I wish I could have refinanced a month ago. Yet another way xh has fucked me over. But I'm not bitter! Lol.

[bryantpark]

Jun 25, 2013 11:58:10 GMT -5 @rennido said:

DH is a vice president of a bank (smaller, not national). He said rates are going up, they don't see them dropping in the near future.

This. But so sad to see them back up so "high".

[Deleted]

I would lock. I was quoted that same rate last Thursday but thankfully I was still able to lock in at 3.99%. Although, the bank I'm locked in with now has their rate at 4.625% as well.

[Deleted]

I just closed on my new house yesterday. We locked in 3 weeks ago at 3.875, & our broker said we would be looking at 4.625 today if we hasn't locked. He said we will most likely not see rates in the 3s again ever, & he expects rates in the 5s soon, I would lock.

[niq]

Jun 25, 2013 11:51:46 GMT -5 ribollita said:

I would not lock in at that rate. It seems to me it won't go higher and likely will drop again in the short term.

This is me. The markets went into fullon panic mode in the past week. It seems more likely than not that they'll drop at least a little in the next month or two.

Sidenote: how fucked up is it that when Ben Bernanke opens his mouth, something like this can happen?

[Deleted]

  I was just lamenting our 4.0% interest rate and wondering if maybe we should try to refinance again.  I guess I know my answer. 

OP - I would probably lock.  Do you have the option to do a one-time float down?  I might ask about that.

[littlemisssunshine]

This makes me extremely grateful for our 2.875% we got when we refinance this winter!

I'd lock in as well. As people have said, its still an extremely good rate when you look at the overall history of interest rates.

[Deleted]

Jun 25, 2013 11:41:48 GMT -5 @iheartcosmos said:

I am going to cry. They were 3.75 a week and a half ago,

Oh, I just remembered you guys are house hunting!

Eff. We didn't refinance because we were waiting for a summer sales season in hopes of boosting our appraisal. It would have easily appraised, but my H didn't think it would so waiting was our compromise.