Forgotten Your Password?

Need to Register?

Question Icon

Do you all think that the rates will continue to drop of should we lock our rates this week for a refi?

by germainholtz914 from Sacramento, California. Oct 20th 2014 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

I always suggest locking.. When rates go up, they can go up really fast.. but when rates come down, they come down very slow. It's unlikely you can see rates improve enough to matter, but rates could surge up overnight and end up costing you.. I would lock now. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Oct 20th 2014
1
0
Ben Holloway (ben.holloway@mwfinc.com)
#993 ranked lender in California - 10 contributions

Wednesday of last week was the best day for interest rates. They have already started to "inch" up a bit.I recommend locking as soon as possible.

Oct 20th 2014
0
0
Larry Gray (lgray_312_247)
#562 ranked lender in California - 1,127 contributions

When to lock depends on how important it is for you to refinance, where you are currently in the loan process, and your your willingness to take some risk if you think rates might fall further. Overall, the climate of very low inflation, an appetite by investors to keep a larger portfolio of the more secure income from treasury bonds and mortgage backed securities shows not much danger for rates to go up suddenly. On the other hand for people who might be having their refinance loans fund within two weeks of the lowest rate last week...they might have lost the chance to get that lowest. For those waiting for longer from that time...it gives more time for another drop to a low rate as on that day. As mortgage loan officers we often watch the market carefully for clients who wish to float the rate.

Oct 20th 2014
0
0
Steve McCoole (loanman619@gmail.com)
#958 ranked lender in California - 20 contributions

If there is a benefit for you to refi at the rates that are available now then I suggest you lock in. Floating in the hopes that a slightly better rate might come available is risky, especially now when markets are quite volatile and unpredictable.

Oct 20th 2014
0
0
Edgar Aranda (earanda)
#721 ranked lender in California - 91 contributions

Rates will probably drop more this week. You should apply now to lock the rate for your refi as soon as possible.

Oct 20th 2014
0
0
Conor Sutton (conor@csloansolutions.com)
#990 ranked lender in California - 5 contributions

Lock it in! Conservative thinking says rates are more than likely to increase before they decrease. Rolling the dice on rates falling only has upside if you're right. If you're wrong, you just cost yourself money in the long run. Rates are still low enough that locking in now is beneficial. Hope that helps.

Oct 20th 2014
0
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,515 contributions

I suggest you lock. There is very little room for possible downward gain, and HUGE room for possible upward loss. Don't get piggy... Piggies always get slaughtered in the market. be happy that rates are where they are at. I paid 15% for my FHA 30-year fixed in 1981.

Oct 20th 2014
0
0
Subscribe to our news feed.