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Is it a good time to lock in a rate for a Homeowner in todays market?

I think yes. What are your thoughts? Why?Thanks. by Unitywestlending from Huntington Beach, California. May 31st 2013 Reply


Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Do you feel lucky? If so, gamble. However, if you want to lock in a great deal, now is the time to lock and close. While you wait for rates to improve a quarter percent, you could instead be stuck with a rate that is a half percent higher or worse. Pull the trigger, lock and close. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jun 1st 2013
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John Tam (Xbcpaperguy)
#845 ranked lender in California - 7 contributions

As the economy & the housing market show signs of recovery, mortgage interest rates will certainly continue to correct themselves from recent unpredcedented lows. For those purchasing a home, I would definitely advise them to lock for 30 days and don't look back. Nothing short of another major catastrophic event ( like a terrorist attack on a U.S financial institution) will bring rates to 60 year lows again.The bottom of the market is history, so the sooner they lock, the happier they will be in the future that they did. If your client is refinancing, they'd better take any fixed rate that is at least a half percent lower than their existing rate or run the risk of not getting any benefit from their refinance at all once the rates correct themselves.

May 31st 2013
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

Whether you are purchasing or refinancing -- it would behoove you to get it locked as soon as possible. Though rates have climbed already, the outlook is that they will be climbing more in the next week or two.

May 31st 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

The rates have gone up the last two weeks. I expect them to come down just a tad next week.

May 31st 2013
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Joe Metzler (JoeMetzler)
#19 ranked lender in Minnesota - 3,981 contributions

Rates have gone up recently to the highest they have been in a year. Sounds terrible, but simply put, mortgage interest rates are still historically awesome. Holding out generally doesn't make much sense, as there is little room for downward rate gain, and a lot of room for upward rate loss. Lock, be happy, and never look back. www.JoeMetzler.com

Jun 1st 2013
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Raymond Denton (Raymond)
#10 ranked lender in Ohio - 224 contributions

Everybody should lock in their interest rate as soon as they're pre-approved ... floating the interest rate is gambling.

Jun 1st 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

As all the others have stated, you are gambling if you don't lock as soon as you are pre-approved.

Jun 2nd 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

Depends on what YOUR risk tolerance is and what YOUR opinion of where the economy and the FED will be in the coming weeks and months. Those that floated for the last 30 days are feeling the pain of higher rates while those that locked are feeling pretty good right now as the rates they are locked into are now well below market.

Jun 3rd 2013
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Need a wholsale mortgage rate? Check out www.MortgageWholesale.comThey will shop their lender network for the best rate for you.

Jun 3rd 2013
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