Mortgage loan rates?
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I’ve been keeping an eye on home loan rates and have seen them go up and down over the past month. Now they are back on the rise and, of course, we are trying to buy a house. Do you think the rates will continue to go up? Or is it likely that they will come back down again in the next few weeks?
We have not yet locked in our interest rate – we were pre-approved too far in advance of our estimated closing date and would have had to pay extra fees to lock it it at that time. I’m going to keep an eye on the rates, I just wanted to get some opinions if they will continue to rise or if it’s just temporary and will go back down.
I think the Fed will cut rate yet again in March. However, the 30 year fixed mortgage rate will not be affected as much. Now is a good time to lock in your rate.
The rates will go down slowly for the mortage market. The banks need the higher rates they are getting to make some much needed cash for themselves.
The prime rate has a web site that also has the odds on what the Fed will do. http://www.wsjprimerate.us
Unless you have a fixed-rate mortgage, the current mortgage interest rates are very important to deciding how much you should pay every monthcompanies offer different interest rates so it is a good idea to shop around for the best deal before settling on one particular lender.