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| *Loan,banking and credit>>>loan rate |
In your opinion, do you think the interest rate on a 30 year loan is going to rise in the next 30 days? |
The Fed Reserv recently lowered the rate at which they lend money to banks by .5 and this indirectly will lower the rates at which banks lend to people. The rate with the mortgage company I am processing my 30 year fixed loan with dropped by about .07 to 6.85. Do you think I should lock in the interest rate now or do you think its going to drop some more within the next 30 - 45 days when I will close on my property? In my opinion, rates will either stay the same or drop a bit in the next 30 days. The Fed's recent action doesn't directly affect interest rates - don't let that influence your decision. The Fed was mainly trying to stop the losses in the stock market, and it really didn't help much. Source(s): Mortgage Banker http://www.benchmarkofbr.com If I were God I could answer this question. No one knows. But, if you like the rate you are at now, I would STRONGLY recommend you lock it now. It is always a catch 20/20. Good luck. CFO, Morgage Company It's a gamble. If you don't lock in it could go up. Like wise, if you do lock in it could go down. Try shopping around and see if another company can do any better. Or you can try paying points to get an even lower rate. 9 years in the mortgage business Historically, the rates go down as the year is about to end. I would wait to about 20days before closing before locking. Watch the 10yr bond rates which are going down. email me for direct pricing |
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