anyone have an eye on current mortgage rate trends?
I am buying a home and the rate right now for my loan is 6% (Wells fargo Home opportunities loan 100% financing). Conventional is 5.875 and that is down from last month so I am wondering if I should just lock in my rate or if it is expected to go down more or up soon? I need a good backing for my decision either way. Please help.
6% is pretty good. You could get the lowest rate by putting some more money into it, but trying to get it down another 1/8 of point is not worth the effort.
Rates are going to stay the same for the next 6 months (move up or down a 1/8 point.) since the Federal Reserve has indicated that they are not going to change interest rates soon unless it gets data that differs from their expectations. Go ahead and lock it in.
To see the difference, I suggest you go to www.bankrate.com or www.mortgage101.com to see how much the 1/8 of a point will make a difference.
Just a bit of information, if you have your bank account at Wells Fargo, they could give you a discount on your rate. (maybe an 1/8 or a 1/4). You just have to ask about it.
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