The Fed has announced they may cut interest rates in the middle of March. I am currently working on getting a mortgage for a property I will close in mid-April. Should I wait to lock the rate until after the Fed announces the cut?
3 Comment(s)
Ask for a “down float lock rate.” That way, if the rates go down, so will your locked-in interest rate. Got this advice from Acorn Housing in connection with a transaction I’m considering. Makes sense to me.
fed cutting rates has no effect on the 15 yrs and 30 yrs fixed. only arm rate. i hope u are not stupid and get arm. most foreclosures out there are cuz by arm rates.
With the threat of inflation scaring the bond traders these days, another rate cut by the Fed would likely cause mortgage rates to rise. Don’t get greedy. Cut your best deal now.
Ask for a “down float lock rate.” That way, if the rates go down, so will your locked-in interest rate. Got this advice from Acorn Housing in connection with a transaction I’m considering. Makes sense to me.
L.G. | Jul 9, 2009 | Reply
fed cutting rates has no effect on the 15 yrs and 30 yrs fixed. only arm rate. i hope u are not stupid and get arm. most foreclosures out there are cuz by arm rates.
seafood10 | Jul 11, 2009 | Reply
With the threat of inflation scaring the bond traders these days, another rate cut by the Fed would likely cause mortgage rates to rise. Don’t get greedy. Cut your best deal now.
Tony D | Jul 12, 2009 | Reply