What I am really asking is, does the forecast for interest rates predict a continued drop in mortgage rates for the next 30 days? Trying to decide when to lock in. Thanks
I picked up a 5.75% rate. (new mortgage)
Home prices are expected to drop by as much as 10% next month.
I picked up a 5.75% rate. (new mortgage)
Home prices are expected to drop by as much as 10% next month.
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I believe 5?
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If anyone knew that for sure, they wouldn’t be hanging around here, they would be on their G4 somewhere. It’s about 6% today. Next month it will be more, less or the same. Of course, there is no such thing as A 30 year fixed mortgage rate. it depends on your financial circumstances and the type and value of the property you might be purchasing.
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I got 6% fixed 2 months ago with a credit score of 670.
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Rates are good right now but probably won’t get much better. My realtors tell me that activity has picked up a lot, so don’t look for prices to go too much lower, if at all. Thats here in Maryland, though. The market on the east coast is doing a lot better than the desert out west.
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lock now
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I’m a Loan Officer and knowing how treacherous our market is, you’ll get so many different answers. Don’t believe anyone especially those acting as psychic. This has been a extremely erractic market for the past few months with interest rates increasing and decreasing randomly. For the most part they are lower than normal due to the past several rate cuts by the Fed. Even with the Fed cuts, sometimes the interest rates still increased so there is no guarantee. The correct advice would be if you’re interested in purchasing a home while the rates are low to lock in a good rate for 45 or 60 days. This will give you time to find a home and if the rates increase you still have your rate. If they decrease then you can drop your lock and pick up the decreased rate.
"Email me at jdawson@gracefunding.org maybe I can help!"
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Current Realtor/Loan Officer