What are good indicators for future mortgage loan interest rates?
Written By: admin on August 1, 2009
One Comment
Looking to lock a interest rate in the next week. I can lock at just under 5% today, but could have locked at 4 7/8% one day last week.
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I worked in the mortgage industry for many years. Rates this week are fantastic. The 10 year T-Bill, which the 30 year mortgage rate is at historic lows. 30 Year mortgages are not going to get much better.
Since you are quoting a 5% rate, I would reckon you are looking at a 1 year ARM and not a long term fix loan. The long terms loans will probably drop a bit more since they are tied to the federal funds rates (ie small term rates). The fed seems prepared to lower the rates.
With that said, you have a really rate and Im not sure it is worth the gamble for it to drop much more.