What charts can I look at online to predict changes in mortgage interest rates?
Problem by Huge D: What charts can I search at on the internet to predict adjustments in mortgage interest charges?
I seem at the ten yr treasury notice on yahoo finance, what else must I be checking out? what mortgage secured bonds are there? I want to made a decision when to lock in with my price for a home acquire in the subsequent two weeks.
Best answer:
Reply by alterfemego
an eight ball . . . lol
Know better? Leave your own remedy in the remarks!
You may have missed the boat if you were hoping rates would go lower. These rates represent what freddie macs investors require and are darn near what a “PAR” rate would be. That is, nobody is going to make money at these rates unless you are paying points/fees for the rate in addition to the regular closing costs:
http://ww3.freddiemac.com/ds1/sell/sffrny.nsf/frmDisplayRNY?OpenForm
This link updates daily with advice on the mortgage market.
http://www.moving.com/mortgage/mortgage-market-commentary.asp
All indications are to lock as of Friday the 6th.
We have a convertible 1/1 ARM special that runs through the 23rd @ 3.99 with caps of 2/2/6. That means the worst case average rate over 3 years would be 5.99. APR is 5.293 (this is based on the fully indexed rate). All this with about $ 300 in closing costs.
The point of mentioning this is that the convertible ARMS are a favorite of people who expect that rates may head lower by the end of the year. You can convert the ARM to a fixed rate any time after the 1st payment and within the 1st 36 months for $ 200 plus some other fees for the modification (e.g. recording, etc.). These programs require better credit and full income verification and a 680 middle score at the time of conversion.
Ask your lender to see if he has any such options for you.
Good luck and congratulations on your new home.