Adam
Today is Wed. 10/8, and my lender just called to tell me rates went up today. We are in escrow and been waiting to lock in because of the bailout plan. My lender said that Bernake (however you spell it) was supposed to lower interest rates but hasn’t done so yet. Any ideas on whether they will go back down, or should I lock in today?
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Today is Wed. 10/8, and my lender just called to tell me rates went up today. We are in escrow and been waiting to lock in because of the bailout plan. My lender said that Bernake (however you spell it) was supposed to lower interest rates but hasn’t done so yet. Any ideas on whether they will go back down, or should I lock in today?
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Last I heard…The rate was lowered to 1.5% from 2% this morning. I don’t think it goes into effect until tomorrow though.
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Bernake is in charge of extremely short term rates.
They might effect a credit card rate, but they do not relate to a 30 year home loan at all.
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Short term rates are going down fast. No one wants to make a 30 year loan with all this uncertainty. So no one is offering any “deals” on mortgages. I think that money might become cheaper for 15 year loans next..