Friday, July 29, 2011

Interest rate lock in .......

Still not able to lock in and with all this in the news about the debt ceiling I am stressed to the max ! Can't sleep at night etc . What if the rates sky rocket ? 8/2 is D-day . Still have the option to pay a 1/4 point with Nvr to lock in early but that's almost 1500.00 which we had for moving expenses . Don't know what to do? Worst part about it if they would have broke ground in May like they were suppose to ( a NVR paperwork hold up) no fault of of ours we would be locked in by now!
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7 comments:

  1. Noey814July 30, 2011 at 12:07 AM

    Oh honey. I wish I had a crystal ball and could tell you what you to do. But unfortunately, I don't.

    All I can say is listen to your hearts. Only ya'll know what's best for you. If it's worth the $1500 or not to lock in at a lower rate.

    Is there anything you could cut out of closing expenses?

    Is paying the $1500 now worth just the possibility of maybe saving money in the long run if interest rates rise? What would the possible savings in the long run be?

    It seems like you have Monday now to decide. I know this has got to be hair pulling. I'm so sorry. No matter what, GL! *hugs*

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  2. New Build NoobJuly 30, 2011 at 5:22 AM

    Im right there with you!!! I would TOTALY lock in today (90'ish days out) and take the hit up front but Im being told by my rep that I can't :( So nerve wracking!!!

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  3. Ravenna RanterJuly 30, 2011 at 10:04 AM

    So, we've been tracking this a lot (aka MSNBC on the tv 24/7) and I'm pretty sure that the result is going to be short term disruptions, but by mid-august, everything will be back to around what it was before. Maybe even lower. The treasury bond went down a bit on friday and mortgage rates tend to trend with the treasury. We locked in because we could, to avoid the sleepless nights, but I think we would have been ok had we waited too.

    Rates aren't likely to jump from 4.75% to 13% overnight either - that's just not the way the markets work. So, hang in there, wait for August's unemployment rate report (aug 8?) and lock in then if you can.

    Good luck. We all wish congress wasn't acting like spoiled children. Well, _part_ of congress....

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  4. BDJuly 30, 2011 at 1:07 PM

    I agree with Ranter...ALL of congress is acting like a bunch of spoiled children...I too think they will raise the debt limit...neither side of the aisle can afford the political backlash that would be caused by not doing so...like Noey I wish I had a crystal ball, but I don't...just my gutt...the ramifications to the economy and the housing market will be horrendous if they do not raise the debt ceiling. It amazes me how many people blame the president for all this kind of stuff...this is a perfect example that shows that the president can only try to influence congress, but can't "make" them do anything and this is what I was most worried about when the republicans won back the majority of the House, but the Senate was still controlled by the democrats...Congressional stalemate :(

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  5. Ravenna RanterJuly 30, 2011 at 5:42 PM

    Ha BD! I was trying SO hard to not go political and keep the house blogs about the house, but now, we are forced to talk about a different kind of House! Congress makes the laws. POTUS (and all of his underpaid and overworked civil servants) implements the laws that Congress makes. If this debt debate is making you nervous, and you live in district with a congressman who is refusing to compromise, call them, email them, and let them know that they are screwing up your home buying experience (and a lot of other stuff to boot)!

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  6. robertJuly 31, 2011 at 11:44 AM

    Thanks guys good idea bout waiting until unemployment stats come out

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  7. MikeJuly 31, 2011 at 9:23 PM

    rates should be good the next couple days due to the deal. perfect timing! good luck!

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