Mortgage: Fixed 30 years interest rates

[Ja Rhule]

Right now at 3.45%

Some people reporting that rates expect to drop close to 3.2% before elections. Anyone knows what to expect? I have an option to lock in on my rate in next 7-10 days but I can wait all the way to November to lock in. It seems like rates increased at one point in August but then dropped again.

[C47]

I thought they were just around 3.25 a few weeks ago. My wife and I just got our house at the end of July and we're at 3.5%...

[Ja Rhule]

Where do I check current one? I got it from some site but I dunno how accurate it is.

[NanuqoftheNorth]

If you can swing a 15 year, rates are better still and costs are significantly reduced over the life of the loan.

[Ja Rhule]

I cannot do 15 years. I got a wedding coming up and I'm first time home buyer.

[thefuzz]

USDA 3.0%

FHA 3.25%

CONV 3.5%

Depends on your broker though, and credit score, and how much fees are.

[Hotsauce]

I got a 30 yr conventional at 3.25% last month

My guess is this is as low as they will get, then the election will bring them back up

[The Saltman]

Rates will go up slightly after November. Don't expect them to go up until 2015 tho.

[pstall]

at the bare min rates go up like salt said. some fed dude even mentioned this a couple of days ago.

as i always say tho. its not about the % rate, it's about the payment.

[The Saltman]

After your wedding tho try to pay off your house as quickly as possible. Could save you in the 6 digits in interest depending on the loan amount.

[Ja Rhule]

Oh I know... I will pay around 200k in interest over 30 years... So the question is... Should I lock my rate? Whatcha guys think? My close date is Oct 26th.

[pstall]

i don't think we ever go below 3% just for psychological

reasons. so yes. lock it in.

[NanuqoftheNorth]

I cannot do 15 years. I got a wedding coming up and I'm first time home buyer.

You have an historically great rate. Don't worry, be happy. Congrats on the wedding!

[Ja Rhule]

You have an historically great rate. Don't worry, be happy. Congrats on the wedding!

Thank you sir.