Locking in

Day 84 of the Build:

Just over 1 week to go!

When do you lock in the mortgage rate? Last time I posted something on rates the housing industry was in chaos over defaults and the experts weren't sure if the turmoil would cause a recession. That hasn't changed. Real Estate is a tough business to be in right now, and our builder has been effected by lack of sales forcing massive layoffs in the Pennsylvania area. (Our development seems to be an exception with comparatively brisk sales.) Trying to track a cause and effect to the mortgage rate trends has been speculation at best. It appears that the rates have trended down this past week. My wife and I decided to pick a number that we would be comfortable with, and tell the lender that we would lock if we got that rate. As I drove out to inspect the house this afternoon I got a call back saying he could go with our number! We are locked in!

BTW, the best source for me to track rate data was at Bankrate.com