+1 vote
Is there chances of the mortgage rate going up by August? Does it cost money to lock the rate for long term? My lender gave me the quote of 5.25% to lock until August where as the market rate is 4.5 s or lower.I have already signed the contract for new house. I have credit score of 810 and no problem in credit history.Me and my wife make about 130 K annually and we are trying to get the loan for 290K. What kind of rate should I get to lock the long term rate? The zip code of the property is 76180. I would really appreciate if you can give me some advice. Thank You
asked Mar 3, 2018 in Conventional Loans by Gobinda Thapa

1 Answer

0 votes
The longest rate lock is normally 60 days. I suggest to monitor rates. Rates have really gone up in the past year. Rates are expected to go up but i would not worry about going up so quickly by August.
answered Mar 3, 2018 by GustanCho (106,540 points)

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