I know everyone who didn't lock in a 4.5% is probably kicking themselves. Rates have moved up since the inauguration, now their in the high 5'sand some lenders are posting FHA rates close to 7%. In spite of the hype, I think very few people locked in at 4.5%. Some weren't ready and some got greedy and were holding out for 4%.
Here in Idaho, we have Idaho Housing Loans, and they are still in the low 5's for purchase and rate and term only refinances. Their rates don't change as often, it has to do with the bonds they issue and what they have to pay.
this morning, their 5% down first time home buyer loan is at 5.18, and their 3.5% down FHA is only 5.70%.
Their refinance loan, called the advantage is at 5.25%, not too bad!
The point is, if you think you want to refinance, get your pay stubs, w2's and bank statements together and run down to your local mortgage broker. Loans are taking longer to close, so there's no time to waste. If you're sitting on the fence about purchasing a home, jump off that fence, call me and your Realtor. If you don't have a Realtor, I can recommend one.
;)
;)
We never really saw 4.5% here in Connecticut, maybe 4.78. I agree with your advice and from what I hear locally there are a lot of ppotential borrowers 'on the fence' waiting for rates to drop. With the people in Washington discussing pushing rates down to 4.5% or lower (although honestly I do not think they have a clue on how to do that, at least those in Congress) that will leave most of those on the fence still sitting there waiting for the rates to reach those nice low levels they read in the paper or on the net. Plus those rates reach many fewer people than they used to with higher FICO's loan to value and Fannie/Freddie fees. Good time to be a first time home buyer especially if you have a downpayment.