Minneapolis, MN: If you are buying a new home, or thinking of refinancing, one of the biggest questions is should you lock the interest rate your Loan Officer is offering today, or should you float the interest rate and see what the market brings?
It is a very logical question, but reading the markets is very difficult. For those buying a home, you have a set closing date. For those refinancing, you have a little more wiggle room. Regardless, in the typical timeframe that most people getting home loans are needing to take action is in a 30-60 day window.
While the markets move around, sometimes daily, most people during that short window of time may see rates go up or down about 1/8th% (0.125). Picking and locking the perfect day is someone dumb luck.
Because of all of this, I always say the same thing to my clients:
Mortgage Interest Rates only do 3 things:
1) Go up
2) Go down
3) Stay the same
2 out of 3 say, you should lock now.
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We lend in Minnesota, Wisconsin, and South Dakota - and we'd love to be your lender.
Call (651) 552-3681, or just apply online at https://joemetzler.com/application. NMLS274132.
Not an offer to enter into an interest rate lock agreement. Not everyone will qualify. Cambria Mortgage, part of the Cambria counter top family, is an Equal Housing Lender. 33 Wentworth Ave E, St Paul, MN 55118. Company NMLS 322798
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