Ask Terry Questions Mortgage interest rates

Mortgage interest rates

By Terry Savage on December 13, 2023 | Housing / Real Estate

To lock in at 6.25% or wait it out a week or two, that is the question. Do you think rates will continue to decrease this month and into the beginning of January? We close at the end of January. Thank you for your insight!

Terry Says

Ugh, that’s a tough one to call. Today the Fed said it was considering 3 rate cuts next year — and rates might drop more in January in anticipation of those moves, whenever they come.
Does your lender offer a right to re-negotiate the rate up until closing time, if rates drop?

This week the 30-year fixed rate is just over 7%. So you are obviously paying a higher price for the house to lock in this lower rate on your mortgage. Have you consulted your accountant to figure out just how much more you’re paying in order to get this lower rate??

The homebuilder should let you know. Just ask what the final price would be if you paid cash!! And get the answer in writing!!!



a personal
finance question