{ "media_type": "text", "post_content": "First time home buyer here. Buying a new construction home due to close in August. Should I do a long term rate lock now? It's 1% of loan value to lock for 6 months.", "post_id": "60311eccc04822002bd8dffa", "reply_count": 6, "vote_count": 1, "bowl_id": "5a5242b78e26290018502ca0", "bowl_name": "The Real Estate Bowl", "feed_type": "bowl" }
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First time home buyer here. Buying a new construction home due to close in August. Should I do a long term rate lock now? It's 1% of loan value to lock for 6 months.

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don’t lock now unless you expect the rate will go up dramatically soon. Usually people should lock when it’s close to the closing date

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Rates rose quite a bit last week. So a little worried

Does your lender provide a 24 hours rate lock alert? Ie. They notify you 24 hours before hand if they think rates will go up, at which point you can lock in the rate. Up to which point you stay floating, so can take advantage in case the rates drop. It’s what we did. It’s prob a safer bet over a 6months period

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They're still a little bit of room for rates to go up but at some point very soon we're going to hit a rate where investors begin to step in and start buying bonds and mortgage back securities again. When that happens we create a ceiling that then caps that and begins to drive rates back down. Based on what we're seeing in the market we don't expect race to shoot up much higher than they are now.

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Construction Home? As in you’re having the home built from scratch? Would love to learn more about this!

Yes. This is a town home in a community being built by a large national builder.

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