If you're closing on a mortgage in the near term, make sure you press your lender for a rate adjustment. Per WSJ article from yesterday (3/28): " The average rate on a 30-year fixed mortgage fell to 4.06% this week, its lowest since January 2018, according to data released Thursday by Freddie Mac, the mortgage-finance giant. The rate was down nearly a quarter point from a week earlier, its biggest drop in over a decade. "
I pressed our lender on a rate adjustment two days ago (3/27) after the news that the Fed had no plans to raise rates again in 2019. Our lender claimed that "Freddie was holding rates steady". I forwarded the quote above and asked him to explain. After some back and forth we're now closing and 4% vs the 4.375% we were quoted a month ago. This will end up saving us $5,500 in interest over our estimated hold. We will close a week later but given our circumstances this isn't an issue.
I trust that this was laziness vs malice as he now needs to have it underwritten again. Aggravating and deceptive nonetheless. Just a reminder to watch out for yourself.
Submitted March 29, 2019 at 03:16PM by yahoo4ewe https://ift.tt/2FJmzoJ
