Mortgage rate predictions - up or down in the next 2-3 weeks?

It's impossible to crystal ball this. Fed's action today should ease things up slightly. Next Fed meeting in a week or so could ease things more though no clear, quick nexus between long and short term rates. I'd bet down, slightly, but not too much change.

Look, in the end result you're looking to take out a $400,000 30 year fixed rate mortgage, right?

Whether the market goes up OR down a quarter point will mean very little to you in terms of your monthly payout amount. So why screw around and torture yourself? Just lock in your rate now, walk away, and be happy. Trust me - if the rate goes down an eighth (or a quarter) of a point, you won't be beside yourself. If the rate goes up an eighth (or quarter) of a point, you'll have the "...woulda, shoulda, coulda's..." It's just not worth it.

If there was some serious indication that rates were about to drop a quarter point or more, than maybe (and I mean MAYBE) it'd be worth taking the gamble. But in your case, it just doesn't seem worth the agita at the end of the day.

The fed could cut rates in an emergency session this week. And they are expected to meet on March 18 and could cut rates then too. While long term rates haven't moved much because of inflation fears, these cuts may move them lower. It may be worth waiting 2 weeks to see how things go. Good luck!

I just read a question on urbandigs that asked if the new conforming loan rate applied to co-ops (according to the poster):
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0805.pdf

Ineligible Products, Features, or Transaction Types
The following are not permitted on jumbo-conforming mortgage loans:
• Balloons
• Bi-weekly payment schedules
• Cash-out refinances
• Cooperative properties

Any ideas? This would obviously affect most of us looking to buy in NYC...

Aha, I just saw that this was discussed in the other "mortgage" thread. From the sounds of it, we're screwed.

But 400K (OP's figure) isn't a jumbo. He's not screwed. He's fine. Actually, we're all probably fine. My bottom of the market coop is on the market; buyers will need a non-jumbo mortgage. Those rates are nice and low, I believe . . . .

lock in. rates are going up.

Suz, who are you, and why do you say this?

she's just another broker...

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a6YQBSTD2Rgg

not a broker. mortgage rates are tied to 10 year treasuries, not fed funds. read the article. hope it helps.

Brilliant Shong. Resurrect every mortgage thread you could find to promote yourself. It gives the impression of you being completely shady and NO ONE I would ever call. This is really bottom feeding. Maybe you can hook up with Ardor or Domain realators

Rates will go up for 1/4 point by next Tuesday then go down for 1/2 point the following Wednesday and down another 1/4 point on Monday the week after.

shong reminds me of a cave man chasing after cars trying to get their attention

shong reminds me of an used car salesman