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We are building and I had the option to lock in my rate up to 120 days out. That day came in mid Feb so we locked in @ 3.125%, 30 year fixed conforming. Then all hell broke loose, the 10 year treasury dropped to 0.5% and I thought mortgage rates would fall to 2%. NOT. They are all over the friggin' place. No clue what is going on, but I am liking my 3.125% rate. I can lock lower within 10 days of closing which should be in July.
I was just going to pay cash, but at that rate, I am going to keep the mortgage for a while. Now that we have a good bear market with a recession to follow, I can see what happens with the recovery. Should be short and sharp until coronavirus comes back in the fall.
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