Thursday, June 21, 2012

Is that corner square or is that a square in the corner?

No progress to speak of today on the house so some more goofing off was in order.  I took the opportunity to confirm that there were no lurkers in the corner as a follow-up to the dark basement pictures with the flash turned on.


On a more serious note.  I was given this link about mortgage rate forecasting and I thought it was very interesting.

http://www.forecasts.org/fha.htm

They have the following table showing their predicted rates:
Month Date Forecast
Value
50%
Correct +/-
80%
Correct +/-
0 May 2012 3.800 0.00 0.00
1 Jun 2012 3.61 0.04 0.09
2 Jul 2012 3.59 0.05 0.12
3 Aug 2012 3.35 0.06 0.13
4 Sep 2012 3.58 0.07 0.15
5 Oct 2012 3.79 0.07 0.16
6 Nov 2012 3.86 0.08 0.17

The people at forecasts.org seem pretty confident that the rates will be very low in August when we are scheduled to close on the house.

Here are some other links with some similar predictors:
http://www.freddiemac.com/news/finance/docs/Jun_2012_public_outlook.pdf

http://mortgage-x.com/general/rate_trend.asp

http://www.totalmortgage.com/blog/


Of course no one can predict the upcoming rates with certainty, but it seems like in my opinion that rates will generally hold or go lower.  For the moment I am going to hold off on locking my rate to see what happens.  Here's to hoping that there are no whammies!

17 comments:

  1. We are set to close in August too and I'm loving that 3.35! I'll keep my fingers crossed with you!

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    1. It dropped to basis points today (.02) so we are headed the right direction!

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  2. Ha ha! I didn't even see you standing in the corner until I made the picture bigger!!

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    Replies
    1. It makes it more dramatic that way, or I just don't know how to set the zoom right o.0

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  3. Hahaha...a little Blair Witch action in the picture..."Josh, Josh, JOSH...."

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    1. "I'm scared to close my eyes, I'm scared to open them!"

      This is what I feel like at work sometimes ;-)

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  4. ROFL great pic! And great rate prediction. Fingers crossed for all of us!

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  5. It's so hard to wait! We JUST started building, but I want to lock already because the rates are so awesome. We are all really in a good position buying in this market.

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    Replies
    1. It is going to be a tough haul waiting until August. I think there will be a few second guessing moments for me.

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  6. Seriously! That part in Blair Witch scared the crap out of me (I'm easily frightened, apparently). Nice homage. Spooky. Unfortunately for the interest rates, we're not looking at closing until mid-December. That's even spookier!

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    Replies
    1. Relatively speaking they should still be great rates even if they are a little bit higher. It is just crazy to think that they have never been this low before.

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  7. i think we'll lock in early august so this is good news since we're set to close in sept thanks for the info

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  8. Holy Cannoli! 3.35 would be awesome. Good info. I'll keep my fingers crossed for all of us too.

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  9. Hoping the rates stay low...got my fingers crossed.

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  10. That would be too perfect! We can lock in two weeks, but I think we'll wait. Thanks for the link.

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