Actually, you don't have to be an expert.

I know mortgage rates don't exactly follow the prime, but with the drastic lowering of the prime, do any of you see mortgage rates eventually dropping even further?

Thanks.

I was just approved for a mortgage at 2.875%. That's the lowest I have ever seen, and don't know that lenders would want to go much lower than that.

^^^ That IS low! Was that conventional 30 year? Or 15?

When we went in for approval we got 3.25%, that was about 5 weeks ago. We were about 110 days from closing at that point, now we are at about 76 days until closing (we don't close until the middle of June). Our financial guy said he checks regularly and if it drops low enough to make it worth paying to lock in he'll contact us.

^^^ Good luck for a lower rate!

quote:

Originally posted by 6guns:
^^^ That IS low! Was that conventional 30 year? Or 15?

USDA RD 30 year.

Conventional 30 was 3.25%.

quote:

Originally posted by 6guns:
^^^ Good luck for a lower rate!

Thanks. With everything going on I just hope we can get the 3.25% or better