Should I Do a Long Term Mortgage Rate Lock for 6 months? ?

I put down earnest money for a lot. But it will take.6 months to build it. The interest rate now is 3% as of 9-29-20. Should i lock on that rate for the next six months and assume it wouldve gone up or do you think housing interest rates will go down? Its a long time!

1 Answer

  • 3 weeks ago

    1. I doubt anyone will do a 6month rate lock

    2. i don't rates can go any longer.

    3. I think you are being unrealistic if you think that in 6 months, your place will be built when you haven't even taken ownership, yet.

    You likely need a bridge loan.

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