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      05-30-2020, 10:01 AM   #115
RickFLM4
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Quote:
Originally Posted by Kev0 View Post
I'm in escrow right now on a 750k turn key house in Lakewood, CA. Haven't locked in a rate yet. My advisor wants to lock in at 3.25% or lower. He told me to wait because a Wall Street sell off is predicted and will force the rates down. The credit union he works for offers 3% down for a conventional jumbo Loan. My coworker closed on a 765k house with 3% down and 3% rate conventional with no buy downs at 0 points with the same credit union back in February I think. They specialize in jumbo loans. Oh yeah, only 995 processing fees. The advisor doesn't make any money off of me since he works for the credit union. I went through a broker before him and the broker added over 3k of her 6k commission in our closing cost and tried to sell us a 3.25% rate. I will save thousands by going with this credit union.
Try asking your advisor if hes shorting the market in anticipation of a sell off. No one can predict what happens next in the market or how exactly it will impact rates. Could have a sell off. Could have a rally with news of treatment / vaccine progress, government stimulus, or other factors. Very hard to predict short term movements or wed all be billionaires. Good luck.
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