I have a float down option on my loan… when is the right time to take that option? See below…?
I have a contract on a home and closing is March 25th. I currently have a ceiling interest rate that is protected, but I have one chance to “float down” to a daily rate and take that as my final rate.
The market is so unstable right now that I just don’t know what to do… everyone suspects a drop in rates after the meeting on March 18th (by the federal reserve.) Should I hold out until that day and see what happens, or do you think the mortgage company will drop their rates a day or 2 before?
Any good advice out there?