Rate quote today : 5.125% for 30 year

[Tandi H.]

What do you think of this rate?  I'm wanted to jump on locking in a lender in case rates go up at the Fed meeting next week....

Property info:  Duplex, $155k, 25% down

Rate quote:  30 yr fixed, 5.125% (no points), $1339 lender fee

Anyone seeing anything better? 

[Russell Brazil]

@Tandi H. Mortgage rates dont nessecarily move in step with the federal funds rate. There is a long term correlation but not a short term. About half the time mortgages react in the same manner, and about half the time they move in the opposite direction. The supply and demand in the mortgage market is a much more powerful short term influence on rates than what the Fed does.