Mortgage rates in coming weeks or months?

[Administrator]

I am looking to refi my mortgage, hopefully with my existing lender, and take some cash in hand. I live in Buffalo, NY and although we missed the housing explosion of the last 5 years or so, we also are missing the major bust right now as new home and existing home sales haven't dropped very much and housing values still are climbing, althought maybe at 2 percent a year, but the beats a loss. Anyway, two weeks ago, mortgage rates with my lender for a 30 year were about 5.15, last week after the fed cut, they shot up to 5.5 and that's where they are now. My credit score is about 710, and my wife's around 705. We'll shop if we have to but I'm, wondering if I should lock in a rate or float it with the expectation they may drop somewhat.


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(Source: mortgagefit.com)