Mortgage interest rates continue an upward creep. You may be one of 100,000s who got interested in a mortgage loan when the best rate hit 4.5% briefly in mid January. Rates fluctuated for a while before moving up slowly but steadily for the past month. They still remain low compared to last year.
The President’s Tuesday night speech failed to help with rates as they moved up again Wednesday. Over the past month, we have had many speeches, laws, policies and plans that could have pushed rates lower. However, rates never really dropped except for a brief window on 15-yr mortgages.
It’s true that anything can happen in this volatile financial situation. But based on the financial structure in front of us today, I do not see how rates will reverse their trend.
If you planned to re-finance only because we were at historic lows, your window has closed. You might as well wait.
If you had other reasons to re-finance, you can still get a very good rate. It’s probably a good idea to act soon. Many homeowners have moved off the sideline over the past week as they see what is happening. You may want to revise your desired rate target.
If you are planning to buy, rates remain attractive – better than at any time in 2008.
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