Yep, interest rates are still low. As low as 4.5%! That is HUGE. Buyers, please don’t think they will go any lower. Don’t wait around or it will cost you money over the long haul. Rates this low means it is definitely time to buy. Housing inventory is higher, providing more option and better deals. Some of you are the eternal optimist and will wait cause ‘it might get better’. DON’T WAIT. It won’t get any better than it is right now. Here is a prediction from Moody’s Economy.com chief economist Mark Zandi,
“Expect rates to close in on 5% by year’s end and over 6% next year.” Bankrate.com columnist Holden Lewis said, “I wouldn’t bet my mortgage payment on rates remaining this low for a long time. If I were refinancing, I would lock now instead of floating in hopes of rates falling further. I think there’s a greater possibility of rates rising than falling.” The predicted increase in rates could cost you hundreds of dollars each month. What could you do with that extra monthly savings by buying now at these interest rates? New furniture, new car, vacations. All of this paid for because you are saving so much money on your mortgage.
thx,
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