Have you ever heard the story of the guy who always held out until tomorrow because he was certain mortgage rates were going to go lower? He waited his entire life and ended up dying with plenty of money, but living in an apartment. Sort of defeats the purpose of saving money to buy a home, doesn’t it? A lot of us are like this fellow, we are constantly waiting around for the best deal to come along. We are certain we can wait out the market – little do we realize the market can long outlive us!
Mortgage rates, compared to ten years ago, are still at one of the lowest rates ever despite weakening economic conditions around the world. 30-year fixed mortgage rates typically are settling between 5.5 and 6.05 percent. Compare that to just four years ago when some rates were as high as 6.8 percent. Of course, as with any financial tool, the mortgage rate is always going to be in flux. The good news for many homeowners is that when the number does drop substantially, usually by 3/4ths of a point or more, the opportunity is there for them to refinance into the lower rate. It’s almost like being able to have your cake and eating it too!
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