Consumers, aren't we all? If you own a home or are thinking about buying one, you just may be familiar with one of the battles going on right now. That battle involves interest rates. "Spoiled are we, yes we are," I say in my best Yoda voice.
In a world where some houses have stagnated or plain tanked in value, the same world where credit extended to folks in a position of uniqueness may have been stopped, we live in an economic atmosphere where some consider lower interest rates a part of the cure. (Between me and you and please don't tell a soul... these lower rates have probably been going on WAY too long as an economic stimulus. Frankly, should of ended long ago, but...)
Take advantage of them while you can! Many folks are sitting on the proverbial fence, wanting to know if rates may jump down a 1/4% or 1/8% or even a full freaking point! Today, interest rates still hover in the high 4% range for prime borrowers on a 30-year fixed rate mortgage.
Hesitation may cost or that roll of the dice may save you a buck or two. There are folks everywhere predicting where interest rates may end up. I believe in the cycle, the circle. Heck, I think we need to learn from nostalgia. More than that, my best advice is the following:
Turn in your mortgage application and supporting documentation right now! If you aren't ready to jump, at least you can practice that vertical leap when you are ready to lock in. This way you will have already set the wheels in motion whether you are waiting to buy or refinance or getting on the bandwagon right away.
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