This question has been asked of many a Realtor. Heck, my wife and I asked our Realtor on the very first house we bought so many years ago. Since then I have learned and have been teaching the correct answer to many a home buyer or refinancer.
It depends! Rates are always fluctuating. Today it goes up an 1/8, tomorrow down an 1/8. Then there are the really big jumps. Some really terrible economic news is released (ripped from today's headlines) - "The Labor Department repoerted a loss of 4,000 jobs in August." Rates have improved by up to a 1/4 point. (Why they improved is room for another blog post.)
Your mortgage professional partner should be able to guide you and your clients as to the best course of action. It isn't a gamble. Though no one does possess a crystal ball, there are many methods in determinng how rates are going to be acting in a particular day and over the short term. As a Realtor you should also be aware of the market situation so you are not taken by suprise.
Good Economic news = Worsening Interest Rates. Bad Economic News = Improving Interest Rates. Stock Market Jumps = Worsening Interest Rates. Stock Market falls or corrects = Improving Interest Rates.
These are always good rules of thumb to live by. The best thing is to be getting regular updates from your mortgage professional so you appear to be the professional as well!
Good post. Thanks,
J.