Just because Mortgage rates are no longer in the low 4's doesn't mean they are no longer LOW. Rates are still very low, and below 5% for the most part. Its all based on credit, down payment or LTV (loan to value), and whether you are picking a governemnt program like FHA/VA or if you are going with the conventional mortgages which currently have higher rates but no MIP or PMI at 80% LTV or below.
All signs are pointing towards rates inching up further, even though its a slow climb that is expected. All economists anticipate the bond market to continue to perform poorly and therefore see an increase in Mortgage rates.
So for those buyers and homeowners who are waiting for the rates to drop again, don't hold your breath. If you want to make a move, then make it before things get worse.
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