I keep being asked where are mortgage rates going to end up at in 2008, after 10 years in the industry I know not to answer this question and I am wary of any type of expert that tries to tell me they know. In all honesty no one knows from day to day where things are ending up. I do know a few things this is unchartered waters in the mortgage industry at least for me I haven't seen this type of market before, energy and gas prices are up and we are in an election year, and losses and delinquency rates are dictating changing terms in loan programs.
Rates are low and I think that is needed and the consumer will be benefiting we were able to lock in some and we are really getting near the record low that I have locked in before on a 30 year fixed at 5.25, it really is quite something and the refinance applications are up, many of my clients are taking advantage of it.
Having said all of this when your asking yourself is it time to refinance or buy ? There is no pat answer. it is not the single question you ask but a series of questions, how long do you plan to be in the house that will determine alot - if your in it for the short term then maybe its not time but now could be a great time to speed up and contemplate buying, if your in your home for the long term then now is a great time to refinance.
There is some turmoil in the mortgage industry right now and one thing that we know is out of chaos lies opportunity. There are lots of opportunities out there having a someone who can make sure the best possible mortgage product is in your financial plan is essential.