The Interest Rate Forecast is starting to take shape ... This link is a good read for those interested in our future rate environment (below). Some in the Fed predict an unprecedented 2 year period where the rates stay very low. This is good news for those considering Refi's and HELOCs ... bad for those with CD's or Fixed Rate Investments.
Something every homeowner should ALSO consider is this ... If you are not completely satisfied with your home today (need's renovations, could use larger or smaller home, need extra rooms, more land, less land, need lower house note), why refinance it? Should you not consider selling your existing residence and buying the home that best suits your current needs? True, you may have to settle for a price lower than you may want based on today's market... yet can make-up for that loss when you purchase at a great price based on need. Either way, shouldn't you avoid paying closing costs twice within the next 5 years if you think you may move? Later on, can you be assured to have a better rate period than this...
If your not completely satisfied with your current home, consider that rates will eventually rise and you may miss out on this "perfect timing" event .... the double opportunity of "Great Rates" and "Great Deals" will not last indefinately...
http://www.timesrecordnews.com/news/2010/jun/23/fed-keep-rates-low-support-weak-recovery/
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