Thirty year mortgage rates have been moving lower over the past week and are currently in the low 4s, + or - , depending on each of the myriad of loan variables. Many of you know that over the past year rates moved as low as 3.5% for 30 year fixed mortgage loans and as high as just under 5.0%.
If this economy begins to recover, even the slightest hint of improvement, the mortgage rates will climb to over 6% in a heart beat. So at this point my position is to take a very conservative stance on the future of lower rates. I'm going to assume that if we see something around 5% anytime soon that's about as good as it's going to get.
Many of you are still hoping that rates will drop under the 4% range. Maybe it will happen,
but we only know when rates were the lowest only AFTER THEY ARE GONE!!!!!
You'll be more upset if rates go up and you miss what you could have gotten than if you refinanced and the rates went .25% lower.