Last week wasn't a good week if you are investing in the stock market. Beginning on January 2nd and continuing every day last week the Dow Jones Average closed down.
Friday mortgage rates dropped significantly. The 30 year fixed rate average dropped to 5.57% from 6.17%.
The mortgage pundits believe the interest rates will tick back up closer to 6%, based on weak economic news, oil over $100 a barrel and credit guidelines tightening.
The bottom line, now is the time! Don't try to "time the market". If you are buying, do it now. If you are refinancing, lock your rate in now. Waiting only causes heartache and you might miss out on the rate that makes sense today.
For more information visit my web site; http://homeloanswithchris.net.
Chris Coley
Wells Fargo Home Mortgage
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