The market has been going crazy lately. Just yesterday the stock market closed at a record high. But if you look at a graph of how it has been closing over the past year, it looks like a mountain range.
Mortgage interest rates are just as volatile; it’s been impossible to predict what will happen from one day to the next. Just last month, after nearly one year of record low interest rates, we saw around a one percent increase in just a short period of time.
It seems as though the rates have started to stabilize, and our best guess is that they’ll stay that way for a while, but our guess and anyone else’s guess could sometimes be compared to monkeys throwing darts at the wall.
Your best bet is to pay attention to the rates as you house hunt, and after you’ve signed a purchase agreement, talk with your lender to see if it’s a good time to lock in your rate.
We’ve said it before, and we’ll say it many more times, rates are still way lower than they have been in the past few years. It is still an opportune time to refinance or purchase a new loan.