We have seen the lowest mortgage rates!

While reading some data this morning from one of the experts and from the the daily commentary of a mortgage rate alert program, I am fairly confident to say that we have seen the lowest interest rates of the year and perhaps the lowest for a long time to come! I still say if you are looking to purchase and waiting for prices to drop further, you are going to miss the market! So, waiting for a home price to drop another $20,000 or $30,000 while interest rates climb by 0.50% would cost you over $20,000 in additional interest. Where then, is the savings?

As inflation builds into the market and it will (as the Fed continues to add liquidity through the QE), mortgage rates will continue to increase. So, stop thinking about it and take the next step. Make an offer and negotiate your deal before you lose more in mortgage interest paid than you save by waiting for prices to drop a little more!

Can you be sure prices will drop enough (if at all) to make it worth your while to wait? Just like you cannot time the stock market for extreme highs and lows, I would suggest you cannothere either! 

The odds of getting the lowest rate and the lowest price are growing greater against that happening....

 

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