Mortgage Rates On The Rise

Well it looks as though the historically low interest rates are starting to slowly come to an end.  As I said over the last 2 years, interest rates were lower than most of us will ever see in our lifetime and that you should take advantage of it while it lasts.  News just came to me today from a variety of my mortgage specialists that most lending institutions will be boosting the fixed rate up to 3.79%.  Most of my mortgage specialists can still get you locked in at 3.49% but are unsure on how long this will last.

So you may not to be able to buy a house tomorrow, and that’s fine.  However, if you are thinking of buying in the next few months, I strongly suggest that you get in touch with me ASAP so that I can put you in touch with someone to lock in a nice low rate for you.  What the hell does that mean right?  Well, basically you can get a rate locked in for yourself incase interest rates continue to rise.  A mortgage specialist can lock you in(most for up to 120 days) so that when the rates go up, you will still be able to get the low rate that we have now.  Even better should rates go down by some miracle, you can still opt to go for the new low rate.  Pretty much a win win.

Stop sleeping out there and get at me ASAP if you or someone you know is thinking of purchasing in the coming months.  Fall is a great time to be searching as many sellers are looking to unload their home before the winter hits.  That combined with the fact that many buyers have stopped looking for the time being, means less competition and a bit more leverage with prices.