Mortgage rates fall to a 37 year low
The USA Today commented that “This is an historic opportunity,” Gumbinger says. “This is the program for borrowers not in trouble.” Homeowners should act now because rates aren’t likely to go much lower and they tend to rise faster than they fall, Savitt and Gumbinger say.
This is so true. On Wednesday rates on a 30 year fixed hit 4.625% for about an hour and then increased back up to 4.875%. The media talks about lower rates which is great that they are making the public aware but what they don’t talk about is the volatility and how it can change very quickly. Just as you cannot time a housing bottom and a stock price, the same is true for interest rates. My advice is always that if you are happy with your payment at a certain rate you should lock it in and never look back.