What Does The Credit Downgrade Mean For Mortgage Rates?
There is no way to know exactly what rates will do but I do know one thing, don’t be greedy and wait because you read something that states they could drop further. If you lock in a rate today and rates improve dramatically you can renegotiate your rate to a lower rate but make sure to consult your mortgage professional on the rules.
I saw rates this low right before QE2 was announced in November and once the Federal Reserve announced it rates shot up. It’s better to be locked wishing you were floating than to be floating wishing you were locked.
KCMBlog.com had a great post on this too so make sure to read it but at the end of the day you need to be dealing with an expert who isn’t going to gamble your rate away or let you gamble it away.