Lowest Mortgage Rates
Its been all over the financial news that the rates on mortgages are at an all time low since three years ago, but what does this mean for anyone who isn’t a real estate investor?
Put quite simply it means that if you were looking for a chance to either receive a new loan for a mortgage or refinance your mortgage that there is no better time then the present. This new lower rates are enabling individuals who act now to lock their rates in at this new lower rate guaranteeing that they will only be paying at that rate until their loan is up.
It’s important to remember that the financial market is a fickle beast. It has the potential to swing wildly from day to day. By locking in your low rate today, you have 40 days to take advantage of today’s fortunate events in the mortgage market by moving into that new house or closing on your refi.
Locking your rate also removes the problem of market uncertainty for you and frees you from worrying about fluctuations. If suddenly the stock market comes back tomorrow and the Dow is up 300 points, not only will your 401(k) be in better shape, but you’ll have locked in that low rate before bonds sell off and rates go back up.