Mortgage Rates
What is the consenses on mortgage interest rates in the near future? Do you see them rising or remainng the same? I recently got an offer on a SFH accepted and was going to lock in the rate today but decided to wait.
Actually Cjmazur, I see rates going up. With the continued credit crunch the laws of supply and demand dictate that the cost of borrowing will increase, at least in the near future.
I just got a pre-approval on a loan at 7.5% 30 year fixed with 5 points. This is a percentage point higher than a year ago and is double the points from a year ago. And this was after weeks of calling around multiple banks and being told that the limit on mortgages was "FOUR MORTGAGES: NO EXCEPTIONS".
Personally, I see it getting worse before it gets better.
JS.
So are you saying it would be wise to lock in the rate now?