Mortgage interest rates are like a Roller Coaster or …

Crystal Balls do not exist so better lock now!

Roller Coaster Mortgage Interest Rates

“My head is spinning round and round.

Current mortgage interest rates are up, current mortgage rates are down, jumbo mortgage rates are up, FHA mortgage rates are down, conforming mortgage interest rates are up!  No wait a second today’s mortgage rates are down…ooops..no they are up again…no down…oh my god, today’s mortgage interest rates just shot up through the roof…Hold on this is going to be a rough ride…”

Some people will say mortgage interest rates are like a Roller Coaster. I beg to differ, I think it is more reflective of a Ferris Wheel. Sometimes the mortgage rates are up, sometimes the interest rate is down and other times they are just hanging  up in the air, without knowing which way they will turn next.

Should I wait for mortgage rates to go down?

If you are thinking about buying a home, remodeling or refinancing your current mortgage, there is no better time then NOW to do it. Crystal Balls do not exists, no one knows where the rates are going to go to next , whether the mortgage rates will be higher or lower in the next five minutes, the next few hours, days, weeks no one knows.  What I do know is unlike gravity, the rates will rise a lot higher and faster than they will if they fall. I also know it will hurt a lot more if your payment is higher because you didn’t act now than it will make you feel good if it is a little bit lower.  It will also hurt a lot more if you do not qualify at all because you decided to wait while trying to time the interest rate market while the lenders enforced stricter rules and guidelines to qualify for a mortgage.

Historical lows – opportunity of a lifetime

We are presently experiencing mortgage rates close to lifetime lows, why wait if you are seriously considering buying a home or refinancing. If for whatever reason you would lose sleep over paying a couple of dollars a month higher if rates did go lower and you locked in today, FHA does have a loan program called, FHA streamline refinance where you can refinance to a current interest rate without an appraisal or credit check. (this may, can change at any time)  Call us now at Total Mortgage Services and speak to one of our experienced loan officers who will get you the best , lowest rate available, for the best loan program which would fit your needs.

I stand corrected,  I made a statement earlier that Crystal balls do not exists.  Confucius once said, he/she who hesitates is lost.  He must have had a crystal ball veering into the mortgage interest rates associated with home buying or refinancing in the latter part of the first decade of the 21st century or applying for a mortgage at any time in history.