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Interest rates for the benchmark 30 year fixed rate have dropped significantly. The 30 year fixed rate is hovering around 5-5.25%. There has also been some speculation in the media about rates dropping to 4.5%. This comes from a report put out by the Fed on their plans to purchase additional mortgage backed securities in the hope of driving rates down even further.
Here’s my advice: This may or may not happen. Either way, rates are great right now! Don’t miss out on this cheap money with the notion of it getting even cheaper. Most people will not be able to time a bottom, so shop around find the best interest rate and seriously consider locking it in. Just because the Fed talked about hopefully bringing rates down close to 4.5% doesn’t mean it is going to happen.
Where rates finally bottom at is somewhat unimportant considering where rates are today compared to 6 months ago. If you are planning on purchasing or refinancing, now is the time! Search out a true mortgage professional and get their advice and make your own decision.
Don’t get greedy when it comes to mortgage rates. If any of you know Jim Cramer you’ve heard the term pigs get slaughtered. That applies in this instance.