Archive for June, 2010

Mortgage rates: we’re at now, now.

2010 has been an interesting year for mortgage rates to say the least.  The expectation that interest rates would jump in a post-Fed-involvement environment never came to fruition, and recent economic and global events have worked to push rates further the other way.  As a result, we’re looking at mortgage rates hitting unprecedented lows.  In fact, the often fantasized 4.500% 30yr fixed is in play…..even 4.375% for some borrowers.

So what should a prospective homebuyer or current homeowner do?  Two pieces of advice:

1) If you have a mortgage, look into refinancing…immediately.  Even if you think your home is “under water” or you might not qualify – get in, have us look at your overall financial picture, and take advantage of a remarkable interest rate window.

2) Don’t wait.  Don’t worry about the past, about what your credit score used to be, about what your home used to be worth, or could-a, would-a, should-a.  This is now, now.  And like Colonel Sandurz told Dark Helmet, “everything that’s happening now is happening now.”  There is an incredible circumstance for homebuyers and current homeowners; rates in the low 4’s are here, but not for long.  We know one thing for an absolute certainty; rates will go up.  We don’t know when, or by how much, but rates will increase.

But don’t worry about then, your opportunity is now.

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Nick Mallory is an active loan officer in Portland, Oregon.  Have any questions or comments about this post?  Visit the contact page and drop Nick a line.