Mortgage rates keep testing the lows and turning back in these days. Just a few weeks ago, it hit the record lows and climbed back up slightly. It is now hitting the lows again. It makes you wonder if they would go further down meaningfully or hover around this lows a while before it starts to go back up. Expecting a considerable drop from here might be asking too much. Mortgage lenders could be pretty quick to put the rates up in response to changes in conditions.
Following weeks are going to show if these low rates are here to stay for a while. There is no point in getting into theories and assumptions to predict which way they are going to go. However, a sharp fall on the mortgage refinance rates could be short lived like petrol prices. Oil companies and banks are not to be trusted with keeping the prices or rates low.
If you have been considering refinancing your home mortgage loan for a while and you would already save at these low rates, you might take the chance and wait for that sharp fall. This is high risk, because the rates could go up as well as down. This strategy requires you to be ready and alert to bank even lower rate opportunity. Especially, it could work well for homeowners who are at the tipping point in terms of refinancing or not.
The truth is that even though you are not an economist or a mortgage professor, you will have to form your own opinion as to what mortgage rate is good enough for you to switch for a new home loan. All the other opinions and predictions are only background noise in terms of your own mortgage. There is no guarantee that you will get it right and there has never been. If you have no intention of refinancing, you might as well join the dinner time talk and throw a few of your own theories on the hot subject of mortgage interest rates.
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