Although still at historic lows, mortgage rates have been on a substantial upward trend as of late. Regrettably, many who were sitting on the fence expecting interest rates to move even lower before they took advantage have found themselves disappointed. Between May 2nd and June 24th of this year, mortgage interest rates increased by a whopping 1.25%. This movement was as rapid as any rate change I have ever witnessed, and much faster than most experts anticipated.
In light of the rapidly changing climate, many are faced with this same decision now… should I buy/refi now or wait?
Unfortunately, those who were delaying purchasing or Refinancing a home most definitely lost out on the opportunity to secure a rate when they were the lowest in history. However, trying to time that rock bottom rate is as difficult as predicting the stock market. Sometimes the best decision is just to move forward and take what is available now. Although rates are well above the lows we hit earlier this year, historically, they are still amazing and now is the time to make sure you take advantage.