Taking Advantage of Low Rates

Mortgage rates continue to set new record lows, leaving many home buyers and refinancers wondering how low rates can go and how to capture the best rates now.

Making sense of the story:

Many economists are forecasting that mortgage rates will rise again later this year as the American economy gradually improves and as more global investors turn to the U.S. as a safe haven for money.  The average rate on a 30-year fixed-rate mortgage averaged 3.71 percent the week of June 14. The rate had averaged 3.9 percent three months earlier and 4.5 percent a year earlier.

According to one economist, rates could possibly fall further, perhaps as much as a quarter of a percentage point, but it is more likely that they would start a “slow drift” upward.  Borrowers with rate locks, with a built-in deadline, often receive priority treatment from lenders, because the borrower is telling the lender that he or she is serious about closing soon.

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