Mortgage Rates Rising – Buy Soon!
Today’s elections will determine the course of our country for the next 4 years, but we believe there is but one direction for mortgage rates.
The world economy is currently being flooded with paper currency to shorten the recession by stimulating spending. Although effective, this will certainly cause inflation and higher long-term interest rates.
It is our strong recommendation to all buyers (other than all-cash buyers) to buy before rates go up. Remember, mortgage rates have only been below 7% in 12 of the last 45 years. Rates were over 8% as recently as 2001.
Buy the best quality (good area, no issues) to minimize any short term downturn in the home’s value. And get a mortgage that has a minumum of 5 years of fixed interest rate.