Excerpt from: Flagstaff Mortgages
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| February 01, 2008 | | Timing the home loan market is for speculators, not homeowners | Home loan rates ticked up a bit during the week, probably due to inflation worries resulting from the recent Federal Reserve rate cuts. Remember that while home equity loans and short term interest rates for businesses tend to move in the same direction as Federal Reserve rates for loans to banks, the 30-year fixed loan rates more closely track 10-year U.S. Treasury note rates as they are long-term investments for the lenders. This week I spoke with a Flagstaff gal who was timing her home refinancing, without good advice. When the rate hit 5.1%, for a few hours, she called her bank. Of course, she needed to complete the application process and by the time that was done, the rate was up, so she decided to wait again. Trying to out-guess the next move of the mortgage rate market is no better idea than day-trading in stocks. You’re making a long-term investment. If you need to buy a home or refinance one, get your application in and get it done. Here is a link to average interest rates for today from Bankrate.com. | |
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