You may have read articles recently that mortgage rates have risen.  Unfortunately, that is the case.  Rates approached 6% on a 30 year fixed which is very high compared to what we have seen this year so far.  Still historically low, these rates still put a damper on refinance activity, and many people who were waiting for rates at 4.5% or lower were left in the dust.

 

If you have been following my blog, you know that I have been skeptical that rates would ever go below 4.5% on a 30 year fixed.  The prospect of a bank lending you money for 30 year at that low of a rate seems unrealistic.  However, the media made it out to be fact that everyone would be able to lock in 4% one day, and that left many people scratching their heads when rates skyrocketed last week into the upper-5%'s.  Those who chose to wait lost out on the lowest rates we have seen since WWII.

 

The good news is that bonds are rallying and it appears we will have one last opportunity to lock in an incredible deal over the next couple weeks.  No, 4% or even 4.5% will probably not be available, but 5% is a definite possibility.  Do not, I repeat do not let this opportunity pass you by again!  Most experts in the industry thought we would not have another chance at rates around 5%, but fortunately there is one more opportunity coming for those who missed out before inflation and excess money supply send rates back up for good.