Where Are Mortgage Rates Headed?
Home mortgage rates are at record lows, and still falling. A local loan officer says a 30 year fixed rate in Tulsa is now in the low, low 4 percent range. How low can they go, and at what point should you lock in your rate?
Whether you’re buying new or refinancing, you may be wondering where the bottom is. A recent survey by the Mortgage Bankers Association found that there’s mixed opinion of where rates are headed from here within the next 60 days.
- 39% say they’ll go up.
- 27% believe they’ll go lower.
- 34% say rates will stay about the same.
So, lock in the rate now, or wait? A Tulsa mortgage broker says the timing depends completely on the borrower and their individual circumstances, but if you’re comfortable with the current rates, lock in now.
While mortgage rates are at historic lows, you won’t automatically get that fantastic rate. The rate you pay depends on a number of factors, including your credit score and the size, type and length of the loan.
Before refinancing, Bankrate.com says homeowners should ask themselves these 6 questions.