For many months now, low interest rates have been advertised. “Take advantage of low interest rates!” “Shop now — interest rates are at historic lows!” With historic low rates, it makes buying a home more affordable. But with new marketplace data, interest rates started increasing again. Many consumers immediately get concerned and wonder if rates will drop again.
“First, as expected, rates did settle down a bit. Markets tend to react with exuberance first, and then the dust settles,” says John Inzeo, Vice President of Wisconsin Mortgage Corporation. “Interest rates may vary day to day, but over the past 40 years, they are still at historic lows.”
“Trying to time the interest-rate market may be like trying to pin the tail on the donkey,” John Inzeo says. “In today’s housing market, you risk paying more for your mortgage if rates go up. With houses selling like hot cakes, you may miss the opportunity to buy the house you really wanted.”
As rates are low and prices are good, homes will sell fast. Buyers should always get pre-approved with a qualified lender, who will look at options available. Loan Officers at Wisconsin Mortgage Corporation will do a complete analysis with home buyers before they begin to house hunt.
To take advantage of historical rates, or get pre-approved, contact your Wisconsin Mortgage Corporation Loan Officer today.
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