Monday, June 8, 2009

Rates Continue to Soar

At 8 a.m. sharp this morning I received yet another rate alert to "lock in ahead of a re-price for the worse"... seems to be a broken record these days. Without a crystal ball it is hard to say what the future holds for fixed rate pricing, although the pending doom of inflation lacks promise. If you were holding out for the media hyped "0-3%" you missed the (imaginary) boat. I wouldn't stay on that refi fence for too long. If you are looking to buy prices are down, but the question plaguing most of us is will they continue to come down? The first time home-buyer tax credit is helping Lookie Lous but we have yet to see lenders implement the fed guidance for the use the tax credit for down payment.

However you slice it rates are going up, hopefully slowly over time, but the last 4 weeks have definitely been unkind.