Rates Continue to Soar

Will falling rates continue to soar in July?

Often times we tend to side with the analysts as they predict rates in comparison with the market and economy. In June we were on a jet plane as we watched rates smooth out at an average 4% verses the predicted 4.5% by analysts.

It is important to follow your own situational prediction and lifestyle habits as you plan to prepare for a successful future.

Since rates are soaring at a stagnant rate it is important to get locked in and not play the field of "what ifs".

Many of the analyst predictions were preceded by the presidential election and the

hiking decisions from the Federal Reserve with federal funding rates.

Does this mean refinancing to a lower rate is worth the additional costs?

Yes and No. Rates are low and many banks are taking this to their advantage with in-house non federally backed loans with large closing costs. Correct, closing costs are a one time fee and still allows you to save thousands through the entirety of the year with lower locked rates.

This is where it is important to shop lenders that specialize in one thing; Mortgages.

Top 5 Checklist For Mortgages at Low Rates

1. Know your closing costs

2. Know all your loan program options

3. Know additional loan insurance options

4. Know additional saving programs (Teachers, Medical and more..)

5. Know your lender ONLY specializes in mortgages