Rates look to remain at or near all time lows upon opening today. Check out Adam
Quinones @ Mortgage News Daily for a
detailed explanation as to why. The basic reasons are this:
- Prices are showing declines in food and energy categories. (This is the opposite of inflation, which we all fear
- Business conditions in New York are weakening, since New York is the only state in the country that matters (if you ask anyone from New York) this is important
- Jobless claims did beat expectations, but this was seasonally adjusted and offset by the previous two points
Long term, with no worries of inflation on the horizon and the economy showing signs of the dreaded double dip, we do have a chance to make a run at the illusive
4% fixed mortgage rate that so many have been waiting for. The question is, do you wait for a ship that may never come in, when you already have the boat you need sitting at the dock? This is a personal decision, but I always go for instant reward and avoid risk at all cost. Rates will be updated on my
mortgage rate chart by noon today.
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