Mortgage rates increased slightly on Thursday, then ended the week in the low 3% range, with many prominent lenders closing loans as low as 3.125% on 30 year fixed mortgages. These rates represent historic lows, making home ownership extremely affordable right now.
The slight dip in rates seem to be attributed to increasing pressure on lawmakers to agree on tax laws for 2013, aimed at averting the rumored "Fiscal Cliff". The January 1st deadline for tax law approval is approaching fast, and any news about this topic has affected interest rates as the stock market reacts to investor confidence.
This means that there is absolutely no reason to wait if you are thinking of buying, selling, or refinancing property. The risks of waiting for better rates outweigh the benefit of locking in a rate right now. Many of our clients have been literally saving thousands of dollars in mortgage interest.
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