Mortgage Advice

Rates continue to be very volatile, with the general direction being up. 30 year fixed is in the 5.25% -5.5% range. These are still great rates, just off the lows of a few weeks ago. No one knows if they will come back down under 5% or not. If you had a room full of economists, half would say up half would say down!

If you are thinking about buying, with home prices depressed, it is still a great time to buy. Each 1/4 in rate is $20-25 in payment, which with where prices are, still makes sense to go forward and buy. If $20-25 increase in payment worries you, you are buying too much house. If you are a first time homebuyer, there are 8000 reasons to buy a home! Remember 11-30 is the cutoff for the tax credit.