What a difference a month makes! Are we beginning to see the light at the end of the tunnel (or is that light merely the train coming to run us down?)? I know all of this is just my own opinion, but I tend to think that yes, we are starting to "Turn the Titanic'. I've used that phrase for years, but it seems appropriate for our current situation. You can look below for more thoughts on the economy, but based on increased purchase traffic and what I'm reading out there, things are looking up. Hopefully we can dodge the iceberg...
I recently received a weekly newsletter from Clark Howard noting that soon mortgage rates could drop to the 3's. As I respect Clark, I read the article where he said that rates may drop to 3.875% (by MAY, and only for 15 year loans!). While he may be correct, judging from the comments to his story, people seemed to think that it may be best to wait to refinance. In a word, NO. Who knows what will happen between now and then? We are beginning to see more orders for purchases (thank goodness!) and lender friends are saying they are still slammed with refinances. Personally, I don't see the value in waiting much longer when rates are at historical lows. You may get a slightly better deal and/or save a few extra dollars, but is it worth the stress? Don't hate yourself for missing out completely!
Speaking of refinances, if you think your home value has dropped so that you can't refi, check out the HUD/Treasury Department's new website to see if you can refinance or modify your current loan.
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