What is going to happen with Interest Rates?
We are looking at 3.75-3.95 for good situations and that is nothing short of outstanding, phenomenal!!!
In the years since the War (WWII) the average has been 7.62% and we had a period where people were paying 12.5% for a home. Can you believe it? On a typical house that would make the Monthly mortgage DOUBLE!!
The experts seem to think that Rates are going to stay flat for a while; at least thru 2012. I think they will go up a bit; maybe 1 - 1 1/2%. What do think the effect would be if Monday we say an increase of about 1%? I think a whole bunch of Companies and people would be scurrying around trying to lock in a rate.
Right now we are looking at about $2000 per month for a $400,000 house: If that isn't phenomenal, I don't know phenomenal.
Good luck and may God bless