Today, Australia raised its “fed rate” or equivalent there of signalling to the rest of the world that according to one G20 country, the worst is over. The stock market has rallied and attempts to sell 39 billion dollars worth of 7 year notes is going poorly. They will have to raise the yeild in order to attract investors which will in turn put pressure on Mortgage backed securities to follow suit. Gold has hit a record high of $1400 as a knee jerk reaction to inflation fears. Are you seriously waiting for rates to get any better?
I know that I locked most of my clients last week and they all got sub-5% rates if they were willing to spend a a little on discount points. What is the point of buying a 30 year fixed rate if you don’t paln to keep it for a while? And if you are going to keep it then you should invest in the cash flow that a lower rate will bring. Typically, a point of discount, will pay itself off in about 2 to 3 years. So don’t wait.
If you are a Sonoma County Resident with a home Mortgage then it would behoove you to give me a call or drop me an email and see what I can do for you. It shouldn’t take more than about 15 minutes and we could save you hundreds of dollars in mortgage payments
