According to Michael Kitchen, Foxnews Marketwatch Pulse, Mortgage Rates surged during the 3rd quarter this year (get the full report at Mortgage Rates Surge to 3 Month High).  Prospective homebuyers shouldn't worry so much why rates shot up, but they should worry about just the fact that they did and that we don't know when this trend will ease up or stop.  Can we ever really know or predict what the rates are going to do? No, the best market analysts and experts are simply unable to predict with any degree of certainty or reliability where rates are heading.  Today is the best day to begin working with a solid lender (preferrably one that your real estate agent recommends) and lock in a rate.  Hopefully you already have a house in mind to buy.  Why, because you don't know where the rates are heading tomorrow.  This blog post should be a clarion call to all of you sitting on the fence and waiting out the market.  You may have heard that mortgage rates were in the double digits back in the 1970's and they can go there again!  Even modest rate increases can significantly raise the cost of a mortgage both in terms of monthly payments as well as the cost of financing over the lifetime of the loan.  Because of home forclosures and the slowdown in the housing market, there are fantastic bargains waiting for investors, first time home buyers and trader uppers.  But your brain has to be in gear if the opportunity is to be siezed upon. If the market shifts back in the other direction where pricing favors the seller, you will have waited too late.  And if the market should shift back to a seller's market, that unfortunately does not mean that mortgage rates will be low under that scenario either.  The primary advantage to any buyer in todays home finance market is to base decisions upon known terms and with given quantities.  And if after crunching the numbers it still does not work for you then don't buy the home but at least investigate the opportunity.  In a few months...maybe a year...the present housing market could be referred to as "The Good Ole Days". Urgency folks...how can I create a sense of ...urgency?

Who's a great lender?  WR Starkey Mortgage is highly recommended!

Who should you call to help you find your dream home? The Christian Group of course!

By Bernie Christian