This past week mortgage rates dropped below 5% (you can now check daily mortgage rates on our site as offered by Netcentral Mortgage - who we can count on offering competitive rates, good service and on having a very high percentage of closing loans - ). The continued buying of MBS (Mortgage Backed Securities) by the Fed has resulted in rates not seen since the 60's. With the holidays over, buyer interest in properties has increased and a higher number of homes went pending this past week than any week in December.
Nevertheless, some buyers are waiting for the rates to drop further and are putting off buying. That's gambling because nobody knows what rates will do tomorrow. Anyone who says they do is lying. The only thing predictable about mortgage rates is that they're unpredictable. Take what you can, when you can. You can always refinance again later. At this juncture, there is an even chance that rates will rise going forward as it is that they will fall.
With many homes priced at pre-bubble prices (2002 and earlier) combined with the low rates makes it one of the best times in history to buy a home.
