So for anyone who follows Renae Stucki Realtor, you know we watch the mortgage rate closely.  It’s important to stay focused on the rate because that helps us advise our clients on when to buy and how to manage their offers.  We can also advise our clients on when to lock in a percentage rate.  

CNN Money has a huge article on the rate hitting an all time low for 2014 this week.  The rate was hoovering around 4.29% and it’s now down to 4.21%.  Of course, that’s for the 30-year fixed loan.  The 15-year is down from 3.38% to 3.32%.  You can read the article HERE.

From an agent’s perspective, this is a great time to lock in a rate.  Of course, we say that a lot.  But the reason we say it is because notoriously, since last years low around 3.25%, the rate seems to be moving in one direction… Up!  
All of the economic indicators agents usually look for point towards a continuous upward movement for the rate until it reaches pre-recession levels.  So that’s why we’re telling our buyers, get in now.

Of course this dip in the rate is an exciting development and completely unexpected.  But remember, it’s not a huge decrease.  It amounts to a .08% on the 30-year and a .06% on the 15-year.  Neither equal a full percentage point.  That being said, it’s still better than nothing.  And will make a difference in your monthly payment.  So it’s not a laughing matter.  But it’s also not worth holding out for.

If you’re waiting because you think the rate is going to decrease, it may very well decrease eventually.  But the gains it makes will far outweigh the losses.

But if a decrease was what you’re waiting for, here it is.  Get it while it’s still hot!  And contact Renae cause once you lock the rate in, you’re gonna need to find a home to buy.  Pronto!