Mortgage rates are good but you still need to research them
If you are currently looking to get a mortgage, rates look very good. The average 30 year fixed mortgage rate has fallen just over 40 basis points in the past couple of weeks. The government is focused on helping banks refinance existing clients who have homes that are actually worth less than they owe. Government intervention will allow banks to lower their rates on new mortgages, and another Federal Reserve rate cut in the near future will allow rates to fall even further.
So, rates are favorable for new home buyers, and should be locked in with fixed rate mortgages if possible. Mortgage rates tend to fluctuate with market interest rates. Currently, the Federal Reserve is cutting rates to stimulate the poor economy, but rates historically will rise when the economy starts to pick up again as a result of low rates. If you decided to enter into an adjustable rate mortgage, your rate may be lower than the fixed rate mortgage for the first few years of your loan, however, the rates have the ability to move up with increasing market rates. These adjustable rate mortgages can really get the better of a new...
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