Is immediately a appropriate time to ask for a fixed rate on my mortgage?
Answers:
hmm depends on the rate, you might shutting up paying slightly more than the current variable but in the long run it might wage off depending on how long your fixing it for.
Im just coming out of a fixed rate and am going to shift on variable for a while until the market is stable.
Rates are at the horizontal they were in the 1940's.
Plus lenders are in reality wanting rates to increase. You lower rates to increase loans. But with the boom in refinancing, lenders own to much more. They are actually charging more then they should, but constraint is great.
Plus the fed is not working to lower rates, lately to maintain the current level.
Rates are also tried to inflation, which is increasing due to the US spending.
It is always a good time to fix the rate on your mortgage. It removes vagueness about the future. I read today that the general average of 30 year fixed is 4.85%. I do not think you can get much better than that.
Forget trying to guess the bottom. If you can qualify contained by today's market - congratulation and take the loan.
Good Luck,
Mike Source(s): SF Chronicle article on 30 year fixed rate: http://www.sfgate.com/cgi-bin/article.cg…
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