Chad, I’m interested in buying a home, but since I have been looking, rates have gone up. I have some that are telling me that rates may move down, but I am afraid they will go up even more. What should I do?
The first point I want to make is that there is no way anyone can predict which direction interest rates will move in the future — just as you can’t predict the movements in the stock market. Because of this uncertainty, even after you purchase, one of the most perplexing decisions someone has to make is when to lock in an interest rate on their new mortgage.