Will Rates Continue to Go Down?
Posted on | December 6, 2008 | No Comments
The holiday season is always a fun time. You get to go to everybody’s parties and see old friends and catch up with people you haven’t been around in a while. It’s no difference in the mortgage and real estate industry and this last week has been fun.
One of the biggest topics of discussion has been the recent drop in mortgage rates. Some people are asking if rates will go down again to the 4.5% range and if they do, what will happen. Will the industry go through another refinance boom? My position has always been, “who knows?” As long as I have been in the business I have never met anyone who can predict the rates going up or down. Everybody hopes and wishes they continue to go down but, one of my last emails of the day on Friday, 12-5-08 said, “IMMEDIATE RATE CHANGE – for the worse”; and just like that, rates went up.
We’ll have to wait and see if they go down again. I’ve got my fingers crossed; do you?
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