Interest rates remain in record-low territory, but borrowing costs are higher  Mortgage rates were perhaps slightly better last Wednesday, but either day is so much better than anything else that’s been offered this year.  This is apparent in the chart of Consumer Rate Quotes.

If you missed the boat on record low mortgage rates last October/November, the opportunity has presented itself again. Don’t delay, the record low rates may not last.

If you are in the process of a loan and have not locked your interest rate, you may be at risk.  The risks involved in floating have greatly expanded to include (1) lenders taking it upon themselves to negatively adjust rate sheets (to slow loan production) and (2) interest rates finding a bottom and moving higher on their own.   The frustration of missing out on “high 3′s” and instead getting “low 4′s” seems nowhere near as bad as the frustration of missing out on a refi opportunity (moving from 5% to 4.25% for instance) altogether.

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