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I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week's survey is now available.
I am predicting that rates will increase over the next 30 days, but that doesn't mean you should necessarily follow my advice when choosing whether to lock a rate, or float it. My advice may not be appropriate for your individual situation.
From the Bankrate.com survey:
"This week's Fed meeting is ancient history; markets are already speculating about the next meeting Sept. 20. Because of lingering inflation fears from higher wages and higher energy costs, mortgage rates are on a slow crawl to the upside."
If you shopping for mortgages and the idea of not having a rate lock commitment makes you nervous -- regardless of my predictions -- I recommend that you go ahead and lock in your rate. There is just too much financial risk in floating a mortgage interest rate -- especially given the volatile nature of the markets.
Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator call 513-443-2020.
Bonus: Click to get a free, no-obligation rate quote. I love to work with my readers!
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