Based on a couple of news sources that I look at regularly, we may just have some good news on the mortgage interest front. The latest Freddie Mac survey of interest rates on mortgages shows that rates are holding pretty steady at the moment, and some of the longer term "fixed rate" mortgages (like the 15 through 30 year mortgages) are even dropping!
Who'd have guessed?
So, if you like a long-term mortgage, or this will be your last mortgage ever if you take the 15 year fixed rate (and you are going to be staying put), you might want to keep an eye on the rates. Locking in could look pretty good. However, if the long term rates are dropping, then the lenders think that rates will be coming down again in the future. The question is always: when? And that's where the risk is involved.
Michael
