The average of all these rates is 9.08% up to 2008. The low rates we recently experienced were not the norm and I think that some people who sat on the fence have learned that inaction can be worse than the wrong action.
So if you are balking at the recent rate increases (3.54% turned into 4.24% pretty quickly didn't it?), this is great information to remember:
1) Gather your team of professionals and listen to their advice. Friends and family members are great for giving advice but they all have day jobs which have absolutely nothing to do with mortgages, real estate etc.
2) Low interest rates are not a birthright, nor do they happen on a regular basis. Since getting into this industry 28 years ago, I and everyone I know has never seen anything like this and may never again.
3) The best time to get preapproved for a mortgage is TODAY.
4) The best way to get preapproved for a mortgage is to use the services of a licensed mortgage broker who will shop the market for you, saving you time, energy and money.
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