Orlando Mortgage Blog

A 30 year rate below 4% without any points is on the cusp of disappearing right now with most lenders already at 4% or higher and the 10 yr bond firmly over 2.00% in the last week. Currently it sits at 2.16% after hitting lows of 1.71% in the last couple weeks. So have we tested the interest rate lows and are rates in the 3's almost out of sight? Maybe. I've been telling everyone I know that if they can they probably should consider grabbing a rate at current levels and move on. But, so many times we'll see someone target a rate, it comes available and when it does they want to hold for more only to see it disappear like fog in a stiff breeze as we've seen in the last two weeks. Those same folks probably think twice about spending $2.00 on a lotto ticket, that being a low odds risky use of their money, but are willing to gamble on their mortgage rate to get an extra $10 off a payment. Go figure...