Should We Choose Fixed Rate Mortgage Right Now?
Most homeowners feel the need to turn to fixed rate or adjustable mortgages when there is a downturn in the housing market. One great thing about this option is that you will have a stable interest rate as well as monthly payment.
In the current market, however, one should put some thought into the process. The real estate market may be down, but the economy is also having serious problems. This means that we could be looking at a period where rates continue down in an effort to revive the economy. We’ve already seen the Federal Reserve Bank turn in this direction, so more cuts may be coming.