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Today is the day that Bankrate conducts its weekly mortgage rate survey. Last week, mortgage rates hit a record low in Bankrate's nearly 25-year history when the 30-year fixed fell to 4.96 percent. I think today it'll be around 4.93 percent, setting another record.
In this week's Rate Trend Index, I'm predicting that rates will fall yet again in the coming week: "Tension in Korea, plus fear of debt in the eurozone, drive money to our shores, making loans cheaper."
The RTI will be published tomorrow. Here's last week's RTI.
Even though I predict a further decline in rates, I don't think it's worth betting your superlow mortgage payment on it. In other words, I yet again urge you to lock your rate if you're closing within the next three weeks or so. Don't let go of that low-rate bird in the hand.
What's the point of having a comment section of your blog if you only post the drooling requests for your "insight", even though you have no financial training and are no more accurate than a coin toss? Can't stand criticism?