The question: “When do I jump off the fence and purchase or refinance?” Mortgage rates continued to make favorable progress today and crossed below the 4.750% range for excellent credit (740+) borrowers pursuing purchases or rate and term refinances. Cash out borrowers and those with lower credit scores will pay a premium and experience a higher rate.

I continue to be amazed  at the level of rates we’re currently experiencing… especially in light of the volatility the market experienced just a few months ago.

The real question is not “How low will they go?”… the real question is “How long will they stay there, and how long will I be able to take advantage of this?”

With sub-4.750% fixed rates and $8,000 in first time homebuyer tax credit money, I would think the lines at Illinois real estate offices should rival those that you might see at Best Buy on Black Friday!!!  And existing home owners… this holiday season, give a gift to yourself… the gift of improved cash flow through lower interest rates.  It is truly the gift that keeps on giving!