Choppy Waters Ahead- When rates are going up and down....and up and down

Many of my clients, particularly those who have no obligations and can be flexible, try to "time" the market. They want to buy at exactly the moment things bottom out.

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As Warren Buffett will tell you, timing the market is harder than it looks, even during simple times (when were those???). Are you smarter than Warren Buffett? If so, maybe start your own blog.

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If it's hard to "time the market," when things are directional....what about when they look like the chart below?

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Obviously rates are "up." However, they're headed down. What to do?

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Well, what you do is you work to get your pre-approval in place, you get a long lock period....then you find the right house. Then, you're left only "timing" mortgage rates. The good thing about mortgage rates is you're only "renting" the rate. If rates return to 3%, you can always refinance.

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