Minnesota Mortgage Rates Won't Stay Low Forever

Minnesota mortgage rates have been on the rise lately but it' not to late to lock into a great rate. A few weeks ago, the 30 year fixed rate was at about 4.625% and if you can believe it, there were still a lot of people who said they wanted to wait for a lower rate. Sometimes greed can cost you big time!

Today, June 11th, the Minnesota Mortgage rate for a 30 year fixed is at about 5.625%. I can all but guarantee you that if the rate gets back down to 4.625%, those people who wanted to wait are going to jump in in a hurry. Problem is what will they do if the rates keep going up?

Bottom line is this, no one can time the bottom of the market and if you think you know someone who did, it was luck. I'm not lucky enough to gamble and if your like me, the best way to shop for mortgage rates is know your budget and lock your mortgage rate in when you get to a house payment you can afford. Trying to time the market is for Gamblers, are you a gambler?