Literally every day there are prognostications about the rate of mortgage applications, based on projections of future interest rates. You know what? That’s crazy. And it’s even crazier to make your purchasing decision on projected rate moves. Sure, 1/4pt here or there makes a big difference over 30 years. But in 1972 the average annual interest rate was 7.38%. In only got that low again twice before the new millennium. Don’t buy so much house that 1/4 pt change is the difference between affording it or not. Buy a house you can reasonable afford, while mortgage rates are still crazy low by any measure.

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