Try to answer this brief multiple-choice quiz. Choose which statement is true: A, B, C, D, or E.
A. If the headline says “Randolph County NC Mortgage Rates Down,” it means it’s the best time to buy a home right away and enjoy lots of savings!
B. If the headline says “Randolph County Mortgage Rates Up,” it means it’s the best time to buy right away, before they go up even more!
C. If the headline says “Randolph County Mortgage Rates Remain the Same,” it means it’s the best time to buy a home right away while the rates are stable.
D. All of the above
E. None of the above
You will find my answer at the end of the article, but before you scroll down to peek, you should know that there is another question which also merits the same thought and attention. Just replace the word “buy” with “sell.”
This is the best time to think about both questions. It seems the lengthened swoon in interest rates is almost over. “It seems” is an apt description since what seems unavoidable in finance has a big tendency of proving wrong. One of the dangers in our current market is that everyone had always been right about mortgage rates staying stable for a long time that we have grown used to these rates being predictable. Well, they aren’t anymore.
The answer to the question is letter E. None of the above.
If you didn’t get the answer right, don’t worry. You are not alone. It was a trick question. When it comes to buying or selling a property, doing anything “right away” just because of how the Randolph County NC mortgage rates went up or down during the week is a dangerous decision. This kind of decision should be made with careful thought and planning.
But if we were to remove the words “right away” from the question, my answer would sway more towards D (all of the above), but only because, in my opinion, mortgage rates would not most likely drop any time soon. Our current rates are still at an all-time low.
Now is a good time to buy or sell. Just make sure it is done thoughtfully.