While rates have increased in the past month, it has caused a number of fence sitters to jump into the mortgage market. While many are prospective homebuyers, some looking to refinance are also exploring their options. First, jumping into the responsibility of home buying should be based on the merits of homeownership not on trying to time a rate.
If a nominal increase in rate causes budgetary fears, then you may wish to reevaluate the loan amount, the home, or homeownership. While it is prudent to watch the bottom line, homeownership is a privilege, not a right. It is not for everyone and should not be taken lightly.
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