Market Timing Simply Doesn't Work

Mortgage rates shot up last week rather unexpectedly.  By week's end, they were up almost a full 1/4%.  For a $250,000 condo, this equals an increase of $40 in the monthly payment.  Buyers who were waiting for rates to come down even more than they already had are kicking themselves right now.  

The lesson here is simple:  don't try to time the market.  It just doesn't work.  Mortgage rates are still at historically low levels but they are always fluctuating.  Serious buyers should be concerned with these questions:

1. Is this the house you want in the location you prefer? 
2. Is the price appropriate and is it affordable to you?
3. Does your lender have you in the best possible loan for your needs? 

If the answers to these questions are "yes," you should buy, plain and simple.  Betting on whether the price will come down in 6 months or whether rates will be lower in March will only have you chasing your tail.