Mikey wrote: I am looking at some properties. Does anyone think the home mortage rates will drop more? And why? Thank you for your time
In the long run (12+ out), the markets are expecting hyperinflation due to the enormous spending of Obama's administration to "prime the pump" of the US economy. While CPI (consumer price index) hasn't shown it yet it is inevitable. In addition, you need to figure out how home mortgage rates are calculated. They are tied to the 10 year treasuries yields in the USA. The higher the yields of the treasury the higher the mortgage rates go up as a risk premium. In a way if you watch those, you will be predicting the future of the mortgage rates in the market. With the continuing spending of the US government, the trend will be more $$$ in the system overall. When it will happen? I am still learning macro economics however inflation takes time to appear in the economy so a 12 month window seems more than plausible. It is recommended that you consider locking your rates (4.5% 30 fixed was gone about several weeks ago) and I believe it will continue rising.
PS If you want to be a serious investor learn the economics from the macro (national) to the micro (down to the block). These are things that they don't teach in the guru courses that are essential to success.