I don't want to know!

We have been lulled into a false sense of comfort with rates being so low, and now that they are starting to rise, we pretend it’s not happening and look the other way. I can’t tell you how many clients have asked,  “when are rates going back down?” I have one client who insists the 30 year fixed rate will soon go to 4% at which time he is going to refinance his current 6% mortgage. We have a good relationship.  I tell him he’s nuts and should have refinanced a year ago, but he is adamant – rates will go down.   The mantra, the customer is always right echos in my head, but this time it’s just noise. It’s OK to take your chips off the table and to say I’m done gambling. Continue reading →