With the average flat rate on a thirty-year mortgage at or over five percent the last two weeks, there is some speculation on what will come to pass with the new week. Some analysts are predicting that the extremely modest decline last week will continue, easing the figure back under five percent, at least for a little while. Others are seeing the rate holding at five percent for a time, or possibly increasing slightly for the remainder of the winter season.

What Consumers Should Do

While there are different ideas of which direction mortgage rates will move over the next few weeks, there is at least general agreement that those movements will be subtle. For consumers who are preparing to seek a mortgage or refinance an existing mortgage, this means there is no real cause for alarm. Moving forward now is not likely to result in being stuck with a rate much higher than the average, nor are consumers likely to find themselves with a rate that is significantly lower than what others get in the short-term.

For now, make sure your finances are in order, your credit rating is sound, and you have a decent down payment to go along with the purchase. Don’t forget to prepare a household budget so that it is easy to determine how much of a monthly mortgage payment you can make without putting the household in distress. Doing so will increase your chances of locking in the best rates in your area, and allow you to spend the spring in your new home.