Wait for rates to go down?

[Bob Romano]

Due to the bond market going crazy the last few days, within 24hrs my rate on a SFH investment house went from 4.375% to 5.5% !!!! I did not lock in yet.

It is an increase of $120 per month. The question I have is should I wait to see if the market recovers a little so the rate " hopefully" goes down a bit? I don't want to be on the sidelines waiting and then get out bid on the house. There is a highest and best in place already and the house was listed 24hrs ago! The open house had 26 ppl go thru, the house will not last. The broker likes my offer better because its 20% down, $2500 above asking, with a $5k deposit and i will let sellers rent for a few months until there house is built. Much stronger than an FHA , first time buyer. But $120 per month more for that rate is alot. The COI will be 10.6%.

[Matthew Paul]

You are dammed if you do and dammed if you dont . If anyone knew what rates , stocks , bonds , etc will do tomorrow , they would be rich . 

If you want the house lock in now