What is a good mortgage rate right now?

[Woodly Tisme]

I currently spoke to a lender and he was telling me that he can get me a mortgage rate at 4.2%. I thought this was a bit high seeing that rates were lowered by the Federal reserve. I was thinking mortgage rates would be well below 4%. Is 4.2% high or is that about right for where we are right now? He was telling me that because of the stock market going down, that the mortgage rates have basically been artificially increased. What do you guys think?

[Mike McCarthy]

Remember that rates for investment properties will always be 0.5 - 1% higher than a primary home.  Also a refi will be higher than a mortgage at sale time.

Even before the coronavirus, rates around here were a bit higher than usual for investment properties because of the demand for mortgages.  The underwriters couldn't keep up, so supply/demand... the rate goes up.

Like all things investment, you can try to time the market - and roll the dice.  Or you can focus on finding a good property that will give you the short and long-term returns you're looking for.  Remember, there were lots of people making money on rentals and real estate when rates were at 10%+.