Great Mortgage Rates at 3-Month High

This week Freddie-Mac reported a new 3-month high on mortgage rates. This, from Washington:

Rates on 30-year mortgages edged up this week to the highest level since March as investors worried about inflation threats.

You have to read past the headline.

• First, what is the new "high" rate? 6.09%. A very respectable low rate.
• Second, it' three months, not three years or three decades.
• Third, rates have been low for more than three years. Rates have been above, or hovering near, 6% for the last six years. 6.09 is not very high.

Intelligent folks revolting against paying full-price for their homes and full-price for their mortgages already know how to think and how to read between the lines. We don't buy into this panic talk. Neither did we buy into the get-rich-quick talk that got many into what has come to be called, historically, "the mortgage mess." (I'm eager to see that in text books 15 years from now!)

It's still a good time to refinance, for those people who have good credit and want to take a little cash for investments. But you wouldn't get that idea by quickly glancing at the headline.

If you're using your home equity line of credit for financial gain, you'll want to keep an eye on it, because your interest percentage could be creeping up a bit.

People who build wealth do things differently from people who don't. Often, they run completely counter-intuitive and the opposite of what the masses do. Partly because they're thinking people, not reactionary people. In other words, they are revolutionaries.

I encourage you to fight for your right to pay less. Fight the status quo. Learn your options. Use money to your advantage rather than merely handing over to the bank's advantage!