Luck refers to that which happens to a person beyond that person's control. This view incorporates phenomena that are chance happenings, a person's place of birth for example, but where there is no uncertainty involved, or where the uncertainty is irrelevant.
Average rates on 30-year fixed-rate mortgages have climbed in recent weeks by about a quarter-percentage point, from 3.75 percent to almost 4 percent â about a $600-a-year difference on a $350,000 mortgage. Several sources of data suggest that buyers are paying more attention to the threat of higher rates.
But rates are down more than a quarter of a percentage point from last month. Don't be lulled into a fall sense of security, though. Experts are saying that rates on mortgages are poised to move higher soon. That means it's best to shop for a mortgage now, even though mortgage rates are still historically low. The average interest rate on a conventional 30-year fixed-rate home loan is 3.95%, about a quarter of a percentage point higher than it was at this time last year. Remember, that's the average cost of financing a home. Savvy borrowers with decent credit can almost always pay a quarter to half of a point less.