Are you looking to buy or refinance? Your decision shouldn’t be based on trying to time the market. It should be based on your expected ‘time in’ the market and your individual needs.

Says Bryan Sullivan, executive vice president investment and strategy, “Rates are very attractive right now – and are even lower than they were three weeks ago.”

Added Sullivan in a recent Bankrate article, “We saw a decent drop in the 10-year (Treasury yield), which has a high correlation to where mortgage rates are priced. Thus, when the 10-year yield drops, so do mortgage rates.”

But should borrowers jump at the opportunity?

“If a borrower is looking to buy a home right now, or considering a refinance, I’d encourage them to reach out to their licensed loan officer and see if it makes sense for their needs and individual circumstances,” adds Sullivan.

But, Sullivan cautions, he would avoid attempting to time the market. “Market volatility is difficult to predict,” he adds. “Borrowers need to take into account what they can afford at any given time and how long they will need to borrow the money.”

What happens next? Sullivan says that attempting to predict outcomes is less advantageous than determining the best use for the funds you’ll borrow and should be based on individual needs. Also, while recent housing market data has shown promise, the seasonal shift away from this year’s busy summer market cycle into a historically quieter sales cycle this fall is expected to impact trends.